Wake Forest Innovation Quarter says it has sold portions of the Bailey Power Plant to Wexford Science+Technology, a BioMed Realty company. Wexford will redevelop approximately two-thirds of the Bailey Power Plant property, including the main building and most of the surrounding grounds that include the iconic chimney stacks.
The $40 million Wexford project is the first stage in the redevelopment of the entire Bailey Power Plant property. Wake Forest Innovation Quarter plans to work with additional developers to repurpose two smaller buildings, the Morris Building and Building 23-1, on the southeast and southwest corners of the property.
The City of Winston-Salem and Forsyth County have each agreed to provide $3 million in support of the redevelopment, through a combination of public infrastructure and economic assistance reimbursements.
Wexford plans to redevelop Building 23-2, the five-story main structure of the Bailey Power plant, into approximately 110,800 square feet of office, entertainment, retail and common space. In addition, Wexford plans to develop vibrant outdoor communal spaces that will complement Bailey Park across Patterson Avenue. Wexford is also committed to creating opportunities for minority businesses within the main building.
Construction is expected to begin this spring. Portions of the main building are expected to be occupied late in the summer of 2017, while the entire main building and surrounding grounds will be completed by December 2017.
As with several other projects in the Innovation Quarter, Wexford will utilize tax credits to make the development possible. R.J. Reynolds donated the Bailey Power Plant lot and all structures on it to Wake Forest Baptist Medical Center in 2010, along with approximately $2 million for environmental abatement work, which was completed in 2013.
Wexford previously has partnered with Wake Forest Baptist Medical Center to restore major buildings in the Innovation Quarter including Wake Forest Biotech Place, 525@vine, the Inmar headquarters and the 60-series buildings. The 60-series buildings will soon be home to The Bowman Gray Center for Medical Education of Wake Forest School of Medicine and new undergraduate biomedical and engineering programs of Wake Forest University.
