(WINSTON-SALEM) -- Wake Forest Baptist Medical Center held the grand opening on Tuesday of a state-of-the-art, 242,000 square foot biotechnology research and innovation center. The Wake Forest Biotech Place is designed to help promote start-up companies generated by researchers' discoveries and provide space for established biomedical research companies.

"The opening of this modern, high-tech research and innovation center represents a major milestone in Wake Forest Baptist's development and growth of a new biotechnology-based economy in Winston-Salem designed for the 21st century," said John D. McConnell, chief executive officer of Wake Forest Baptist Medical Center."

The facility is housed in two completely restored former R.J. Reynolds Tobacco Co. buildings.  The buildings were donated to the Piedmont Triad Research Park.

The redevelopment was made possible through the North Carolina Mill Rehabilitation Tax Credits program and the federal New Market and Historic Tax Credits program. "The new facility is a wonderful example of the benefits of public-private partnerships designed to breathe new life into once blighted areas," said Doug Edgeton, president, Piedmont Triad Research Park.

In addition to the buildings being donated by RJR, Blue Cross Blue Shield of North Carolina invested in the project, using the Mill Tax Credit program.