GMAC complex in downtown Winston-Salem could get $50M revitalization
WINSTON-SALEM, N.C. — The former GMAC towers in downtown Winston-Salem could get a major revitalization, the Triad Business Journal reports.
Brokerage CBRE Triad is evaluating offers by regional developers to purchase and revitalize the complex. The mixed-use project could top $50 million in investments and more, Executive Vice President Greg Wilson told the Triad Business Journal this week.
The project would likely include retail, residential, office and potentially ground up construction.
National General Insurance, which was formerly called GMAC Insurance, relocated to the Madison Park office complex in Winston-Salem this summer. The absence created a nearly 519,000-square-foot vacancy in downtown, including the 18-story, 340,613-square-foot former GMAC North Tower and the 135,757-square-foot former GMAC South Tower.
Redevelopment was always the top consideration for the complex, Wilson said, rather than attempting to fill the entire complex up with an office user.
Wilson said CBRE would like to have a developer selected by the end of the year for the former GMAC properties.