North Carolina Construction News staff writer
RXR Realty has purchased a development site in North Carolina’s Research Triangle with plans to build a $3 billion mixed-use project.
The firm says it will partner with homebuilder Lennar Corp. to build 1,100 single-family homes and townhouses in the first phase of the project, in Apex. RXR will also develop more than 1,000 rental apartments and more than 750,000 square feet of space dedicated to life-sciences research, logistics and education.
RXR bought the 1,000-acre site from Trinity Apex Investments for $91 million, its first acquisition and development in North Carolina. The deal is part of RXR’s larger push into what it dubs “superstar regions,” which support growth across housing, logistics and life sciences.
Apex has “strong education and health-care systems that are magnets for the knowledge worker, and strong leadership that continues to invest in the region’s infrastructure and quality of life,” Scott Rechler, chief executive officer of RXR, said in the statement. “As knowledge workers increasingly seek these live, work, play communities when choosing where they want to settle, it is towns like Apex, North Carolina, that will thrive.”
The project will include a new campus for Wake Technical Community College that would support as many as 3,000 students. Plans also call for construction of an elementary school.
RXR has previously developed large-scale, mixed-use sites, in areas such as downtown New Rochelle, New York, and Glen Cove, on Long Island.
Last year, RXR made roughly $1.3 billion in deals to acquire more than 2,800 rental apartments in places such as Phoenix; Tampa, Florida; and northern New Jersey.