Ahead of possible taxpayer investment, city leaders tour Winston-Salem’s Innovation Quarter

CHARLOTTE — Wake Forest School of Medicine has been the catalyst for dozens of companies in Winston-Salem’s Innovation Quarter, and with a new medical campus heading for Charlotte soon, the Queen City is looking to benefit from development in a similar way.

Members of the Charlotte City Council and Mecklenburg County Commission toured Winston-Salem’s Innovation Quarter Monday. Health care, technology and research companies sprawl across the corridor’s 330 acres. It is anchored by the Wake Forest School of Medicine, which is opening a campus in Charlotte. The first class is expected to be seated in 2024.

[Charlotte’s first 4-year medical school will be built in Midtown]

Charlotte City Council members left the tour impressed.

“You can see just how impactful it is to the development and surroundings,” Councilman Tariq Bokhari said.

The Charlotte City Council and Mecklenburg County Commissioners are considering investing $75 million into an Innovation District that will surround Charlotte’s medical school. The money will be reimbursed over 20 years by taxes generated by the project. The city and county are expected to vote on the taxpayer funding for this project by the end of the year.

Charlotte’s 14-acre Innovation District will be substantially smaller than Winston-Salem’s. It is still expected to include between 1.5 million and 2 million square feet of build-out space. Leaders said touring the Winston-Salem campus allowed them to see the project’s potential for the Queen City.

[Atrium seeks $75M for ‘Innovation District’ surrounding new medical school]

“I don’t think it is just a worthwhile investment. I think it is probably one of, if not the most transformational opportunities the city of Charlotte has had or is going to have for a long time,” Bokhari said.

The Innovation Quarter in Winston-Salem includes more than 2 million square feet of workspace for more than 5,300 employees. It was made possible by $841 million in public and private investments and is home to 86 companies and institutions.

The next phase will include another 2 million square feet of development, including 1 million square feet for office and lab space. There are more than 1,100 apartments, lofts and condos within or next to the Innovation Quarter. Charlotte’s Innovation District includes housing, but it is unknown how many units will be built.

[Here’s a look at the medical school proposed for Charlotte]

Innovation Quarter Head of Real Estate Development Graydon Pleasants said Charlotte has the chance to set itself apart from its peers.

“They get the opportunity to create a brand new kind of economy for Charlotte, something that doesn’t exist there,” Pleasants said. “It will differentiate Charlotte from other cities it competes with.”

(Watch the video below: Atrium, Wake Forest to create medical school in Charlotte)

Atrium, Wake Forest to create medical school in Charlotte

©2021 Cox Media Group