The Wake Forest Business and Industry Partnership (WFBIP) recently sat down with Bob Johnson, owner of the 525 S White Street warehouse where The Loading Dock Wake Forest (LDWF) will soon call home in the heart of Downtown. Johnson is investing over $3 million in renovations to upfit the space and accommodate the new occupant. We invited Johnson for a conversation at Wake Forest Coffee Company to hear the story of his investment in the LDWF building and his hopes for both LDWF and the Wake Forest community at large. Johnson is a larger-than-life character, and the conversation that follows is but a small glimpse into his big personality. Our full conversation included many detours to discuss Johnson’s farm, his wife’s birthday, and his favorite book on the subject of homing pigeons. As you read below, you will meet a businessman who cares more about preserving a pecan tree than his own bottom line. Nonetheless, Johnson is a savvy businessman who waited for the right investment for this property and recognized it when he saw it. LDWF is poised to profoundly energize the Wake Forest entrepreneurial ecosystem and bring the future of work to Wake Forest’s historic downtown. Read on to discover how Bob Johnson’s role in LDWF is securing the kind of legacy he hopes to leave in a community he deeply loves.
What is your story in Wake Forest? How did you get here, and how did you grow your businesses here?
I’m from Raleigh. When I was growing up in Raleigh, the one thing I knew about Wake Forest is that it was family friendly. Back then, it was still Wake Forest College. If you wanted to go from Raleigh to Wake Forest, it was a day trip! You had one bumpy road with two lanes. After my wife and I got married and had children, we moved up to Franklin County. I was toting my children to school in downtown Raleigh, and then commuting to my job out in Knightdale. I was making this circuit every day, and it wore me out. So I said to my wife, “If there’s one place we can raise our family, it’s Wake Forest. Let’s look at moving our business and our family to Wake Forest.” When we came to visit, the first thing I saw was a whole block of the historic downtown district up for sale. Of course, I bought it! We moved our office here and we began renovating.
We took inspiration from a quaint little town we visited in Napa Valley, California. There was more money in Wake Forest than in that Napa Valley town, so we knew that the economy could sustain a rejuvenated downtown. We saw the potential, and so we kept investing. That’s how we came to develop the Cotton Company, a co-retail space in the downtown district. We wanted to support entrepreneurs who bring value to downtown Wake Forest. We love entrepreneurs because they have the guts to launch a business even when it is not the safe or easy move. That entrepreneurial spirit is so valuable, and entrepreneurs have the ability to create so many jobs for a community.
What makes Wake Forest unique in the state and Triangle?
Well, let’s not forget that Wake Forest, even though it stands out in the Triangle, also appeals because it is a part of the Triangle. Being near RTP gives us a lot of buzz. We are fortunate to be surrounded by so much tech. There are tech companies, pharmaceutical companies, research labs, and universities galore. This area is a breeding ground for innovation.
Now, if we’re talking about Wake Forest itself, just look at the name: We are in Wake Forest. Our town is green and beautiful. Having this beautiful, green community right in the middle of the Triangle’s innovative economy makes for a very unique town. Wake Forest strikes an attractive balance between – like you always say – big-city energy and small-town charm. We have a community-focused and future-focused mindset that is constantly drawing new people to the Town. Wake Forest is teeming with economic activity, and yet it is still a quaint, beautiful town. The Town has been willing to grow the community while preserving the unique beauty and charm, and ultimately, it’s the quality-of-life that makes Wake Forest so valuable. It’s a balance.
What you are saying really ties into our tagline for WFBIP: big-city energy, small-town charm. We have a unique balance of economic opportunity and deep community. I think that balance between community and opportunity really defines LDWF. I’m sure that had to draw you to the project. Tell me how you became involved in the project and what drew you in.
That’s very easy. Kip Padgett, the Town Manager, and I had a meeting here in Wake Forest Coffee Company. He brought Jason Cannon, the President of WFBIP, along with him. We hit it off immediately. Now, before I go any further, remember that we own Hatch, which is a co-working space here in downtown Wake Forest. Jason approached me and shared his desire to bring in a strong name in co-working and startup incubation to the downtown district. He wanted to partner with a company that is on the cutting edge of technology; one that will draw in tech companies and tech entrepreneurs. He asked me if I would have any issue with a new co-working space downtown. After hearing his vision, there was no questioning that this was right for Wake Forest.
