The arrival of destination grocer Wegman’s in May 2021 has opened up exciting commercial and residential development opportunities along the central corridor connecting downtown Wake Forest and U.S. Highway 1. Construction work is currently humming at the nearly 100-acre property known as Grove 98, that could transform what it means to live, work, and play in Wake Forest.
“In addition to creating employment, diversifying our housing stock, and enhancing the Town’s livability, Grove 98 is going to tie together a lot of the great things happening all around our community – from downtown and Main Street to Capital Boulevard and our Technology Park,” says Jason Cannon, President of the Wake Forest Business & Industry Partnership (WFBIP). “This exciting new development will also further boost Wake Forest’s reputation as a desirable shopping and dining destination for visitors across the region.”
At the heart of the plans is Stiles Corporation, a full-service commercial real estate firm that develops, finances, builds, and manages properties nationwide. The family-owned company was founded in 1951 and is headquartered in Ft. Lauderdale, Fla. With an office in Charlotte that oversees its growing North Carolina portfolio, Stiles partnered with Wegman’s to create the grocer’s 100,000-sq.-ft.-plus Wake Forest location and is continuing three additional phases of development at the well-traveled junction of N.C. Highway 98 and soon-to-be-extended Ligon Mill Road.
Stiles broke ground a year ago on the northwest quadrant of the property, which will include retail, restaurants, and multi-family residential. That work is scheduled for completion by late spring 2023. Fast-expanding Torchy’s Tacos and Black Rifle Coffee Company are among the brands planning to occupy commercial space there. Torchy’s was established 16 years ago in Austin, Tex., and now has 100 locations nationally. Black Rifle, part of publicly-held BRC Inc. [NYSE: BRCC], was founded in 2014 by a former Green Beret and boasts “explosive roast profiles.” Medical and dental office space is also under construction.
Stiles is working with Foundry Commercial on brokerage of the site. “We’ve had a lot of interest from people who want to be here because it’s anchored by Wegman’s,” explains Beth Middleton, Senior Development Manager, Carolinas, at Stiles. Otherwise, “Foundry is approaching tenants they think will be a good fit for the center.”
The multi-family residential piece of Phase 2 involves 232 apartments that will be ready for occupancy next summer. Phase 3, which includes plans for a 30,000-sq.-ft. destination fitness facility in the property’s northeast quadrant, should be complete by the end of 2023. Phase 4 is likely to include townhomes along the eastern stretch of the property’s northside, but those plans have not yet been finalized. “That’s subject to change,” Middleton says. The various commercial and residential tenants will be connected by sidewalks, pedestrian crossings, and a greenway extension. “Everything’s very walkable,” she says.
Stiles’s expertise runs the real estate gamut, including development, construction, tenant project management, brokerage, property management, architecture, asset management, acquisitions, and financing. The company’s portfolio includes more than 52 million square-feet of office, industrial, mixed-use, and residential projects throughout the southeastern U.S. Its work with Wegman’s Wake Forest location marked the first instance of the two companies partnering -- but hopefully not the last, Middleton says.
Wegman’s was founded in 1916 in Rochester, N.Y., as the Rochester Fruit and Vegetable Company and remains a closely-held family firm. It began expanding outside Rochester in 1965, and its first North Carolina location opened in Raleigh in September 2019 – the chain’s 100th store. Fueled by a fervently loyal customer base, Wegman’s recent growth now includes stores in Cary and Chapel Hill. Each store employs about 500 workers, and the company currently has 105 stores nationwide. Fortune magazine has listed Wegmans as one of the “100 Best Companies to Work For” for 23 straight years, with a #3 ranking in 2020.
Stiles’s interest in Wake Forest sprang from the site-selection research that led Wegman’s to the community, Middleton says. “They saw the market and what the demographics were,” she says. Wake Forest leaders have been accommodating of the company’s plans. “We’re very satisfied with our work with Town officials. We worked closely with the Town staff to get the PUD [Planned Urban Development agreement] written. The Inspections Department has been very responsive – answering all our questions,” Middleton says. Support from WFBIP has also been valuable. “Jason’s always been in touch, reaching out to help with anything,” she says of Cannon. “It’s been a very pleasant experience.”
