With the holidays now behind us and the good china dutifully stacked away, it’s time to focus on 2025. Here is what the year might have in store for Wake Forest and its economy.
As the astute Yogi Berra once quipped, "It’s difficult to make predictions, especially about the future." Unforeseen obstacles can disrupt business plans. Global economic winds could shift. Public policy changes can alter the landscape for better or worse.
Still, look to see substantial progress on the following seven, key projects during 2025:
UNC Health Rex – Medical and allied health amenities serve as both economic engines and business development drivers for communities. Wake Forest is set to get more of both as UNC Health moves to build a new community hospital here. Part of the University of North Carolina System, UNC Health Rex’s plans begin with a state-of-the-art facility on up to 50 acres currently owned by the Southeastern Baptist Theological Seminary at the corner of Capital Boulevard and Stadium Drive.
“This project is the culmination of years of collaboration between the Town of Wake Forest and the Seminary,” explains Jason Cannon, President of the Wake Forest Business & Industry Partnership (WFBIP), which has led discussions on behalf of the Town. “The Town and the Seminary share a common vision for how this property can bring high-wage jobs and a substantial economic impact to the whole community.” UNC Health Rex could be the first step in a broader development vision for the centrally located land.
UNC Health’s certificate of need application must first be approved by the state. Once secured, the proposed $500 million hospital complex would begin with a 50-bed inpatient facility and add hundreds to the Wake Forest workforce. “The facility will serve a multi-county patient base and boost the availability of primary and specialty medical care in Wake Forest, sharpening our community’s appeal as a destination for residents of all ages,” Cannon says.
Wake Forest Food Hall – One of the most eagerly anticipated new amenities in Downtown Wake Forest is set for this year with the opening of the Wake Forest Food Hall. In 2022, Alliance Group NC began redeveloping the former S&W Chevrolet dealership near the intersection of East Roosevelt Avenue and North White Street. An eclectic array of local and regional food concepts will make the nearly 20,000-square-foot food hall unique among northern Wake County dining destinations. Adding to this charm, nearly three acres of greenspace behind the 80-year-old building will accommodate events, concerts, and informal gatherings for families and friends.
“This unique new dining and recreational attraction will draw workers, residents, and visitors to Downtown Wake Forest seven days a week,” says Cannon. “It’s the kind of development rarely seen in suburban downtowns in this part of the country.” In addition to the food hall, Alliance Group NC is also collaborating with Stanley Martin Homes, which is completing a 110-unit condominium complex along the North White Street side of the block. The four-story condos will range from 1,500 to 2,500 square feet. “Along with the food hall, the added housing stock further elevates Wake Forest’s reputation as a live-work-play destination,” according to Cannon.
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Wake Forest Exchange – St. Johns Properties is a prestigious national real estate company founded in 1971. In late 2023, the Baltimore-based company sketched out ambitious plans for multi-purpose commercial real estate in Wake Forest.
With permitting and site preparations now complete, the company expects to “go vertical” in March on the first of its multi-phase vision. The 30+-acre development, which sits along Star Road just east of Capital Boulevard, will be known as Wake Forest Exchange. St. John’s will construct 166,729 square feet of Class A space for local retailers, offices, and R&D operations. It’ll be the firm’s first North Carolina property. “A lot has changed since 2023, and our density got a little bit larger on the project,” says Dustin Atkielski, Regional Partner for St. John Properties.
The delivery of its first spec building at Wake Forest Exchange is expected to be ready in late 2025. Potential tenants include tech firms, medical practices, local retailers, food concepts, and indoor recreation businesses. “We’re excited to bring more business opportunities and family opportunities to the area,” says Atkielski. St. John Properties intends to occupy space at Wake Forest Exchange to grow its regional presence, (St. Johns opened a second North Carolina office in Charlotte last year). “We look forward to bringing on staff and hiring local talent – for construction, property management, leasing, and operations,” Atkielski says of the vertically integrated company’s commitment to Wake Forest.
535 Warehouse – In late 2024, Altas Stark welcomed its first tenants, Pure Barre and MassageLuxe, to the newly renovated Welsh Building in Downtown Wake Forest. Both businesses are prominent wellness franchises operated by local husband-and-wife entrepreneurs. The Raleigh-based firm, Atlas Stark, a go-to name for adaptive real estate reuse in the Triangle, worked meticulously for the past two years on the 1.75-acre property at 535 S. White Street, which has convenient access to The Loading Dock Wake Forest, the Northern Wake Senior Center, and other downtown amenities.