Jason brought in Phillip Freeman from The Loading Dock. The Loading Dock brings that balance of community and innovation that perfectly matches the culture of Wake Forest. The three of us visited a 9,000 square foot space that I own. While we were there discussing the project, I had one of those lightbulb moments. I told them, “Really, it’s not this 9,000 sq ft place that has potential, it is the 20,000 square foot warehouse with plenty of greenspace down the street. That’s what you need! The Loading Dock would be able to make that space valuable and meaningful for downtown Wake Forest.” Phillip was sold immediately, and we took off from there. That’s how the old warehouse became the new home for LDWF. They signed a long-term lease which enabled me to really invest in the property. The long-term lease gave me confidence to put forth the money and effort needed to restore all 20,000 square foot of that place. That is a huge cost.
What is it requiring to restore and upfit the space? What is the cost of the investment, and what kind of improvements are being made?
The cost of renovation is going to be about $3.5 million. That’s no small bill, and someone has to have the financial wherewithal and the willingness to take on risk in order to get it going. The taxpayer can’t do that; that’s not fair to taxpayers. A willing investor must take on that risk. I mean this sincerely: The work of Jason Cannon and the WFBIP gave us confidence to take on the risk. Jason got the right people together. He recruited Phillip and The Loading Dock team because they share the desire for valuable, impactful entrepreneurship in Wake Forest. That vision made the choice easy for us. My wife and I said to each other, “This makes sense. This is the right thing for downtown Wake Forest.”
We had the confidence, and from there, we just had to make the pieces come together. As always, risk capital is the biggest piece. The $3.5 million investment is bringing the space up completely. We’re reviving this old warehouse, and we’re making it more than functional -- we’re making it beautiful. It’s no small facelift. The renovation starts with restoring the roof, and it goes all the way to installing a mezzanine. We’re reviving the grounds surrounding it so that it contributes to the natural beauty of downtown. We want to create spaces where friends can gather, and families can enjoy time together; that kind of environment will energize downtown and boost economic activity. All of us are working together to make sure that the citizens of Wake Forest and all that visit here are surrounded by beauty. Beauty doesn’t always improve your bottom line, but it does improve the lives of your neighbors. That’s worth investing in.
I’m glad you mentioned the beauty of downtown. Looking forward, what is your vision for the future of downtown Wake Forest, particularly surrounding your properties?
We want to see it be pedestrian friendly. We want it to be family friendly. We want it to be green. We want it to promote activity and healthy living. Ultimately, we want to have a place that Wake Forest residents can be proud of. When family or friends come from out of town, I want residents to say, “let me show you our downtown.” We have a jewel here. Downtown is the perfect place to work, play, eat, drink, and ultimately share life. That is happening, and it is going to happen more and more. My prediction is that, over the next 20 years, we are going to see downtown really blossom even beyond what we already see.
How do you see LDWF fitting into that vision? How would you describe its cultural impact?
Let me put it to you this way: Right now, we are working hard to save a pecan tree in front of LDWF. Of course, you have to do all kinds of careful digging to preserve the tree’s roots. It’s a beautiful tree, and it brings so much life to the space. LDWF is designed as a beautiful space for all of Wake Forest to enjoy – a space that can complement the downtown district. We have a beautiful downtown, and we want to keep it that way. If that means digging around roots to save a pecan tree, then that’s what we’ll do!
But LDWF is going to really shape the culture of downtown. Here is the nice thing about LDWF: We will have a collection of people who share common interests and common goals. People who share common interests and common goals will want to work, play, and live in a central area. Many of them will want to do that in a place that is conducive to raising a family. We have all that in abundance in Wake Forest. LDWF is going to bring that abundance to even a new level. LDWF will imprint the cultural identity of Wake Forest among a whole new generation of people who, today, may have never even heard of Wake Forest. But they will hear about LDWF, and they will come here for the opportunities of co-working and startup incubation. Once they are here, they will come to discover that they never want to leave Wake Forest. People want to enjoy life, to lay down roots somewhere, to build community, and to take time for fun. That’s why I think this development is just as much about Wake Forest’s culture as it is about Wake Forest’s economy. The kinds of people who will be attracted to LDWF will be job creators. If they come here for LDWF and fall in love with Wake Forest, think of all the jobs they will create for their neighbors. That’s incredible! That’s economic impact and cultural impact all in one.
