$3B ‘superstar region’ project is breaking ground in Apex. A look at what’s coming.
After years of legal wrangling and shelved plans, developers have offered the first glimpse of a massive mixed-use development coming to Apex.
New York-based real estate developer RXR this week released renderings for Veridea, a “live-work-play” community planned for roughly 1,100 acres between U.S. Highway 1 and N.C. 540, along N.C. 55.
The designs, seven in all, show a sprawling, amenity-rich “mini-city,” two miles south of downtown Apex, and about 20 minutes from RTP and neighbors Cary and Morrisville.
“We look to build in ‘superstar regions’ like Apex,” said RXR’s executive vice president Joseph Graziose, in a press release. “We’re excited to take this step.”
Veridea is RXR’s first project in North Carolina.
Phase one involves building 1,100 single-family houses and townhomes, and 550 out of 1,500 multifamily units with first-floor retail in the community’s East Village.
Veridea will offer “a range of pricing” with unit layouts at market rate, the company said.
An entertainment district — with 200,000 square feet for retail, restaurants and office — and a new elementary school are also in the works.
Amenities include 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.
Separately, RXR has partnered with Wake Technical Community College to construct a new 340,000-square-foot campus.
RXR plans to break ground later this year with “new roadways, infrastructure and utilities.” Work is expected to begin on multifamily units in early 2025, the company said.
The site’s zoning allows for 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.
A long-awaited project
Veridea has been in the works since 2011.
The property’s previous owner, Hudson Realty Capital, began assembling the land 17 years ago. But it hit legal roadblocks and never got off the ground.
In March 2023, RXR bought the parcels for $91 million, according to Wake County deed records.
Apex Mayor Jacques K. Gilbert has called the project a “golden opportunity” for Apex.
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.
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