Project Culminates Largest Historic Redevelopment in State History
Wexford Science & Technology, LLC today announced the opening of the Bailey Power Plant, a 111,479 square foot historic building redeveloped into innovation, office, entertainment, retail, and congregation space, located in downtown Winston-Salem.
The Bailey Power Plant is the last of the historic buildings to be redeveloped by Wexford within the Wake Forest Innovation Quarter and culminates the largest historic redevelopment project in the history of North Carolina, now totaling over 1.1 million square feet.
The 19-month project cost approximately $40 million and encompassed the adaptive reuse of the five-story main power plant structure as well as additional outdoor communal space to complement the active and popular Bailey Park.
“The Bailey Power Plant supplies vibrant amenities, engaging innovation spaces, and collaborative gathering places that are important to a growing Knowledge Community such as the Wake Forest Innovation Quarter, ” said Will Partin, senior director of development, Wexford Science & Technology.
Several tenants have already moved into their spaces, including CML Microsystems and Alma Mexicana a new restaurant located at the corner of Fifth Street and Patterson Avenue. Other previously announced tenants, including Wake Forest Innovations and Wake Forest Health Care Ventures, will move in over the next couple of months.
The second floor features “Turbine Hall,” a grand, two-level communal area and associated conference rooms which will host innovation, networking, and community events, including Thursday Night Gatherings of Venture Café Winston-Salem. The second floor also contains a series of small office suites, with flexible terms, targeted to start-up and growth stage companies.
In addition to site improvements along the historic elevated rail line west of the building, workers also refurbished the iconic 130-foot smokestacks that grace Winston-Salem’s skyline; fitting them with color-changing LED lights.
With the opening of Bailey Power Plant and Wexford’s redevelopment efforts over the past 8 years, Wake Forest Innovation Quarter is now home to the largest historic redevelopment project in the history of the state of North Carolina, according to Preservation NC, a statewide non-profit dedicated to historic preservation.
“The opening of Bailey Power Plant represents a historic moment not only for the Innovation Quarter, but for Winston-Salem,” said Wake Forest Innovation Quarter president Eric Tomlinson. “We are delighted at the public-private partnership fostered between Wake Forest Baptist Medical Center, Wexford, the city of Winston-Salem and Forsyth County that has made what was once a dream now a reality.”
Developer: Wexford Science & Technology
Core & shell architect: Walter Robbs Callahan and Pierce
General contractor: Whiting Turner Contracting Company
Civil Engineer/Landscape Architect: Stimmel Associates
Original construction: 1940s with 1970s and 1980s additions
Previous use: Coal-fired power plant servicing R.J. Reynolds manufacturing facilities
Cost of renovation: $40 million
Square footage: 111,479 square feet
Renovation started: March 2016
Renovation completed: December 2017
Total construction workers employed: 525
Local employment: 317
James Patterson, Director, Marketing & Communications, Wake Forest Innovation Quarter
firstname.lastname@example.org | 336.713.1652
Thomas Osha, Senior Vice President, Wexford Science & Technology
email@example.com | 757.353.5737
ABOUT WEXFORD SCIENCE & TECHNOLOGY
Wexford Science & Technology, LLC, is a real estate company exclusively focused on partnering with universities, academic medical centers and research companies to develop vibrant, mixed-use communities. Wexford’s communities are built on a foundation of discovery, innovation and entrepreneurial activity that creates visible outcomes in the form of substantial economic growth, new and diverse jobs and community transformation. Wexford targets strategic opportunities with top-tier research universities that are directly on or contiguous to dense, urban campuses. Presently Wexford has developed twelve Knowledge Communities across the United States. For more information about Wexford, visit www.wexfordscitech.com.
ABOUT WAKE FOREST INNOVATION QUARTER
Wake Forest Innovation Quarter (www.innovationquarter.com) in Winston-Salem, North Carolina, is a place for research, business and education in biomedical science, information technology, digital media, clinical services and advanced materials. The Innovation Quarter is a fast growing urban-based district for innovation with approximately 3,400 people working in over 120 companies and five academic institutions and with more than 5,400 students undertaking advanced education and workforce training annually. The Innovation Quarter currently comprises 1.9 million square feet of office, laboratory and educational space on its 330 acres. In addition, there are approximately 770 lofts and condominiums within or close by the Innovation Quarter.
Press Release | Winston-Salem, NC | February 8, 2018