SunTrust Site Redevelopment - 353 S. White Street
The Town of Wake Forest engaged the Development Finance Initiative (DFI) in December 2018 to assist with attracting private investment for the redevelopment of the former SunTrust building site located at 353 S. White St.
The site is located between Wake Forest’s downtown historic core and Renaissance Place making it a strategic location for redevelopment. The Town intends to see the site developed into a transformative mixed-use project that meets both public and private goals.
Background & Process
The former SunTrust building site is approximately one-acre and is comprised of two Town-owned parcels. The site is bounded by South White Street to the west, Elm Avenue to the south, and Brooks Street to the east. The existing building is approximately 5,300 sq. ft. and currently vacant.
In March 2019, DFI and Town staff met to review findings from the community and parcel analysis and discuss the guiding public interests that will inform the predevelopment process for the project. The guiding public interests for the SunTrust site were informed by the Board of Commissioners, Town staff, current strategic plans, public statements and local stakeholder conversations. On Tuesday, June 18, the Board of Commissioners endorsed the following guiding public interests:
Redevelopment of the former SunTrust site should:
Connect the downtown historic core and Renaissance Plaza and serve as a gateway to downtown.
Incorporate engaging street-level uses to increase pedestrian activity along White, Elm and Brooks Street.
Provide sufficient parking to meet needs of development and other downtown uses.
Minimize public investment and maximize private investment.
The Town and DFI have explored options to expand the project site to meet these guiding public interests more effectively. The Town is excited to announce that it has executed Purchase and Sales Agreements with adjacent property owners as the latest step in its efforts to deliver a project that meets both public and private sector interests.
On Tuesday, June 18, DFI also presented the market analysis to the Board of Commissioners which can be viewed below. In July 2019, The Town of Wake Forest selected JDavis Architects to assist with the development of a conceptual plan for the site and Ramey Kemp & Associates to conduct a parking study to determine the demand for public parking in downtown Wake Forest.
Public Presentations & Meetings
DFI provided an update to the Wake Forest community on Monday, Jan. 10, in the Town Hall Board Chambers.
DFI provided an update to the Town of Wake Forest Board of Commissioners on January 18.
Key Project Milestones
The Town of Wake Forest engaged the Development Finance Initiative (DFI) in December 2018 to assist the Town with attracting private investment for redevelopment of the former SunTrust building site located at 353 S. White Street. DFI’s scope of work includes pre-development analysis, solicitation of a private development partner(s), and assistance to the Town with the negotiation of a development agreement with the selected partner(s).
In March 2019, DFI and Town staff met to review findings from the community scan and parcel analysis and discuss the guiding public interests for the SunTrust redevelopment.
On Tuesday, June 18, 2019, DFI provided the Wake Forest Board of Commissioners with a project update, including details on the market analysis findings and the draft guiding public interests. The Board of Commissioners endorsed the following guiding public interests for the redevelopment of the SunTrust site during the June 18 meeting:
Redevelopment of the SunTrust building site should:
Connect the downtown historic core and Renaissance Plaza and serve as a gateway to downtown.
Incorporate engaging street-level uses to increase pedestrian activity along White, Elm and Brooks Street.
Provide sufficient parking to meet needs of development and other downtown uses.
Minimize public investment and maximize private investment.
In July 2019, The Town of Wake Forest selected JDavis Architects to assist with the development of conceptual development plans for the site and hired Ramey Kemp & Associates to conduct a parking study to determine parking demand in downtown Wake Forest.
In December 2019, DFI and Town staff met to review the development scenarios for the SunTrust redevelopment site and prepare a program recommendation to the Board of Commissioners.
In March 2020, the SunTrust redevelopment project was put on pause due to the COVID-19 Pandemic. The project was resumed in April 2021.
On October 18, 2021, DFI presented the program recommendation to the Board of Commissioners in closed session, including a recommendation for additional property acquisition.
In December 2021, the Town executed Purchase and Sales Agreements with adjacent property owners for the location of the future town-owned parking deck.
In January 2022, The Town held two public information sessions for downtown business and property owners to provide project updates.
On January 18, 2022, DFI presented the program recommendation to the Board of Commissioners in public session, and the Board publicly endorsed the program recommendation and proposed public participation.
On Monday, February 21, 2022, The Town of Wake Forest released their formal solicitation for development partner proposals. The opportunity was marketed in the Triangle Business Journal, on the Town and DFI’s website, and on CoStar, a commercial real estate data and sales platform. The solicitation period was open for ~70 days, and over 65 unique firms were engaged about the project.
On Friday, April 29, 2022, the Town received two complete proposal submissions. Proposals were received from Enclave Holdings LLC of Raleigh, NC, and Triangle Real Estate Group of Cary, NC.
In July 2022, the Town met to interview both development teams.
- On August 16, 2022, the Town announced the selection of Triangle Real Estate Company from Cary, NC, as the developer for the 353 South White St. Redevelopment.
About DFI
DFI, a program of the University of North Carolina Chapel Hill’s School of Government, partners with local governments to attract private investment for transformative projects by providing specialized finance and development expertise. DFI’s scope of services for the Town of Wake Forest includes a predevelopment process, solicitation of a private development partner, and assistance with negotiations of a development services agreement with the selected partner.
DFI’s pre-development process involves several key components – public engagement, a tax parcel analysis to understand current conditions in downtown, a site-specific market analysis, site analysis and planning, and a financial feasibility analysis. This process is used to help the Town of Wake Forest identify a final development program that meets both public and private sector interests and find the right development partner to realize its vision for the SunTrust site.
