Local News

Developer plans sustainable, mixed-use development for Apex

Posted June 4, 2009 6:28 p.m. EDT
Updated June 4, 2009 7:02 p.m. EDT

— A sustainable, mixed-use urban community is being proposed for Apex. Mayor Keith Weatherly said Thursday the project, called Veridea, would add almost $6 billion to the town's tax base.

Veridea is huge news for the small town of Apex. The triangle-shaped site would have U.S. Highway 1, N.C. Highway 55 and a future section of Interstate 540 as its borders.

“Veridea will become the next generation of Research Triangle Park,” Veridea developer Tom Hendrickson said of his vision for the project.

With the expected 2012 completion of the Western Wake Freeway, Veridea would be less than 12 minutes from RTP. The 1,000-acre development would also create 30,000 jobs, and increase Apex's tax base.

“(The development) would more than double our current tax-base in the town of Apex,” Mayor Keith Weatherly said.

The plan also calls for 8,000 residential units – a mix of condos and single-family homes. The idea is to be able to walk or bike, from work to home, and to the store. Down the road, the area could add a light-rail stop.

Hendrickson said because Veridea was developed from a sustainable, live-work-play concept, he expects less vehicle traffic in the area. He is also looking into other measures to ease road congestion.

Veridea would also have 10 million square-feet of office development, 3.5 million square-feet of mixed-use retail and commercial space and 2 million square-feet of high-tech manufacturing.

The nearly $6 billion project was submitted to the Town Council this week, and they have yet to give it the green light. Some residents, however, say they are on board with the concept.

“We do need some more commercial retail in Apex, and so this handles that and give us better equilibrium between the two,” resident John Cicero said.

Officials say they want public input on the proposal and plan to schedule town hearings before making a decision. If all goes well, Veridea could break ground in 2011.