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Wake Forest Innovation Quarter Building 91

WFIQ is a 200-acre urban research park being developed in collaboration with anchor institution Wake Forest University Health Sciences. UACD is excited to continue investing in the revitalization of the over 1 million SF of historic, mostly vacant, tobacco warehouses in this severely distressed LIC.

What: 242,000 SF lab and office building
Where: Severely distressed LIC in Winston Salem, NC
Cost: $95MM
UACD contribution: $8.2 MM QLICI structured as senior debt and subordinate debt
Closing: December 2014

Community Benefits

ACT has invested $123,000 into community-based programs and organizations in Winston-Salem over the past 3 years.

Summary

WFIQ is a 200-acre urban research park being developed in collaboration with anchor institution Wake Forest University Health Sciences. UACD is excited to continue investing in the revitalization of the over 1 million SF of historic, mostly vacant, tobacco warehouses in this severely distressed LIC. The development aims to reposition the Piedmont Triad region, which has lost more than 40,000 jobs in recent years, as a center for innovation and entrepreneurship. To date, WFIQ has developed 554,011 SF of laboratory, office, and mixed-use space, creating 248 construction jobs and over 900 permanent jobs with a collective annual payroll of more than $50MM. WFIQ is working with Forsyth Technical Community College, a critical partner in the project who is focused on transitioning workers from declining industries into entry-level positions in the growing biotech sector. Forsyth plans to build a new training facility in the district that will serve 1,200 students per year.

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