It’s mid-afternoon at 10600 Star Road, and the dust is flying. Excavators move sandy-clay soil around 30 acres of rolling terrain as crews work to install infrastructure in support of an emerging economic asset. Known as Wake Forest Exchange, the property is visible from well-traveled US1/Capital Boulevard between Burlington Mills Road and South Main Street.
Gazing out on the fast-changing property are about 100 business leaders, local elected officials, state legislators, Town staff, and economic development partners assembled for the official groundbreaking of Wake Forest Exchange, which will bring 175,000 sq.-ft. of new commercial space to the regional real estate market.
“Make no mistake about it, this will generate far-reaching economic benefits for our community,” Jason Cannon, President of the Wake Forest Business & Industry Partnership (BIP), told the gathering. He estimates the $38 million capital investment by St. John Properties will be home to 640 jobs once fully built out and leased, generating a $40 million annual payroll. “These are numbers that translate into real opportunities for our residents, for their families, and for our local businesses,” Cannon said. “It’s precisely the kind of sustainable, community-connected growth that we’ve worked hard to attract at the BIP.”
Cannon began talking confidentially to officials with Baltimore-based St. John Properties in fall 2022. A year later, the company, a national leader in commercial real estate development founded in 1971, announced plans to acquire the greenfield site and build a community of flexible, multi-purpose business spaces that can house R&D operations, medical offices, small businesses, eateries, and retailers.
After a year of planning and permitting, St. John Properties finalized its vision for the site, which had grown in scope from its early sketches. Development began in earnest late last fall, and the project’s initial phase is creating a 60,240-sq.-ft. flex/R&D building and an 11,112-sq.-ft. single-story retail building. The company plans to speculatively complete six buildings by 2027.
“We’re just excited to be part of the community and wanted to show our engagement,” said Dustin Atkielski, Regional Partner at St. John Properties, when asked about the groundbreaking event. A Wisconsin native, Atkielski and his wife and three young sons have been Wake Forest residents since well before his company embarked on the project. St. John currently maintains an office at Heritage Corporate Center but intends to occupy space at Wake Forest Exchange this fall. “Our Wake Forest office now has three employees – and growing,” he says. It’s one of two outposts the company maintains in North Carolina, having launched a presence in Charlotte last year.
Joining St. John Properties in the work at Wake Forest Exchange is Gaines and Company, a site development contractor also headquartered in Baltimore. Gaines and Company currently has two crews at the site, one moving dirt and another working on utility infrastructure, according to Bill Gaines, the company’s Vice President. The crews operate out of offices and workshop space in eastern Wake County.
“We’ve gained some great new partners on this project,” says Gavin Mauzy, Construction Project Manager at St. John Properties. Mauzy, along with his wife and dog, relocated late last fall to Wake Forest from Frederick, Maryland. He credits the Town’s Inspection Department for providing valuable assistance in the project’s early going. “The inspectors have been great in getting me up to speed on the inspections we need,” he says. WFBIP staff also has been supportive, he says. “Jason and his team have been very helpful with any questions we have and in helping us organize the groundbreaking,” Mauzy says the Town has welcomed him and his wife with open arms. “The one thing you truly feel in Wake Forest is a strong sense of community. People take time to stop and chat and check in on each other,” he says.
St. John Properties distinguishes itself in the commercial real estate realm through its focus on speculative development, which enables the company to respond quickly to the changing needs of new and existing clients and tenants. Over the last five years, the company has broken ground speculatively on nearly one million square feet of space nationwide, and its $5 billion real estate portfolio now extends across 12 states.
Wake Forest Mayor Vivian Jones, an early and vigorous supporter of Wake Forest Exchange, says St. John Properties’ investment reflects the vitality, strong business climate, and exceptional quality of life that define our community. Wake Forest is a special place where people want to live, work, and raise their families, and Wake Forest Exchange will be a tremendous asset in continuing our tradition of thoughtful and dynamic growth.”
Jones was away on official Town business as Atkielski, Cannon and others gathered to mark the May 1 groundbreaking. In her place, Mayor Pro Tem Keith Shackleford welcomed guests on behalf of the Town Board of Commissioners. “The Wake Forest community values thoughtful growth and high-quality development,” Shackleford said. “More importantly though, we value a quality of life for all who live here, work here, and visit, and so we recognize the Wake Forest Exchange will enhance that goal and will enhance our community,” he told the crowd. “We look forward to a long relationship with St. John Properties, Dustin, and his team.”