Additional tenants will be operating at 535 Warehouse soon. They include Mosaic Pediatric Therapy, a multi-state provider of specialty services for children with autism. Mosaic will occupy 7,000-square-feet there. Originally built in 1962, the one-time furniture warehouse will also house Cardinal Bar, a popular drinking and music venue, and Lil Hombre, a well-known purveyor of “smoked” tacos and hand-crafted margaritas. Both food establishments expect to open their doors in the spring.
Hunter Diefes, Development Manager at Atlas Stark, says his firm has been pleased with its investment in Downtown Wake Forest and appreciates the support of the Town government. The busy company is now working on projects in Raleigh’s North Hills area, Knightdale, and Clayton. Atlas Stark hopes 535 Warehouse won’t be its only Wake Forest holding for long. “We’re on the hunt in Wake Forest. There’s nothing concrete right now, but we’re actively looking,” Diefes says.
Grove 98 – Destination grocer Wegman’s has anchored Grove 98 for the past four years, transforming the intersection of Ligon Mill Road and Dr. Calvin Jones Highway into a thriving commercial destination. More recently, numerous national dining brands and service businesses have made their way to Grove 98.
Phase III of Grove 98 will see the opening of a wide range of new eateries in 2025. Among them are Five Guys, Dave’s Hot Chicken, BIBIBOP Asian Grill, and Piada Italian Street Food- all fast-growing food concepts that have identified Wake Forest as part of their national expansion strategy. Personal care providers will also be cutting ribbons there soon, including VIO Med Spa, Lee Spa Nails, and The NOW, a Los Angeles-based wellness brand offering massage therapy, sound baths, and other wellness services.
In January, O2 Fitness Clubs is expected to open the doors of its latest “Signature” location at Grove 98. Members of the Raleigh-based gym chain will have 20,000 square-feet of space for cardio workouts, strength training, mind-body fitness classes, physical therapy, and more. Also coming in Phase III will be Outback Steakhouse, the popular Australia-themed restaurant chain. Mark Hebard, Senior Development Director for the Carolinas at Stiles Corp., expects Outback to open sometime in the third quarter of 2025. Hebard hopes to reveal the identity of a final full-service restaurant tenant in Phase III sometime this year, with that opening likely in store for 2026. “At that point, Grove 98 will be completed,” Hebard says.
Wilkinson Building/Hatch Lofts – Renovation is nearing completion at the historic Wilkinson Building. The property will add to the roster of eating and co-working options in the northern end of downtown. Soon to re-open is Las Margaritas, a popular Mexican eatery that temporarily closed in 2023 to accommodate the renovations. The Burger Shop of Wake Forest, which serves made-to-order burgers and hand-cut fries, closed briefly for remodeling but has re-opened. So too has the Soup & Salad Shop, a downtown option for those seeking a lighter meal.
Prominent Downtown investor Bob Johnson is restoring the 13,000-square-foot. building, which dates to the early 20th century and has previously been used for student housing, doctors’ offices, and a movie theatre. The upper floors of The Wilkinson Building will soon be available as business space once Johnson opens Hatch Lofts to complement Hatch Office across the street, which Johnson also owns. National surveys show that about half the users of co-working space are Fortune 500 employees working from home. “It’s turning more toward social gathering now,” Johnson explains of the latest co-working trends. “The comradery that develops in these things is amazing.”
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Downtown Mobility Hub – Though it’s still a few years away, passenger rail service is returning to Wake Forest after a 50-year absence. Planning for the S-Line moved ahead in earnest in 2024 as state and Town officials assessed sites for a multi-modal transportation center. More than 200 people chimed in on engineering and architectural designs at a week-long series of Open Houses inviting public input last summer.
Locating Downtown in what is currently a Town-owned parking lot, the three-story hub will feature indoor-outdoor seating, a “kiss-and-ride” area, a café, and greenspace for community gatherings. The facility will also feature retail and office space and a proposed community center. The S-Line will connect Downtown Wake Forest to Raleigh’s Union Station, as well as other North Carolina towns served by The Piedmont, the state-owned daily rail service operated by Amtrak that culminates in Uptown Charlotte. Ultimately, the S-Line will extend north, connecting to Richmond, Virginia and Washington, DC.
“Look for momentum to continue building on the S-Line in 2025 and beyond,” says WFBIP’s Cannon, who foresees his organization to occupying space in the new hub. “This project will impact every aspect of our local economy, bringing workers and tourists Downtown while giving potential investors unmistakable evidence that Wake Forest is a great place to put their capital to work.”
Though the future is filled with uncertainties, there are many good reasons to be optimistic that these new assets, amenities, and infrastructure will have a positive impact on the Town and its economy across 2025 and beyond.
