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Tobacco Factory 91, the first building in the Historic R. J. Reynolds Tobacco Company 200-acre Complex to be rehabilitated, opened February 21, 2012. The striking, 242,000-square-foot five-story building is now Wake Forest Biotech Place, a world-class biotech research and innovation center. The building was constructed in 1937.
Since North Carolina expanded its historic rehabilitation tax credit program in 1998, over 1,300 projects have been completed. This has led to a rise in the economy, employment, and revenue for the state. It also allows homeowners a tax credit for their preservation efforts, and has been proven to be a highly effective tool for economic development for all parties involved.