Construction on a $3 billion development in the Raleigh suburbs could begin soon

Veridea , a long-awaited, master-plan community in Apex, could begin phase one of construction later this year, according to its developer, New York firm RXR.

Why it matters: Veridea has been in the works for more than a decade and represents a $3 billion investment in one of the Triangle's fastest growing towns.

Zoom in: RXR bought the 1,000-acre site — located about three miles south of downtown Apex — last year for $91 million from Hudson Realty, the Triangle Business Journal reported.

• Plans have been tweaked over the years, but RXR's current plan would add thousands of housing units and millions of square feet of commercial space in the coming years.
• The property is zoned to allow up to 8,000 residential units and 12 million square feet of commercial and industrial space, the News & Observer notes .

Driving the news: Last week, RXR unveiled renderings of the first phase of development, which it hopes to begin prep work on this fall and construction next year.

Phase one would include:

• 1,500 apartment units built over ground floor retail.
• 200,000 square feet of retail, restaurant and commercial space.
• A 340,000-square-foot campus for Wake Technical Community College. Wake Tech has earmarked around $130 million from a bond passed in 2022 for two buildings there.
• And 1,110 single-family homes and townhomes being built by homebuilder Lennar.