Bank site could be downtown catalyst
Last year the Town of Wake Forest purchased the former SunTrust Bank for $1.5 million and later hired UNC’s School of Government Development Finance Initiative (DFI) to analyze the site and community and help attract private investment for the property. Tuesday evening members of the DFI group made their first public presentations about their activities to date, which include completing studies of current conditions and market analysis and being halfway toward identifying a private partner for the site. Sonyi Turner, who presented, said it could be a “transformative development site” for downtown Wake Forest, given its location halfway between the Renaissance Plaza and Centre and the downtown retail core from Elm Avenue to Roosevelt Avenue. Turner said the DFI’s market analysis of retail space found 137,000 people in the area during the day and 29,000 total households with an average yearly retail spending of $23,000. What they found on the