Area construction industry estimators tell GlobeSt.com on condition of anonymity the expansion will easily reach the $1 billion mark in hard construction costs.
The park has 20 tenants in a five-block area that contains four multi-story buildings.
The planned expansion, given a kick-start by the donation of 10 key acres by Winston-Salem-based R. J. Reynolds Tobacco Co., would provide more than 10 times the existing acreage.
Like the existing park, it will be targeted to technology start-up companies and small businesses, laboratory operations, and additional research centers in both the academic and private sectors. There will also be retail and restaurant space, according to a prepared statement from park officials.
North Carolina Gov. Mike Easley and Allen Joines, mayor of Winston-Salem, were among the representatives of state and local government who announced the plans.
Bill Dean, president of locally based Idealliance, a non-profit organization of government, business and education leaders instrumental in development of the initial park, was also on hand.
Watertown, MA-based Sasaki Associates has been retained to create a master plan for the expansion. A site plan and usage assessment is scheduled for completion by spring 2003.
Plans call for the inclusion of a new research campus for Wake Forest University School of Medicine.
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