WINSTON-SALEM, N.C.-- A new five-story office building planned for downtown Winston-Salem will be the first brand new construction in the city's core in more than 10 years.
Commercial Realty Advisors announced Wednesday construction on a 5 story, 55,000 square foot office building will start in June. The building at the corner of West Fourth and North Broad Street will offer panoramic views of downtown, rooftop conference rooms and a rooftop gym.
Winston-Salem Mayor Allen Joines says the building is a sign that the local economy is finally headed in the right direction.
"I think it's indicative of the fact our economy has turned a corner and is starting to produce real results. It is new construction which requires a commitment of tenants and financing and shows the economy is for real," said Joines.
The site and two other properties at the intersection of Fourth and Broad Streets were once home to Modern Chevrolet. That company closed after plans of a different development surfaced for all the lots in 2003. Those plans never came to be.
The new building will be called 751 West Fourth and developers say it is already 65% preleased.
"This is a project that we've been wanting to do for quite a while. We believe the local economic climate has progressed to the pint that it's time to take the next step in revitalizing our downtown business district," said Commercial Realty Advisors Managing Partner John Reece.
751 West Fourth should be open by mid-2014.