It’s been just over a year since local leaders joined officials from St. John Properties in breaking ground on Wake Forest Exchange, an admittedly “challenging” 27-acre property on Star Road off Capital Boulevard/US1. After collaboration among Town staff, elected officials, and company execs, the development now has much to show – including its first tenants.
Though more work remains, stakeholders gathered on May 14 to celebrate progress on Wake Forest Exchange, cutting the ribbon on the latest phase of its expansive multi-purpose commercial space. Nearly 100 people attended the event.
“This kind of moment always means a lot,” said Jason Cannon, President of the Wake Forest Business & Industry Partnership (WFBIP). “In the work of economic development, progress isn’t really measured by what gets announced. It’s measured by what gets built.” Conversations began in fall 2022 between Cannon and St. John Properties regarding the greenfield site. A year later, the Baltimore-based company publicly unveiled plans to acquire and develop the property.
As it pieced together its vision, St. John expanded on its initial plans. The company’s $40 million investment will soon result in 120,000 sq. ft. of flex and R&D space, nearly 28,000 sq. ft. of medical and office space, and 30,000 sq. ft. of retail space. “This isn’t something on paper anymore,” Cannon told the gathering. “It’s a place where doors are opening, work is underway, and people are very eager to serve the community.”
Wake Forest Exchange’s first tenant, Happy Feet Planet, signed on last fall for space at Flex Building A. The chain of indoor amusement centers chose Wake Forest Exchange for its third Triangle location due to the Town’s family-friendly reputation and the St. John staff’s willingness to accommodate the business’s unique space needs. Fitness business D1 Training will soon be open for personal training and group fitness, a few doors down. North State Pools, a local firm that builds, installs, and services fiberglass swimming pools, and networking solutions provider Equal Optics, will also launch operations at Wake Forest Exchange soon. “Clearly, there is very tangible progress at Wake Forest Exchange,” Cannon told the gathering. “You can see this project coming to life in real time.”
Mayor Pro Tem R. Keith Shackleford recalled last year’s groundbreaking. “We stood outside in the heat, hard hats on, looking at the dirt,” Shackleford reminded attendees. “And it took some imagination to see what this building was going to look like. Today we’re inside a finished building surrounded by businesses, energy, and activity – and that’s powerful.” Plans for Wake Forest Exchange align neatly with the Town’s vision for managing its rapid commercial and residential growth,” he added. “Decisions we make as a town about growth, investment, and partnership have real visible results,” Shackleford said. “This fits what we want to see in Wake Forest: smart, intentional growth that brings value to our community.” More space remains to be added at Wake Forest Exchange, and additional businesses will follow. “That kind of early activity matters; it builds momentum,” said Shackleford. “We recognize what’s been accomplished today, but we also look forward to what’s next.”
State Representative Mike Schietzelt (R-35), a Wake Forest resident, called the occasion an “exciting milestone.” Town staff and elected officials have worked to forge pro-growth policies that are inclusive and welcoming, and “build a strong sense of community identity,” Schietzelt said. He commended the collaboration among company and community stakeholders, acknowledging St. John Properties’ boldness in executing its venture. “It’s one thing to be sold on a vision and to see potential,” he said. “It’s another thing entirely to take on the risk to tap that potential.” As one of the nation’s fastest-growing suburbs, the Town of Wake Forest is well-versed in embracing both the challenges and opportunities that come with an influx of new residents and businesses. “Projects like Wake Forest Exchange are growth done right,” said Schietzelt. “It adds opportunity, improves the quality of life, and contributes to our community in a very tangible way.”
Dustin Atkielski, Wake Forest-based Regional Partner for St. John Properties, thanked his small local team, as well as Town staff and leaders. “It’s been a very challenging but rewarding site, and we’re very excited to finally have this north side of the project almost wrapped up,” Atkielski told attendees. The company has navigated the rolling property’s technical complexity, as well as misperceptions by social media naysayers. “A lot of the work goes unnoticed,” he said. “People don’t always truly realize the amount of effort it takes to get a project like this from looking at a piece of raw dirt with a lot of challenges to a project that has a lot of potential for some great success.
St. John Properties, the award-winning national commercial real estate leader, remains excited about the potential of Wake Forest Exchange, its first-ever project in North Carolina, Atkielski said. “Thank you for allowing us to become part of Wake Forest,” he told attendees.
