RXR acquired Veridea, a 1,000+ acre, $3 billion mixed-use development site in Apex, North Carolina, located within the Research Triangle formed by Raleigh, Durham, and Chapel Hill. The new development will be part of RXR’s national strategy of investing in ‘Superstar Regions’.
“The Veridea project is consistent with our strategy to invest in Superstar Regions to develop in sectors such as housing, logistics, and life science, that we expect to thrive in a post-COVID world. The Town of Apex possesses the vital components that we look for when investing in a Superstar region – “Eds, Meds, and Well Led” – strong education and healthcare systems that are magnets for the knowledge worker and strong leadership that continues to invest in the region’s infrastructure and quality of life,” said Scott Rechler, Chairman and CEO of RXR.
RXR is partnering with the Lennar Corporation to build 1,100 single-family homes and townhouses on the site as part of the first phase of development. RXR will develop 750,000 square feet of space for life-sciences research, education and logistics. The education components of the development include an elementary school and a campus for Wake Technical Community College.
