WINSTON-SALEM, N.C. (WGHP) — The City of Winston-Salem announced a multi-use development plan that will revitalize 100 acres of land.
City leaders are hoping to break ground on the first phase of the project by the end of the year.
The abandoned parking lots between the Allegacy Federal Credit Union Stadium and the Lawrence Joel Veterans Memorial Coliseum will soon be turned into a mixed-use village.
“Where we’re standing is the heart of the retail village. This will really be the central core of the project where it will be in the middle of everything … It will be adjacent to the revitalized and beautified creek that will provide a greenway system that will run into this retail village,” President and Managing Partner at Front Street Capital Coleman Team said.
Phase 1 is expected to cost around $150 million, and the project is getting a boost from the state. $35 million in grant money will be put towards updating roads, walkways and the restoration of Silas Creek Parkway.
“The reason why we got the grant from the State of North Carolina is because they recognize this as a significant economic development opportunity,” Team said.