North Carolina A&T Real Estate Foundation Closes on Partnership with Cone Health to Develop Phase 1 of The Resurgent

Planned services will address the medical desert in East Greensboro and create an entrepreneurial center for innovation

EAST GREENSBORO, N.C. – March 15, 2024 – The North Carolina A&T Real Estate Foundation, committed to bringing positive economic development and opportunity to East Greensboro, is pleased to announce that in a joint venture partnership with Cone Health, they have closed on a partnership for phase one of a multi-phase, mixed-use development called The Resurgent.

The +/-54,000 square-foot, five-story, state-of-the-art building is the first commercial real estate development in the East Market Street corridor in decades, and a realization of N.C. A&T State University Chancellor Harold Martin, Sr.’s vision for community outreach and real estate investment opportunities to support the economic growth of East Greensboro. The building will be situated on E. Market Street near Benbow Road, across from North Carolina A&T State University and close to Hwy. 29. The partnership will create a structure to help address the medical desert that currently exists in East Greensboro.

The owner-occupied building is a joint venture partnership with N.C. A&T occupying three floors (60% ownership), and Cone Health occupying the first two floors (40% ownership).

Cone Health plans to offer urgent and primary care services in its quest to “CATCH 5 in 5,” which is an acronym for Collaborative Actions Toward Community Health. The effort aims to reduce the disparity in life expectancy in areas served by Cone Health by five years in five years.

“This is an incredibly unique JV partnership that represents a shared vision for innovation, collaboration and community impact,” said Kimberly Cameron, executive director – North Carolina A&T Real Estate Foundation. “The Foundation was able to access a combination of financing from the Department of Treasury program in addition to other equity,” she added.

“The ability to have easy access to high-quality health care close to where people live and work cannot be overstated,” says Cone Health CEO Dr. Mary Jo Cagle. “This innovative partnership with North Carolina A&T State University will make a profound difference in the life and health of this community, and we are delighted to be part of it.”

The North Carolina Real Estate Foundation will move its office headquarters into the building, which will also include the University’s The Center of Excellence for Entrepreneurship & Innovation’s new entrepreneurial hub including SBTDC Offices, and human resources office.

“We believe The Resurgent will serve as a catalyst for redevelopment of East Market Street Corridor and create a significant economic impact on East Greensboro,” added Cameron. “We estimate $1.6 million of new annual payroll from the project alone, and an increase in accessible jobs. Finally, we are excited about the creation of new Black-owned businesses graduating from the entrepreneurial hub, with an anticipated 150+ students participating annually.

With this crucial milestone achieved, the project is well-positioned to move forward with construction and deliver on its promise of innovation, collaboration and community impact. A groundbreaking is scheduled for April 24, 2024.

  • North Carolina A&T Real Estate Foundation, developer
  • Cone Health, joint venture participant
  • North Carolina A&T Investment Foundation
  • CJMW Architecture, architect
  • Samet Corporation, general contractor
  • River Ridge Capital, financial consultants
  • Butler Snow, legal counsel