Building 90 of the West Lake Forest Innovation Quarter
Developer: Wexford Science and Technology, a BioMed Realty Company
Owner: Wexford Winston-Salem Building 90, LLC
Location: Winston-Salem, N.C.
The 2014 Historic Development that Best Exemplifies Major Community Impact Award is presented to Wexford Science and Technology for redeveloping three former tobacco warehouses into a mixed-use facility in Winston-Salem, N.C. Building 90 of the Wake Forest Innovation Quarter is a 473,900-square-foot facility consisting of office, retail and state-of-the-art research laboratory space.
Building 90 had a significant positive effect on the economy of the Winston-Salem community. Eric Brubaker, the state credit investor for the development and the director of acquisitions at Foss and Company, said the facilities at Building 90 have created more than 1,600 local jobs. Building 90 also created 2,401 construction jobs during a two-year period, and allowed the community to retain the corporate headquarters for Inmar Inc., which preserved 900 jobs. More than 15 percent of the construction contracts were awarded to minority or women-owned businesses. Building 90 also houses the YMCA of Northwest North Carolina. The facility focuses on wellness and health, and provides free educational and workout classes to the local community.
Brubaker also said that Building 90 has served as a major catalyst for other community developments, including the creation of residential units and a community green park. He reports that the developer of Plant 64, which is being repurposed into a 230-unit apartment building, became interested in developing nearby residential units after witnessing the rehabilitation of Building 90. Bailey Park, a one-acre park open to the general public being built across the street from Building 90, was developed to serve the residents of Building 90 as well as the larger community.
Wexford Science and Technology combined $34.8 million in state historic tax credits (HTCs), $23.2 million in federal HTCs and $15 million in new markets tax credits (NMTCs) to finance this development.
"This is a second phase of a major redevelopment that continues the developer's vision of rehabbing and converting what had been a vacant industrial district into a sustainable, mixed-use, knowledge-based community." – Alexander Szilvas, BakerHostetler