In today’s (4/16/14) Wall Street Journal, Winston-Salem’s very own Wake Forest Innovation Quarter plays a starring role in the paper’s Deal of the Week segment about the role of historic preservation tax credits in redeveloping mills and factories in North Carolina:
The old plants are worth preserving because they represent North Carolina’s “industrialization at the turn of the 20th century,” said Myrick Howard, president of Preservation North Carolina. “The textile and tobacco industries provided the capital for the rise of our modern banking and energy industries.”
A big user of the tax-credit program is Wexford Science & Technology, a unit of San Diego-based BioMed Realty Trust Inc., BMR +0.66% which has renovated three former R.J. Reynolds tobacco factories in Winston-Salem. The old tobacco factories are part of the Wake Forest Innovation Quarter biomedical-science and information-technology hub, where researchers are working on treatments for smoking-related ailments.
This redevelopment is leading to new apartment communities being developed as well, including one of PTAA’s newest members, Plant 64.