The proposed innovation district in Greensboro has received $3 million in federal funding.
The area around South Elm Street in downtown Greensboro – from Gate City Boulevard through South Elm Eugene Street — is where developers are planning an innovation district to help boost the economy in that area.
Lou Anne Flanders-Stec, executive vice president of Launch Greensboro, said that the innovation district will be particularly impactful for the advanced manufacturing industry, which has recently seen lots of activity in the Triad.
The proposed innovation district has been in the works for about a year and a half. Rep. Kathy Manning, D-Greensboro, announced the the federal funding that comes from the omnibus government funding bill Congress passed in March.
An innovation district “focuses visible innovation efforts to drive job creation and retention; includes walkable, mixed-use spaces that connect universities and established institutions with business startups and other entrepreneurs; bridges gaps and builds partnerships across public and private institutions and employers; builds on strong, existing innovation hubs and university drivers,” according to a presentation given to city council last October regarding the project.
In Greensboro, the proposed district would be roughly 2.7 square miles – or 125 acres – in a corridor that runs from transformGSO on South Elm to the Nussbaum Center for Entrepreneurship on South Elm-Eugene Street and includes Union Square. It would partner with with local universities including UNC-Greensboro, North Carolina A&T and Guilford Technical Community College.
The development of an innovation district would include the repurposing of buildings, the development of training programs in the aviation and EV battery industries and the building of testing and innovation spaces.
“The real point is to lever underserved community and underutilized space to build out infrastructure and with the proximity to build more of a crescent than just a corridor,” Flanders-Stec said.
During the presentation to city council on the district, developers touted citywide benefits, such as an opportunity for broadband expansion, neighborhood participation, training opportunities for youth programs, job training and reskilling.
Developers also demonstrated Chattanooga’s innovation district, the success of which led to some 5,000 jobs, 120 startups and approximately $700 million invested in real estate.
The immediate surrounding neighborhoods that would be affected by the innovation district include Union Square, Ole Asheboro Warnersville and Arlington Park. Flanders-Stec stressed the importance of working with the neighborhoods to ensure the success and benefits of the innovation district.
Organizations working towards this project include the city of Greensboro, N.C. A&T, Action Greensboro, the Community Foundation of Greater Greensboro, UNCG, Segra, Downtown Greensboro, Launch Greensboro, transformGSO, Forge Greensboro and the Nussbaum Center for Entrepreneurship.
Flanders-Stec expects additional funding – approximately $1.5 million – to be approved in May from the city’s portion of American Rescue Plan Act. That would bring the total funding for the innovation district to $4.5 million.
The first and next step, she said, is to finalize a full strategic plan. There is no current timeline for a strategic plan.
