Loading Dock Wake Forest is the most significant development to date for the entire spectrum of Wake Forest’s diverse entrepreneurial ecosystem.
With an estimated annual economic impact of $178 million in Wake County (including $101 million in Wake Forest alone), this development in Wake Forest’s nearly 150-year-old downtown stands to be catalytic in propelling the community’s start-up culture forward and in unifying the town with the Triangle region’s booming entrepreneurial scene.
“We’ve been working on this pivotal community project for quite some time,” said Jason Cannon, President of the Wake Forest Business & Industry Partnership (WFBIP). “Establishing an entrepreneurial incubator and coworking space in downtown Wake Forest is one of the most strategic moves the Town has made for the future of our community, and I’m eager to see how it shapes this place.”
In November 2017, the WFBIP hosted an entrepreneurial roundtable where it asked local tech-entrepreneurs and thought leaders to help brainstorm vision for the future of the start-up culture in Wake Forest. Having identified the need for an entrepreneurial center in Wake Forest, the WFBIP team began meeting with numerous local and regional coworking and incubator spaces to glean information for developing a similar project in Wake Forest.
In early 2019, the WFBIP and Loading Dock Raleigh linked arms in a formal partnership focused on empowering the local entrepreneur scene and enriching the larger community. Now beginning construction in a leased warehouse space at 525 S White Street, Loading Dock Wake Forest is targeted to open in late Summer 2021 and will be the fifth installment in the Loading Dock community. In addition to 20,000 sq ft of coworking and private office space, the restored facility will also include a street-facing micro-food hall space and sizable outdoor event venue.
“My hope is that LDWF will be a hub of activity that’s starting and growing companies as well as hosting educational events for the community, outdoor festivals, and more,” said Clark Rinehart, Director of Community for Loading Dock. “We envision this place connecting the business and social fabric of downtown, greater Wake Forest, and northern Wake County. LDWF is well-positioned to serve as one of the community’s primary connection points as people look to do business in and consider moving to Wake Forest.”
Based upon a recent economic impact analysis (EIA) conducted by Electricities and Creative EDC Consulting to determine the long-term value of the project to the community, once fully operational this development in historic, downtown Wake Forest is projected to create a total employment of 1,020 jobs in Wake County (including direct, indirect, and induced impact). Of these jobs, 462 are projected as long-term that will be located in LDWF. Of these, 289 are existing jobs to be relocated to the downtown Loading Dock space and 147 will be new jobs catalyzed by the development. 74 of these 462 direct, indirect, or induced jobs are represented in the restaurant space and event component, while the remaining jobs created by LDWF are included in the construction of the development or in community jobs indirectly created to support the retail demand created by LDWF. All data reflected in this economic impact analysis was completed using IMPLAN, an objective, third-party data source for economic analysis and planning.
“I was and remain confident that LDWF will bring a lot of economic impact to downtown Wake Forest,” said Rinehart. “I have to admit, I was pleasantly surprised by these projections. Our goal as a company is to earn the trust of our members and the greater Wake Forest community so that everyone in Town ultimately benefits from the economic growth LDWF fosters.”
Upon completion, the internal space at Loading Dock will host 53 private offices, 3,000 sq ft of coworking space, five private conference rooms of varying sizes, a significant community kitchen, a second-floor mezzanine, an outdoor patio, and multiple, functional bay doors opening to the outdoor event space. At full capacity, the development is expected to host over 100 unique businesses, fueling a significant stimulus into the downtown economy. This strategic expansion of the downtown corridor is an impactful step in the Town’s Renaissance Plan for the future development of downtown and is expected to vastly expand the economic opportunity found on the southern portion of South White Street.
“I believe Loading Dock Wake Forest, coupled with Power House Row, provides a significant investment and revitalization to this area of South White Street,” said Kip Padgett, Town Manager for the Town of Wake Forest. “Our Renaissance Plan stressed the importance of streetscaping along this section, which we have completed, to help spur redevelopment. This is a great example of strategic public investment creating the interest and energy for private redevelopment.”
While the day-to-day function of LDWF is rooted in providing co-working space,the renovated warehouse will also serve as a sophisticated business incubator particularly focused on mentoring those in the tech sector. While still in the partnership development stages, RIoT, an Internet of Things-focused economic development initiative of Wake Forest’s Wireless Research Center, is expected to expand its highly successful RIoT Accelerator Program (RAP) to Wake Forest through LDWF. In addition to hosting this acceleration program, LDWF is looking forward to strategic partnerships with entities like Wake Technical Community College, the Advanced Mobility Collective, the NC State Entrepreneurship Clinic, and others as a means of positioning itself to empower local entrepreneurs and bolster Wake Forest’s own tech-entrepreneur ecosystem.
Although COVID-19 has brought increased scrutiny to developments of all sizes both regionally and nationally, Loading Dock and the owner of the soon-to-be-renovated property remain confident in the success of the project. Recognizing Wake Forest’s historic economic insulation, the significant presence of growing and successful startups in Wake Forest, and the active support for the development both by the municipal government and the local community, the various partners involved in the project are excited to see LDWF persevere and achieve new heights of success in the midst of such unprecedented times.
With a groundbreaking on the development scheduled for later this summer, the waiting list for Loading Dock Wake Forest is now accepting reservations.
Pre-Renovated space at 525 S White Street
