New 130,500-Square-Foot Facility Will Consolidate Operations
and Expand Academic Space on Main Campus
WINSTON-SALEM, NC. – The Public Finance Authority (PFA) has approved the issuance of bonds to finance the construction of a new administrative office building for Wake Forest University in Winston-Salem, North Carolina.
The project, developed by PRG – The Grounds LLC, will include an approximately 130,500-square-foot administrative office building, parking area, and access improvements that will be part of a larger development in the City of Winston-Salem known as The Grounds. The facility will be leased to Wake Forest University primarily for its administrative operations.
Wake Forest University, founded in 1834, currently serves 8,713 students in graduate, professional, and undergraduate programs. The new facility will allow the University to consolidate its administrative operations and free valuable space on its main campus for academic use, directly benefiting students and educational programs.
“This project represents a significant public benefit by enabling Wake Forest University to better serve its students and expand academic operations on its main campus,” said John West, PFA Board Chair. “By consolidating administrative functions in this new facility, the University can dedicate more of its campus resources to education and student services.”
The University has ground-leased the site to the developer, who will construct and own the facility before leasing it back to the University for administrative operations.
The PFA Board of Directors approved the resolution authorizing the issuance of the bonds and all necessary financing documents.