A company leading a $3 billion mixed-use development that was announced for Apex in 2009 said it could be another 10 years until the project is finished.
Construction is already underway on Veridea, a triangle-shaped site with U.S. Highway 1 and N.C. Highway 55 as its borders. The 1,100-acre space is being converted to shops, restaurants, homes, hotels, office space and more.
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On Thursday, project developer RXR said they were still planning to reach their initial goals, although vertical construction isn't slated to begin until 2027. When the development was announced in 2009, Apex leaders said the development would create 30,000 jobs and add $6 billion in tax revenue.
"We understand that people want to see things like overnight, but we just tell them to trust the process and know that there are great things coming," said Apex Mayor Jacques Gilbert.
According to the project's website, when complete, Veridea will feature close to 8,000 single-family, townhomes and multi-family units. There will be 3.5 million square feet of restaurant and retail space and 12 million square feet of commercial space for industrial, warehouse and office use.
Veridea will feature multiple "villages." Phase 1, Veridea East, will include 1,100 single-family homes and townhomes, 200,000 square feet of retail, restaurants and commercial space and a 3,000-student new campus in partnership with Wake Technical Community College.
A completion date for the project has not been announced, but the first apartments are anticipated to be available for leasing in 2027. RXR Executive Vice President of Construction Joe Graziose estimates it will be a decade until the project is finished.
"Two years of engineering has gone into putting all the plans together, getting all the permits and everything," said Graziose. "And there is a lot going on. You may not see it because you can't see two miles from here where they're still putting pipe in."
"It could be 10 or 12 years before it's done," said Graziose.
RXR and Apex leaders held a ceremony Thursday at the site of the future new water treatment plant.
RXR is investing $166 million in infrastructure improvements to the water systems and including $10 million on roadway improvements on NC-55.
Apex is one of the fastest growing towns in the state. In 2023, its population was 75,187, according to an estimate from the Census Bureau.