Aerial view of Veridea

RXR Secures Site for $3 Billion Mixed-Use Project in Research Triangle

by Lynn Peisner

APEX, N.C. — RXR has acquired a 1,000-acre development site in Apex, about 15 miles west of Raleigh, North Carolina. The New York City-based developer will build a $3 billion mixed-use project called Veridea on the site. Development plans include the construction of a new 340,000-square-foot campus in partnership with Wake Technical Community College as well as a new elementary school. In the first phase, RXR will develop about 1,000 multifamily units, and Lennar will develop 1,100 townhomes and single-family homes. Phase I also will include about 750,000 square feet of space for life sciences research, logistics and education.

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. RXR purchased the property for $91 million and expects up to $3 billion of total investment between Lennar and Wake Technical Community College. A development timeline was not disclosed.

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