$150m mixed-use development project set to transform town and ‘reimagine’ college role in the community

May 25, 2026 - 17:30

Northwest Winston-Salem will get a makeover thanks to Wake Forest University.

Triad Business Journal reported on Sept. 10, 2024 a $150 million mixed-use development project was green-lit.

A general view of the stadium as Rece Verhoff #90 of the North Carolina Tar Heels kicks a field goal during the first half of a football game against the Wake Forest Demon Deacons at Allegacy Federal Credit Union Stadium on November 15, 2025 in Winston-Salem, North Carolina. — Major changes are coming to Wake Forest’s sports complex

The project will take up the 100 acres bounded by Whitaker Park, Wake Forest and the Boston-Thurmond neighbourhood.

Wake Forest, the owner of the land, enlisted Winston-Salem’s Front Street Capital and Atlanta real estate development firm Carter, in partnership with the city, to create The Grounds.

For now, Allegacy Federal Credit Union, the Lawrence Joel Veterans Memorial Coliseum, David Couch Ballpark and the Winston-Salem Fairgrounds look out of place among a sea of cracked and empty parkings lots.

However, the project, which has been labelled as ‘The Grounds’, will feature four major components.

Infrastructure and greenways to make the area pedestrian-friendly, and a 100,000-square-foot office building for the university.

It will also include a 240-unit residential community; and a 40,000-square-foot retail village designed for local restaurants and shops.

“By creating a dynamic place that blends residential, commercial, athletic stadiums and welcoming public gathering spaces, we are reimagining the university’s role as a community partner,” said Wake Forest President Susan Wente, via Carter.

The area hosts up to 260 events per year, with a 750,000 footfall at Wake Forest games and the ATP Winston Salem open.

Ground was broken in December 2024, with infrastructure expected to be completed by the end of summer 2026.

The multifamily housing community is expected to be completed by fall 2027.

An image of Wake Forest's $150 mixed-use project under construction — Construction on the complex broke ground in December 2024 and is expected to be completed by Summer 2026

A rendering of the housing community as a part of Wake Forest's project — The multifamily housing community is expected to be completed by fall 2027.

Apart from the office building that is being built for Wake Forest, there will be separate ownership groups by Carter and Front Street for the projects different ventures.

The Grounds could attract several hundred million dollars in new taxable development on land that is not currently taxable, as it is owned by the nonprofit university,

This influx of commerce is projected to drive more than $1.3 billion in total business sales within its first decade of operations.

To accommodate the projected boost, the university and partners have just finalized a $8.75 million acquisition of the adjacent Best Western Plus hotel property.

Simultaneously, a $35 million state infrastructure grant is being utilized to calm the fast-moving intersection of University Parkway and North Cherry Street into a walkable, pedestrian-first gateway.

Backers have further committed to making the district highly sustainable, integrating extensive green space that seamlessly connects the new structures with the surrounding environment.

A rendering of Wake Forest's $150m mixued-used project — A $35 million state infrastructure grant is being used to make the intersection of University Parkway and North Cherry Street into a walkable, pedestrian-first gateway.

When the gates officially open, this long-neglected expanse of asphalt will finally stand as a world-class, year-round anchor for the entire Winston-Salem community.

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