GWSI to Work with City of Winston-Salem and Local Developers to Generate Industrial Development
As part of our efforts to expand economic development opportunities in Winston-Salem, Greater Winston-Salem Inc. has worked with the City of Winston-Salem to institute a Spec (Speculative) Building Loan Program.
Through this program approved by the Winston-Salem City Council, the City will provide interest-free loans to assist qualified developers with the construction of spec buildings for industrial or commercial use located within the city. The program is designed to accelerate industrial development, create jobs, and grow the tax base.
Speculative (spec) buildings are industrial or commercial spaces built by developers with the goal of attracting tenants during or shortly after construction. They are an important economic recruitment tool that provides prospective companies with immediate building availability, a decreased project timeline, demonstrated market demand, and flexible designs that can be modified to suit diverse industry sectors.
“By increasing the availability of high-quality industrial space, we can attract new businesses, support existing industries, and drive economic prosperity in our community. We appreciate the City of Winston-Salem’s commitment to future growth through this program,” says Ellis Keifer, Vice President of Economic Development for Greater Winston-Salem Inc.
The City Council has approved $7.5 million for the Spec Building Loan Program. Loans up to $3.5 million per project are available, with the total loan amount based on building size. Qualifying projects must have a $10 million minimum total investment and must be completed within 24 months.
“With this program we are being proactive in letting businesses know we are ready for them to succeed here,” says Winston-Salem Mayor Allen Joines. “Increasing the inventory of spec buildings helps to foster an environment where businesses can thrive and residents can benefit from job growth and increased opportunities.”
The Spec Building Loan Program is based on similar projects with proven benefit. Projects that have utilized similar loans issued by the City in the past have since generated $50+ million in capital investment and over 175 jobs.
Based on industry research, there is ample demand for spec properties. In 2024, 61% of Greater Winston-Salem Inc.’s economic development prospects expressed a preference for existing buildings versus shovel-ready land.