Carter, Front Street Capital Name First Retail Tenants for $250M Mixed-Use District Near Wake Forest University

Atlanta-based Carter and local partner Front Street Capital have named the first five tenants for the retail and dining component of The Grounds, a 100-acre mixed-use district taking shape in Winston-Salem, North Carolina's sports and entertainment corridor adjacent to Wake Forest University.

The roughly 42,000-square-foot Retail & Dining Village is slated to open in fall 2027. It will feature five standalone buildings with varied architectural styles and elevations, two of which are set to include for-sale residences above ground-floor shops, according to the partnership. The retail leasing marks the first wave within the approximately $250 million first phase of the project.

Initial Retail Tenants at The Grounds

The initial tenant roster includes a Mediterranean and Italian restaurant, a chef-driven sports bar, a breakfast-focused bagel shop, a reformer Pilates studio and a credit union branch with community programming space. The five users are:

• The Jimmy: a Mediterranean- and Italian-inspired restaurant and bar from North Carolina restaurateur Jim Noble.
• The Fieldhouse Tavern: a food-focused sports bar from Winston-Salem operators Tom and Brandon Brock.
• Bagels & Co.: a breakfast and lunch concept with a presence in university markets.
• TREMBLE: a reformer Pilates studio, the company's second North Carolina location.
• Allegacy Financial: a multipurpose credit union location combining financial services with community programming and its Wake Forest University relationship.

The village is planned at one to four stories and approximately 12 retail units.

First Phase Extends Well Beyond Retail

The $250 million first phase of The Grounds includes several components beyond the retail village:

• Creekside at The Grounds, a 229-unit, 521-bed purpose-built student apartment complex at 531 Baity St. The community is designed for upperclassmen and graduate students and includes furnished units, bed-to-bath parity, study rooms, fitness facilities and an outdoor pool. It is scheduled for fall 2027 delivery.
• A 130,000-square-foot office building fully leased to Wake Forest University for non-academic staff.
• 22 luxury loft-style condominiums.
• About $40 million in state- and city-funded infrastructure work, including roads, utilities, walking paths and a multi-use trail.

The project is a collaborative effort among Carter, Front Street Capital, Wake Forest University and the city of Winston-Salem. Construction began in December 2024. As of September, retail is going vertical, multifamily brickwork is almost done and the office building is taking shape, the venture said. The multi-use trail has been completed.

Redevelopment of a Former Tobacco Site

The Grounds is being developed on the site of a former manufacturing hub that began as a tobacco storage and production site for the R.J. Reynolds Tobacco Co. more than a century ago.

The surrounding district already draws more than 1.1 million visitors annually across more than 260 event days. Programming includes college and professional sports, concerts and the Carolina Classic Fair at nearby venues such as Allegacy Financial Stadium, Couch Ballpark and the Lawrence Joel Veterans Memorial Coliseum.

Market Context: Three Demand Pools for Retail

The retail tenants can draw from three overlapping groups: Wake Forest University's student and employee base, residents living within the development and visitors to the nearby sports and entertainment venues. The tenant mix includes uses oriented toward daily activity, such as breakfast, fitness, banking and dining, alongside sports-oriented entertainment.

The 521 planned student beds at Creekside and the university-leased office building add residential and weekday employment demand within the district. The state and city contribution of roughly $40 million to infrastructure forms part of the $250 million first phase.

Front Street Capital has previously developed Bailey South in Winston-Salem. Carter's comparable mixed-use projects include The Banks in Cincinnati and Summerhill in Atlanta.

Related Hotel Acquisition

Carter and Front Street Capital also purchased the Best Western Plus at 3050 University Parkway in Winston-Salem for $8.75 million in April 2026.

Outlook

With the retail village and Creekside both scheduled to deliver in fall 2027, the first phase of The Grounds is intended to open with its retail, student housing and university office components in place. The first five tenant commitments move the project from infrastructure and site work toward leasing and vertical construction in the corridor next to Wake Forest University.

Sources

• Carter: Venture unveils first retail tenants for mixed-use district near Wake Forest University