When a new year starts, the possibilities seem endless, and for the Triad that couldn't be more true. In 2014, our area could see an economic boost from the start of new hotels, university expansions, and the performing arts center.
We asked The Triad Business Journal's Catherine Carlock to give us insight into the development we will see in Greensboro, Winston-Salem, and High Point.
Carlock says each of our cities have laid the groundwork and can now start the building. Here are her bullet points on what to look out for.
Downtown Greensboro has seen a number of catalytic projects take shape in the
past year. Plans have formalized for three separate hotels: a 100-room,
eight-story hotel on the 400 block of North Eugene Street by developer Roy
Carroll, a $40 million, 180-room luxury Wyndham hotel by Randall Kaplan to be built
above the existing Elm Street Center, and a hotel that will be built out on the
South Elm/Lee Street redevelopment site.
Opportunity Greensboro selected South Elm/Lee Street as its preferred site for
the first phase of the $40 million downtown university campus, a selection that
kicked off a mammoth mixed-use project at the 7.5-acre site that will
eventually result in $100 million in investment and 1 million square feet built
Work continues on the Downtown Greenway, which is aiming for sometime between
2015 and 2018 to finish to its four-mile loop around the center city.
Finally, Tanger Factory Outlet Center CEO Steven Tanger pledged $7.5
million to what is now called the Steven Tanger Center for the Performing Arts,
and the facility's backers exceeded their end-of-year $35 million fundraising
deadline to meet Tanger's challenge grant.
A recently approved downtown business improvement district will go into effect
in July, which will provide extra police patrols, cleaning, marketing and
economic development for 61 blocks of the center city.
Winston-Salem also has by far more multifamily units planned or under
construction than any other community in the Triad.
Work continues on the Wake Forest Innovation Quarter, which involves
renovating and redeveloping hundreds of thousands of square feet of old R.J.
Reynolds Tobacco Co. buildings into state-of-the-art offices and research
facilities for thousands of employees.
High Point hit the ground running in 2013 with its 200-page Ignite High Point
master plan, which maps out 14 separate projects to revitalize the city's
uptown and downtown areas and the neighborhoods surrounding High Point
University. The three main tenets of the plan aim to attract young entrepreneurs,
tap the energy of High Point University and the thousands of students from
other area colleges, and cut down on bureaucracy in business incubation and
development. One of the most interesting ideas is transforming the more than
half empty Oak Hollow Mall into a small business incubator, which could have
real transformative power.
10 To Watch:
New Downtown Greensboro Inc. CEO Jason Cannon is seeking a fresh vision for the
downtown booster group. He's hoping to transform DGI from a marketing and promotions
organization into an economic development resource for downtown development."