In 2009, a developer first pitched $3B project for Apex. It broke ground this month.
Back in 2009, a developer first pitched building a “sustainable, mixed-use urban community” on a massive tract of land in Apex.
But he hit legal roadblocks, and the project never got off the ground. Now, almost 16 years later, the property is in new hands, and the long-awaited Veridea development is under construction.
This month, its new owner, New York developer RXR, officially broke ground on Phase I of the 1,100-acre project with “major clearing, site work and infrastructure work.”
“This marks a major milestone,” said RXR’s executive vice president of development Joe Graziose, in a release. “We’ve worked tirelessly over the past 24 months to get to this moment.”
As part of its national push into what it calls “superstar regions,” RXR began scouting land in 2022 and eventually purchased multiple parcels in Apex from the property’s previous owner, Hudson Realty Capital, in March 2023. Roughly 1,100 acres in total, it paid $91 million, according to property records. The Triangle-shaped site is between U.S. 1 and N.C. 540, along N.C. 55. It’s about two miles south of downtown Apex, and about 15 miles southwest of Raleigh.
The developer plans to build on the previous owner’s original vision — with 1,500 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.
RXR has not yet disclosed price points.
It will also include 150,000 square feet of retail, restaurants and commercial space; 213,000 square feet of industrial; and a new 340,000-square-foot campus for Wake Tech Community College.
“Our community will almost immediately feel the impact of this development,” said Apex Mayor Jacques Gilbert.
By 2035, Veridea is expected to offer up to 8,000 residential units; 3.5 million square feet of retail, hospitality and civic space; 12 million square feet of commercial space; and a new public elementary school.
Other amenities include trails, dog parks and bicycle paths. Eventually, four softball fields, six tennis courts and a 22,500-square-foot community center will also be added, the firm has said.
Apex, the state’s ‘biggest boomtown’
Apex is now ranked as North Carolina’s No. 1 “boomtown,” a recent GoBankingRates report found.
As the suburb’s population swells (up 12.5% from 2020 to 72,225 in 2023, according to census data), demand for housing remains at an all-time high. The town estimates that by 2030, it could have more than 120,000 residents.
The submarket is also “very competitive” and among the pricier suburbs in the Triangle, according to the latest Redfin data.
In October, Apex home prices were up 2.3% compared to last year, selling for a median price of $613,500, That’s below Chapel Hill’s median ($674,000) in October, but well above prices in Raleigh ($434,500) and Durham ($415,000), Redfin found.
On average, homes in Apex sell after 17 days on the market compared to 39 days last year. There were 90 homes sold in October this year, down from 103 last year.
This story was originally published December 5, 2024 at 3:13 PM with the headline "In 2009, a developer first pitched $3B project for Apex. It broke ground this month.."
