$3B ‘superstar region’ project planned for Apex after years-long delay
After years of legal wrangling and shelved plans, a mixed-use project on a massive tract of land in Apex is now in new hands and moving forward.
The long-awaited Veridea development is starting to take shape after New York developer RXR recently purchased multiple parcels, roughly 1,100 acres in total, sandwiched between U.S. Highway 1 and N.C. 540, along N.C. 55, according to Wake County deed records.
The total price tag: $91 million.
The project has been in the works since the property’s previous owner, Hudson Realty Capital, began assembling land 16 years ago. However, it hit legal roadblocks and never got off the ground.
About 17 months ago, RXR began scouting the site and says the deal is part of its national push into what it calls “superstar regions,” mainly outlying suburban areas that support housing, logistics and life sciences. Apex is about 20 minutes from RTP and neighbors Cary and Morrisville. The land sale was first reported by the Triangle Business Journal.
“The Veridea project is consistent with our strategy,” said Scott Rechler, chairman and CEO of RXR, in a statement.
RXR plans to build on Hudson Capital’s original vision — with over 1,000 multifamily units to be built by RXR and 1,100 single-family houses and townhomes to be developed by Lennar Corp — as part of the project’s first phase. Plans also include over 750,000 square feet for life sciences research, and 21 acres for the construction of a new elementary school.
RXR is also partnering with Wake Technical Community College to construct a new 340,000-square-foot campus on 34 acres that will include space for a new workforce development center.
Altogether, RXR, Lennar and Wake Tech expect to invest “up to $3 billion” on the site.
“We’re going to create a community of live-work-play,“ Joseph Graziose Sr., RXR’s executive vice president for residential development and construction, told The N&O. “We really pride ourselves in coming into regions and municipalities, and working together to ensure that we’re both aligned and doing good.”
RXR indicated the project will offer housing at an “affordable price point,” but Graziose declined to give exact numbers. “What I could say is, being outside the boundary of the city, it will be much more affordable than living in downtown Raleigh and North Hills.”
RXR plans to break ground with the initial infrastructure and roadway system early next year. The first residents for multifamily units should be able to move in by late 2025, he said.
Amenities for phase one will include walkable green trails, dog parks and bicycle paths. Eventually, four softball fields, six tennis courts and a 22,500-square-foot community center will be added. The zoning of the site allows for the development of up to 8,000 residential units, 12 million square feet of commercial space, including life sciences, industrial, and warehouse, and 3.5 million square feet of retail, hospitality, and civic uses.
Apex Mayor Jacques K. Gilbert called the project a “golden opportunity” for Apex.
“While there are many more steps to take on this journey, I’m truly impressed with the conceptual plans presented by RXR’s team, providing solutions to move us forward,” he said in a statement.
As Apex’s population swells to over 62,000, demand for more housing remains at an all-time high. The town estimates that by 2030, there could be more than 120,000 people living in Apex. A local affordable housing developer, DHIC, recently broke ground on Broadstone Walk, a 164-unit affordable housing complex on a 14-acre parcel along South Hughes Street in Apex.
This story was originally published March 2, 2023 at 3:01 PM.
