GMAC Site Redevelopment Will Include Apartments

Winston-Salem is about to get a new mixed-use development in an old(ish) building. From the Triad Business Journal:

Winston-Salem Mayor Allen Joines announced Thursday that local business leader Don Flow and Charlotte-based developer Grubb Properties will redevelop the former GMAC building and an adjacent site extending to Fourth Street into a business center with retail spaces and apartments.

Flow will buy the 18-story GMAC building, to which he plans to relocate all Flow Companies corporate services that are currently housed at locations throughout North Carolina and Virginia. The primary focus of the remaining floors of the building will be on attracting start-up and early-stage growth companies by offering extremely affordable space, officials said…

In a second project, Grubb will develop a $48 million residential and retail project on the site just south of the tower, including the surface parking lot. The project will include 240 residential units and storefronts along Fourth Street.

Grubb has committed to making 30 percent of the housing units affordable to working people, the city said...

The affordable housing units will be set aside for people making no more than 110 percent of area median household income. Assistant City Manager Derwick Paige said that median household income here changes over time but tends to hover around $40,500. That would put the maximum income for the affordable units at close to $44,550.