RXR Breaks Ground on $3B Mixed-Use Community
Veridea is set to include more than 1,000 multifamily units alongside single-family homes and townhomes.
A rendering of the East Village in Veridea in N.C. Rendering by Arcadis courtesy of RXR 
A rendering of the East Village in Veridea in N.C. Rendering by Arcadis courtesy of RXR 
A rendering of the street view of Veridea Place in N.C. Rendering courtesy of RXR 
A rendering of the street view of East Village in Veridea in N.C. Rendering courtesy of RXR 
An aerial rendering of Veridea in N.C. Rendering courtesy of RXR
RXR Realty has broken ground on Phase I of its 1,100-acre mixed-use community in Apex, N.C. The project, Veridea, was announced more than 17 years ago.
RXR initially acquired the Veridea in March of last year. In the spring, Veridea’s Welcome Center in the Highline Building in Downtown Apex opened its doors. General contractor Samet Corp. is constructing the $3 billion initial project.
“Veridea aligns with RXR’s national strategy to invest in what we call ‘superstar regions’, such as the Raleigh-Durham metro area,” RXR’s Executive Vice President of Development, Joe Graziose, told Multi-Housing News.
The first phase of the community will include approximately 1,500 multifamily units, 1,100 single-family homes and townhomes built by Lennar Homebuilders. It will also feature 150,000-square-feet of retail, restaurants and commercial space as well as 213,000 square feet of industrial space. A new 340,000-square-foot campus for Wake Tech Community College is also set to be part of the mixed-use development.
At full buildout, anticipated to occur over a decade-long construction timeline, the project will include up to 8,000 residential units, 2.5 million square feet of retail, hospitality and civic spaces and 12 million square feet of commercial space.
Veridea is two miles south of downtown Apex. Over the next decade, during development, this project is expected to bring more than 2,300 annual jobs to Apex and create $1.6 billion in cumulative labor income over the 10-year construction period.
“The Town of Apex stands out with its strong education and healthcare systems that attract top-tier knowledge workers, coupled with strong town leadership that prioritizes investments in infrastructure and quality of life,” Graziose said.
Veridea was part of RXR’s national expansion program, which involved approximately $1.3 billion in acquisitions and more than 2,800 units in Philadelphia, northern New Jersey, Denver, Phoenix, Tampa and Apex.
Nationally active, Lennar Homebuilders began sales at a master-planned community of new single-family homes in the Jacksonville metro area earlier this year. The development’s one-story floorplans range from 1,544 to 3,152 square feet, with two to four bedrooms.
