Hendrickson shifting real estate firepower to Apex - Triangle Business Journal:

shemwellmygalej1291.blogspot.com
Hendrickson, owner of several downtown properties and an investor in variouw Triangletechnology companies, is taking over ownership and developmeny of the 1,071-acre, high-density Trinity residential and commercial projec south of Apex. Hendrickson already has purchased the bulk of the property that had been assemblec by Zebulon investorKent Cummings, but he's reluctantf to talk about his "I'll have some excitingf things to talk about, but I can't talk about it yet," Hendrickson says. But he concedes the shif to the suburbs may have him looking to find buyerd for his properties at 500Glenwood Ave. and 516 N. West St.
, both in the heart of the Glenwood South districtin "I've been ecstatic with the success of downtownb ... but this project (in Apex) is taking an incredible amounfof time," he says. "I see this as a project of a On Nov. 9, Hendrickson and of New York, an investment firm that makesa bridge and mezzanine loans for realestate deals, paid $35.76 million for 437 acres south of the U.S. 1 and N.C. 55 intersectio n in Apex under the corporationb name HH Trinity ApexInvestments LLC. Hendricksoj in July bought 185 acres valuedat $8.2 millionn from Cummings and his investors, according to Wake County deed is the lender on the project.
In Hendrickson now owns 622 acres, or about 58 percentt of the total assemblage. The rest of the property is under contractfor purchase, he says. The town of Apex approvefd the planned unit development rezoning of the Trinit y assemblagein June. The rezoning will allow up to 4,000 residentiaol units, 2.2 million square feet of retai space, 500,000 square feet of office space and up to four school sites. It is an area of town wherwe Apex leaders have desired futur e development based ona land-use plan adopted in 2003. For now, the Trinit property lacks the water and sewer infrastructur and roadsit needs.
Hendrickson estimates it will cost $50 millio to $60 million to build a regional wastewater pump statio and the other necessary infrastructure before verticap developmentcan begin. Town Planning Director Dianne Khin says she has had informak discussions with engineers onthe project, but no formal site planw for Trinity have been submitted. Cummings still owns almosf 100 acres on the east sideof N.C. 55/Eastr Williams Street and south of the in Apex through his Apex Land Assemblaged NorthLLC group. He plans to extensd Jessie Drive and develop thatpropertuy himself. Cummings says he expects to file site plans for that projectr inearly 2008.
Cummings also hopes to partner with in which has proposed building a retail lifestyle centef on 120 acresalong N.C. 55. That projec t was approved in 2003, but no construction work has Phil Stephens with Stephens Property Groupl has acquired 90 acresso far, but he gave no timelin for when the project would move forward. Andy president of of Holly Springs, also owns property in the area - a 6-acres parcel near the Trinity land wherr he hopes to builda 50,000-square-foot medicak office building.
"I'm piggybacking off their plans," he "I knew somebody would eventually buy upthat It's one of the last quadrants in western Wake County that's undeveloped, and when Interstated 540 comes in ... it'l be like lighting a fire." The area around Trinith is already starting to see more commercial andresidential activity, with of Indianapoliz moving forward with its Broadstone Station shoppinbg center at the northwest corner of U.S. 1 and N.C. 55. The centef will be anchored by aSupercentere store. of Medina, Ohio, also is planninhg a 14-acre office park nearby with ahotepl site.