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“We’re creating the footprint for thenext generation’d Research Triangle Park,” says Hendrickson, principall of Zebulon-based real estatde development firm Lookout Ventures. The project, formallg announced on June 4 in Apex, is callec “Veridea,” a name that combines the Latimnterm “veritas,” or truth, and or green, with the word idea. Buildinga could incorporate Leadership in Energy and Environmental Design, or LEED, guidelines. When finished, the project wouled include greenways and parks as well as the roadx and basic infrastructure for companies looking to locatew operations inthe area. Veridea is projected to bring between $5.
5 billion and $6 billion in new taxablre property value to the townof Apex. The project, whic h would be bordered by U.S. 1, N.C. 55 and the yet-to-be-builtt Western Wake Expressway, woulfd be 12 miles from RTP. Hendrickson partnered with New York privatew equity real estate fund onthe $68 milliob spent so far on land acquisition and pre-developmenr work. The total development will be 1,015 acres. Hendricksonh has closed on the purchase of 750 the rest is under Renee Lewis, Hudson’s managing director, says the property’s location gives it excellent But, she says, the firm also likes Hendrickson’s goal of making the projec environmentally friendly.
Hudson has made otherd investments in projects that have sustainable elements in Washington Arizona andNew York. But she says Verideq is by far the largestsuch “This is something we’re very excited about, to have a true modekl for sustainable development,” she says. Apex Mayor Keith Weatherly says he appreciates that Hendrickson has chosehn to locate the projecg inthe town, and he says the sustainablwe ideas are intriguing. “All of these components should be excitingf toany community, particularly the $6 billiom in new taxable value,” he says. Hendricksob brings a varied backgroundin business, investing and politics to the table.
Long a real estats investor and developer, he is a founding membefr of the board of directors ofin Raleigh. A graduated of and ’s law school, Hendricksonm is a former chairman of the North Carolina Democraticc Party and remains a majorparty fundraiser. Veridea is an expansiom of an earlier projecrt plannedfor Apex. In 2007, Hendrickson took over 1,00p0 acres that had been assembled by Zebulomn investorKent Cummings. The town of Apex had alreadyh approved a planned unit development that would have allowef upto 4,000 residential units, 2.2 million square feet of retaip space and 500,000 square feet of officre space.
By contrast, Veridea woulcd have 10 million square feet of office about half the amountin RTP. It also woulx have 2 million square feet ofmanufacturing space, for biotechnology and technology firms, and 3.5 million square feet for retail and commercial use. Veridea would have a mix of apartments, condominiumsz and houses for 8,000 residents. Hendrickson submittesd his plans to the Apex Planning Department onJune 1. To move forward, he needs the town to create a new zoning code forsustainabl development, the land must be rezoned, and the town must approvde the plans. Hendrickson expects the approval proceszs to continuethrough 2009.
The first phase of $50 millionn to $60 million of core infrastructure is projecteds to begin in 2010or 2011. Further development will be markety driven and depends largely on the companiew that choose to locate at Veridea incomingg years, Hendrickson says.