I understand that you turned down a lot of other uses for this space. What inspired you to wait on an opportunity like LDWF to fill the space, and what made this project feel different?
Fortunately, we were not forced into any decision based on finances. We had the flexibility to wait on a worthwhile project, and that was a luxury. Almost everyone who wanted to lease the building wanted to use it for what it is: a warehouse. My wife and I said to each other, “Wake Forest does not need a warehouse on S. White St.” We wanted something that would add both economic and cultural value to downtown. At one point, we toyed with a brewery; however, we realized that downtown has plenty of night-time appeal, and the district really needs something to stimulate activity during the daytime; that is what made LDWF such an obvious choice as an occupant. People will literally walk out the door at LDWF and have immediate access to the downtown businesses. It is hard to overstate the value of having 437 talented, creative people spending every weekday in the heart of downtown. Ultimately, no other occupant in this building could add more value to downtown and bring more opportunities than LDWF. That’s why we waited.
What does LDWF mean for Wake Forest’s business and entrepreneurial environment? What kind of impact would you like to see?
I’m not very tech-savvy, but I understand that the tech industry has totally reshaped business models. I think a lot of people are scared that tech is reducing employment and killing job opportunities. I don’t think that is true. I think tech is redefining jobs, and over time, we will see a net increase in job opportunities as a result of the tech industry. The tech industry is simply creating too many new products, platforms, services – you name it – to kill the job market. Everything that tech creates has an economic impact, and over time, the byproduct of all that creativity can only be more businesses and more jobs. That rule applies to Wake Forest. The economic impact of LDWF will be huge; we can all recognize that. I think LDWF is going to see generations of new companies that form out of the creativity of the people who will work there. Much of that impact will stay right here in Wake Forest.
I’m encouraged, as well, that tech is making room for towns like Wake Forest. If business and commerce all exist on the internet, then you can live anywhere! Why not here? We offer an incredible quality of life in Wake Forest, and LDWF is going to offer the opportunities to match it.
This investment is not a quick buck. It will take a long time for you to see a return on your investment in LDWF. A lot of businesspeople would not be interested in making this kind of investment at 70 years of age. What made this investment worth your time?
You just called me an old man; I want to make sure everyone knows that! I don’t believe there’s a simple answer. I know a lot of people like to throw around the word “legacy,” but who knows what that really means? I’ve tried to live life enjoying the good things that are right in front of me. LDWF is right in front of me, and it is a very good thing! Whether or not I will get the chance to see the long-term benefits, I see the benefits of it right now, and I see how it can benefit others in the community and in the future.
At the end of the day, life is not about you. It is about you sharing with and caring for the people around you and after you. Don’t just do what makes you best. Am I motivated by money? Yes and no. I want to succeed, but I don’t just use my time and energy to make money. If success is the battle you want to fight, you will lose that battle. Why waste your time trying to be the one person at the top? Enjoy what is right in front of you and use your resources to bring as many people as you can into a prosperous life. It is important to have that kind of attitude at my age. I can’t afford to have the attitude of, “Now that I’ve moved into Shangri-La, shut the door. Don’t let anyone else in.” That’s selfish. Open the door for more people! I feel that investing in LDWF is opening the door for more people. So what if I am not around to reap the benefits 30 years down the road? Wake Forest will still be here, and that’s good enough for me.
Loading Dock Wake Forest is poised to catalyze the Town’s startup culture, energize the entrepreneurial ecosystem, and profoundly impact the economy as a whole. A recent economic impact analysis projects that LDWF will create a $178 million annual impact in Wake County with $101 million in Wake Forest alone. At full capacity, the 23,000 sq ft facility will host as many as 437 professionals, with an estimated 147 newly-created jobs originating from over 100 unique LDWF businesses. Upon completion, the space will host 53 private offices, over 2,000 sq ft of open co-working space, an event space large enough to accommodate nearly 300, five private conference rooms, two instructional rooms, a second-floor mezzanine, and an outdoor balcony, covered deck, and patio. Future development anticipates completion of a micro food hall to serve LDWF patrons and the Wake Forest community. While LDWF is designed as a co-working space, the renovated warehouse will also serve as a sophisticated business incubator particularly focused on mentoring those in the tech sector. The WFBIP hosted the groundbreaking for LDWF in November 2020 and a grand opening is slated for late summer 2021. For more information, and to join the waitlist for The Loading Dock Wake Forest, visit the Loading Dock Wake Forest web page.
