The project’s sponsor established a Community Benefits Fund of an estimated $400,000 to support 5,000 SF of innovation space that will be used for computer coder training and workforce development programs. Overall, the Project will provide considerable financial support to education and workforce training programs in Winston-Salem.
UACD provided funding for the Bailey Power Plant, the adaptive re-use of a former RJ Reynolds tobacco facility that is being redeveloped by Wexford Science and Technology into an 110,815 SF mixed-use, LEED Silver certified historic preservation project. Tenants will include an innovation center, university research space, early stage R&D companies, and local neighborhood serving retail and restaurants. The project is located on an abandoned section of 4th Street and is key to revitalizing downtown Winston- Salem and the newly energized Wake Forest Innovation Quarter (WFIQ) that is creating a new economy driven by discovery, commercialization and entrepreneurship for Winston-Salem and Forsyth County. The Project will create over 700 new permanent and construction positions, most of which will be accessible to low-income persons (LIPs). Additionally, the sponsors will collaborate and partner with local organizations to recruit LIPS in East Winston-Salem through job fairs and other strategic outreach and engagement efforts.