Front Street Capital is looking to construct a speculative building in the Union Cross area of Winston-Salem with a no-interest loan of $2.5 million from the city. The finance committee of the city has already endorsed the proposal.
The building will span 250,000 square feet and will have a wide variety of prospects. It will be located at the intersection of Business Park Drive and Wallburg Road.
Front Street expects that once the building is occupied, it will have a tax value of close to $15 million, not including any improvements made and equipment added by the tenant. It will be part of a new business park to be developed by the company that will cover 105 acres, including this building and land east of Wallburg Road.
It is expected that the tenant will create many jobs in the city, in addition to those created during the construction process. Front Street plans to use as many local contractors as possible, as well as companies owned by minorities and women.
Businesses in the area, including restaurants and Stationery printers, will likely benefit from the increased traffic to the city once the building is occupied.
Allen Joines, mayor of Winston-Salem, said that this would be a good investment for the city, as experiences it has had with such projects in the past have had a successful outcome.
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