Charlotte health innovation is reaching new heights with the launch of Wake Forest University School of Medicine’s Charlotte campus, the first medical school in the city’s history. The school is part of The Pearl, a $1.5 billion mixed-use development that combines medicine, education, and research — a milestone driving both health care advancement and economic growth in Charlotte, North Carolina.
Ventas, Inc. (NYSE: VTR), an S&P 500 REIT specializing in the longevity economy, provided the capital for The Pearl alongside partners Advocate Health, the nation’s third-largest nonprofit health system, and Wexford Science & Technology, a real estate firm focused on innovation districts. Partnering with the City of Charlotte and Mecklenburg County, Ventas broke ground in December 2022, officially opening The Pearl in June 2025. The completed first phase includes 700,000 square feet, with the potential to expand to 3.5 million square feet.
“Ventas is a leader at the intersection of medicine, research, and universities,” said Debra A. Cafaro, chairman and CEO of Ventas. “Charlotte’s leaders are shaping the city’s future through health care diversification and growth.”
The Pearl marks Charlotte’s largest-ever public-private partnership, bringing over 5,500 on-site jobs and a projected total of 11,500 regional jobs within 15 years. Mayor Vi Lyles described it as “proof that Charlotte’s ambitions are becoming reality,” highlighting its transformative role for students, professionals, and residents.
According to Cafaro, The Pearl’s rapid three-to-five-year development reflects strong institutional collaboration and investor confidence. “This project fulfills a community need while attracting top-tier tenants in research and technology,” she said. The Howard R. Levine Center for Education achieved full pre-leasing, while the broader development now exceeds 80% occupancy.
Wexford’s Ted Russell noted Duke Energy’s key role in upgrading infrastructure for the historic Brooklyn neighborhood, where The Pearl now stands. The development honors the area’s heritage through murals, signage, and a “Purposeful Walk” chronicling its past. The project also prioritizes inclusive opportunities, offering jobs and training for residents without four-year degrees.
The Pearl exemplifies modern Charlotte health innovation, integrating research, entrepreneurship, and education. Wexford’s “Knowledge Communities” model connects universities with private industry to spur innovation. Among The Pearl’s major tenants are IRCAD North America — a leading global surgical training center — and Siemens Healthineers, which will open a 60,000-square-foot Experience Center showcasing medical technologies.
Additionally, Connect Labs by Wexford will open in late 2025, offering space for medical and tech startups to collaborate with researchers and health professionals. The development’s proximity to Atrium Health Carolinas Medical Center, one of the Southeast’s largest hospitals, further strengthens its medical ecosystem.
Wake Forest’s new medical school will generate a steady pipeline of health care professionals, supported by Advocate Health’s partnerships with universities and schools. These initiatives include early college and STEM programs designed to inspire future medical talent in Charlotte.
As construction and long-term employment expand, The Pearl continues to act as a catalyst for economic development. “This project brings together visionary partners who are reshaping Charlotte’s future,” Cafaro said. “It’s a model for collaboration that benefits health care and communities worldwide.”
