Best Western Plus near Wake Forest University, Joel Coliseum to close June 4

The new owners of the Best Western Plus near The Grounds multi-use development in Winston-Salem said Wednesday they plan to close the hotel on June 4.

An affiliate of Front Street Capital purchased the Best Western Plus University Inn location at 3050 University Parkway for $8.75 million, according to an April 25 Forsyth County Register of Deeds filing. Also participating is developer Carter of Atlanta.

The ownership group said support resources are being made available to Best Western Plus employees as operations wind down, including assistance from Carter, Front Street and Wake Forest University in identifying employment opportunities within the local hospitality and service industries.

Guests with reservations after June 4 are receiving rebooking assistance, the group said.

The $150 million Grounds project is located on a 100-acre site near the hub of Wake Forest sports, including Lawrence Joel Coliseum, Winston-Salem Fairgrounds, Allegacy Federal Credit Union Stadium, David F. Couch Ballpark and the Wake Forest Tennis Center, host of the Winston-Salem Open.

Wake Forest owns The Grounds properties.

"When properties adjacent to transformational districts begin attracting new investment and new visions for redevelopment, it's a strong indication that broader momentum is taking hold," said Coleman Team, president and managing partner at Front Street Capital.

"This was an opportunity to help ensure thoughtful long-term stewardship of an important gateway property directly connected to the future of this area.

"We believe this corridor is entering a new era of investment, activity and community value."

The latest version of the hotel debuted in April 2019. It features 187 guest rooms and three suites, as well as a 12,000-square-foot multipurpose ballroom that accommodates up to 350 people.

However, the property had experienced declining occupancy prior to being listed for sale.

At the time the developers bought the property, they said, "It is a nonperforming asset that has been struggling for a very long time under a number of different (branding) flags."

Front Street Capital decided to buy and control the property rather than risk another owner taking over the site.

"That owner may or may not have ties to the area, or concerns about the plans for the broader surrounding area," the developer said.

"Knowing its proximity and engagement with our investment across the street, it seems obvious that we are interested in understanding what the highest and best use of that property is - both from a real-estate standpoint and from a community standpoint.

"We expect that in the not-too-distant future we'll have a determination of what that best use will be."

Team said the developers "believe there is a halo effect with The Grounds, a lot of movement activity, that lends confidence that we will be able to bring new life to the 3050 University Parkway property."

The Grounds is designed with more than 750,000 patrons and 260 event days in mind at the athletic venues, according to the developers. The developers also emphasized the day-to-day activities of residents, workers and Forsyth County residents in the area.

Construction is underway on the first development piece, an $85 million student apartment complex branded as Creekside at The Grounds.

The 229 furnished apartments reached the halfway point in construction in March. Applications are underway for fall 2027 semester housing.

Other Phase 1 projects include an office building and a retail village, also projected to debut in fall 2027.

The office building is set to reach the halfway point in construction this week, while developers said, "Retail negotiations are going strong with initial wave announcements coming soon."

The development will also feature: 42,000 square feet of local and regional shops and restaurants; outdoor gathering spaces; a 130,000-square-foot Class A building intended for university leasing; and 22 loft-style residential apartments above retail buildings.

"The Grounds is projected to drive more than $1.3 billion in total business sales in its first decade of construction and operations," said Jackie Travisano, chief financial officer at Wake Forest.

"Seeing that impact expand beyond the boundaries of The Grounds itself - and at such a relatively early stage - shows how transformational this will be for the area, the city, the county and the state."

The developers said the University Parkway and Cherry Street intersection work "is well underway, set to wrap up this summer."

A pedestrian crossing would cross University Parkway at the point where Cherry Street peels off to the north. That crossing would make it easier for people at Wake Forest to reach Midtown, including the stadium and the Winston-Salem Fairgrounds.

A greenway 15 feet wide would start where the pedestrian crossing reaches the east side of University/Cherry and travel alongside Silas Creek as it flows upstream between the south side of the Whitaker Park complex and the new retail village.

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