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Basically the Reynolds family thru the Z Smith Reynolds Foundation offered land and money and infrastructure to WFC to move to Winston. This would have been around 45 or 46. The college accepted and finally moved in 55 or 56 I think.
I wasn't alive in the 1940s, but that's pretty much what I've read and heard over the past few decades too.
In 1946, as a result of large gifts from the Z. Smith Reynolds Foundation, the entire college agreed to move to Winston-Salem, a move that was completed for the beginning of the fall 1956 term.
Charles and Mary Babcock (daughter of tobacco baron, R. J. Reynolds) donated the college about 350 acres of fields and woods at "Reynolda", the family's estate. The old campus in Wake Forest, NC was sold to the Baptist State Convention to establish the Southeastern Baptist Theological Seminary.
The Reynolds Family of Winston Salem (Reynolds Tobacco) paid for the move in response to the Duke family (American Tobacco Co.) paying for the transition of Trinity College into Duke University. Can't be having those other tobacco barons outdoing them. Arnold Palmer went to Wake Forest when it was in its namesake town.
The Duke Family (Bull Durham Tobacco) paid to relocate Trinity College to Durham. Trinity College is now known as Duke University. The Reynolds family was not going to let their Durham rivals go unchecked so they paid to have N.C. Baptist College relocated to Wnston Salem. N.C. Baptist agreed so long as the name of the school was changed to honor their history, hence Wake Forest University. The site of the old N.C. Baptist College is now Southeastern Baptist Seminary. Wake Forest Rolesville High School uses the old stadium for their athletics.
You mean WFU is not in Wake Forest? I learn something new every day.
Wikipedia has a good page on WFU - full of history. It opened as the Wake Forest Manual Labor Institute? Students and staff had to spend half the day working in the plantations. My how things have changed. The link given by mm34b, above, looks pretty comprehensive too.
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