Veridea: A Peek into Apex's Mega-Scale Project

Progress is underway for a mega-scale project in Apex, North Carolina, steered by the New York-based developer, RXR. The development, named Veridea, is a mixed-use project sprawling over 1,000 acres along N.C. Highway 55. With an estimated budget of $3 billion, the venture's site plans have recently been updated, hinting at denser utilization than what was initially planned.

The first phase of the project features 565,300 square feet of residential space, 63,000 square feet dedicated to retail, 43,100 square feet of office space, 22,900 square feet for restaurants, and a 17,000-square-foot clubhouse. This phase will house 511 multi-family units across three 5-story buildings, with the ground floor designed for retail. The apartments will offer a variety of studio, one-bedroom, two-bedroom, and three-bedroom options, including some two-story units.

The clubhouse, a two-story structure, will feature a swimming pool and a rooftop terrace with a pool view. However, the previously proposed 12,000-square-foot daycare facility is no longer included in the first phase. Instead, three structures will serve as retail and office spaces, with the ground floor accommodating retail and the upper floors designated for offices, including medical offices.

Joseph Graziose Sr., the executive vice president for Residential Development and Construction with RXR, envisions these spaces meeting the various needs of the community. "We can build up to 20 stories," Graziose said, "but we aim to create an inviting main entrance and see this as the initial step in placemaking."

The plan also includes a community-friendly plaza with seating and spaces for community events. Two separate restaurant buildings of one and two stories are planned, along with four-level parking structures providing 1,185 spaces, including public parking.

Work on the infrastructure is set to commence in the first quarter of 2024, with vertical construction projected to start in the third quarter of the same year. The first residents are expected to move in by late 2026. Graziose estimates that the first phase, including site construction, will cost around $250 million. The company possesses all the necessary equity for its infrastructure and mixed-use plan. However, it will need to secure a construction loan for the first phase at a later stage.

In addition to RXR's development, Lennar Corp. (NYSE: LEN) is slated to build 1,110 townhomes and single-family homes. Wake Technical Community College plans to establish a 340,000-square-foot campus during the first phase, and Wake County Public Schools are set to build an elementary school for roughly 700 students.

When complete, the master-planned development will feature 1,000 market-rate apartments, 120,000 square feet of retail space, and 350,000 square feet of office and industrial space. The site, located where U.S. 1, N.C. 55, and Highway 540 converge south of downtown Apex, covers 1,067 acres.

The region where U.S. 1 intersects with Highway 55 in Apex has been buzzing with development plans as Veridea's inception approaches. An area of 50 acres opposite Veridea was put up for sale in June for potential future development. Simultaneously, Grace Christian School is set to relocate to a 53-acre plot in the vicinity. Lennar's master-planned development, Depot 499, is also taking shape further north.