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Winston-Salem, NC (2016)

Wexford Winston-Salem Bailey

Historic renovation of mixed-used facility including biotech innovation space, offices, entertainment, and restaurant space.

Investment

  • NMTC Amount: $10,000,000
  • Total Project Cost: $38,171,750

IMPACT

  • 283 FTE jobs
  • 225 construction jobs
  • Rehabilitation of a vacant or under-utilized historic structure.
  • 180,000 sq. ft. of real estate

Investor

Project Description

Located in the St. Louis Cortex Innovation Community, Urban Action Community Development (UACD) provided $10MM in NMTC allocation for 4220 Duncan’s new construction of a 5-story, 180k sq. ft. LEED-certified technology incubation and life sciences center.

4220 Duncan’s lead tenant, Cambridge Innovation Center (CIC), will open its 3rd Cortex location to support an additional 120 entrepreneurs by providing shared office space to launch and grow tech enterprises, providing deeply discounted rents for minority and low-income community (LIC) based entrepreneurs. CIC’s nonprofit partner, Venture Café Foundation (VCF), partnered in the launch of Innovation Hall, which is a 14,000 sq. ft. civic events space that will be the central hub for the emerging innovation ecosystem, with VCF leading a robust collaboration with LICs across St. Louis and coordinating 300 events over the next year with an expected third of those being free community outreach programs. Additional tenants in the project include Microsoft and BJC WellAware fitness and rehabilitation center.

The 4220 Duncan project will continue to support the entrepreneurial ecosystem and synergistic culture of the 200- acre Cortex Innovation Community that is driving technology and life sciences innovation.

Community Benefits

In an effort to ensure that the opportunities in the Cortex’s innovation ecosystem are inclusive and accessible to all, 4220 Duncan allocated over $1.6MM in incentives for a broad array of program collaborations targeting the North St. Louis Choice Neighborhood. The committed funding is aimed at crafting a gateway from the community into tech, including support for an early childhood center, a mini-makers space targeted at middle and high school students, computer coding boot camps, and minority entrepreneurship. Overall, 422o Duncan will create 360 construction jobs (90% will be accessible to low-income persons), over 500 permanent jobs (25% will be LIP accessible), at least 30% of subcontracting opportunities will benefit minority- and women-owned businesses and the Innovation Hall’s space will be 100% subsidized.

MAP

Address: 450 North Patterson Avenue, Winston-Salem, NC 27101

Census Tract: 37067000100

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