A national real estate developer is set to commence work in November on Wake Forest Exchange, a convenient destination for R&D firms, local retailers, and office operations.
Baltimore-based St. John Properties plans to break ground on the project’s first phase, located on 30 acres of undeveloped land along Star Road, east of Capital Boulevard. The company’s vision for the site was unveiled in late 2023. The Town of Wake Forest approved the company’s re-zoning request, according to Dustin Atkielski, Regional Partner for St. John Properties. “We’re in the final stages of obtaining our permits, and in November, we’ll begin pushing dirt,” Atkielski says.
The initial work for this project involves preparing the land for development, with the construction of Building A expected to “go vertical” by March 2025. “We’re looking to deliver the commercial restaurant/retail and flex R&D building in late 2025,” says Atkielski. The building is being developed speculatively, and the company is very encouraged by the early interest it is receiving from various Wake Forest businesses. Medical practices, tech firms, indoor recreation facilities, and local service businesses are among the possible tenants.
St. Johns’ plans have grown since its initial 2023 concept. “A lot has changed since last year, and our density got a little bit larger on the project,” says Atkielski. “We’re looking to deliver 60,240 square feet of Class A flex R&D and 10,960 square feet of commercial retail space” in the first phase. The company has collaborated with Town staff, NC DOT, and Duke Energy to address technical issues at the site. “We’ve resolved those challenges, and we’re ready for construction,” he adds.
St. John Properties plans to deliver a total of 166,729 square-feet of Class A space in three or four phases as the company works to gauge market demand.
Wake Forest Mayor Vivian Jones anticipates that the flexible, conveniently located park will be a valuable asset for the Town’s small businesses. “That’s the advantage of a property like that,” Jones says. “It’ll make a big difference for our community.” She hopes that local businesses there will attract motorists traveling along Capital Boulevard. “Customers might be passing through Wake Forest, but not necessarily downtown,” Jones explains. “Wake Forest Exchange adds another dimension to the community for retail and restaurants.”
Edward St. John, a Baltimore entrepreneur, founded St. John Properties in 1971 with a mission to develop best-in-class commercial real estate. Since then, the firm has emerged as one of America’s preeminent real estate companies. Until last year, the company had no presence in North Carolina but chose Wake Forest as its initial entry point into the Tar Heel State.
“We’re excited to bring more business and family opportunities to the area,” says Atkielski, who maintains an office in downtown Wake Forest at The Hatch. He and his team will ultimately occupy space at Wake Forest Exchange. “We look forward to building our team and hiring locally – for roles in construction, property management, leasing, and operations,” he adds of the vertically integrated company. Recently, St. John Properties also opened a second North Carolina office in Charlotte.
Atkielski credits the support from Mayor Jones and other Town officials for moving Wake Forest Exchange forward. “The support we’ve received from the Wake Forest Business & Industry Partnership (WFBIP) was paramount for us to invest in the Town,” he says. “If it wasn’t for Jason [Cannon] and his team, we don’t feel like we could have gotten this deal done.” He also highlights the collaboration with the Town Engineering Department. “We want to thank the Mayor and the Town Board for allowing us to move forward,” says Atkielski. “Vivian has been a great advocate for us in overcoming the site’s constraints. Along with Jason, she has been critical to our success in getting the project approved.”
WFBIP’s Jason Cannon views Wake Forest Exchange as a testament to the teamwork that drives successful economic development. “Sometimes it takes a village to get a project across the finish line,” Cannon explains. “In this case, we had municipal, state, and utility leaders all contributing valuable leadership, as well as an extraordinary company that remained focused on its vision while also being sensitive to the needs of its partners,” he says. “What St. John Properties is doing with Wake Forest Exchange will be a significant addition to our inventory of high-quality commercial space.”
An official groundbreaking ceremony and celebration is planned for the first quarter of 2025. St. John Properties is partnering with WFBIP on the event. Stay tuned for more details coming in January!
