$350M Wendell development features apartments, grocery store, industrial buildings and potential hot
Thursday, December 1, 2022
$350M Wendell development features apartments, grocery store, industrial buildings and potential hotel
The rapid growth in eastern Wake County is about to accelerate as a large mixed-use development with industrial and flex space, retail and residences is moving forward.
On Monday, the Wendell Board of Commissioners approved the 257-acre planned unit development that Oppidan Investment Company, a national property development firm based in Minnesota, submitted for the interchange of I-87 and Wendell Boulevard in Wendell. Wendell Commerce Center will be a mixed-use development that includes commercial and retail space, a grocery store, multifamily units and potentially a hotel.
The industrial and flex space will total just under 2 million square feet, there will be five retail outparcels with the potential for rearranging depending on the tenants and up to 650 multifamily units. The industrial space will be a collection of seven buildings ranging from 190,000 square feet to 432,000 square feet.
“We found that only 4 percent of Wendell residents work in Wendell, so we feel like bringing a commerce center and business park to Wendell will hopefully significantly increase that percentage and allow the people that live in Wendell to stay and work in Wendell,” said Oppidan Executive Vice President of the Southeast Tim Brent said.
Brent is a former NHL player who spent time with the Carolina Hurricanes before going into real estate.
He said the Wendell project will cost approximately $350 million and the buildout will take approximately five years and be completed in phases. Brent said the company is anticipating breaking ground in spring 2023.
The site is an assemblage of 13 individually-owned properties that Oppidan has been working on since November 2020. The company is still in preliminary design changes so plans could change. The development is across from the site for the 106-acre Wake Tech campus that will serve eastern Wake County.
Oppidan is behind multiple projects in the Triangle, particularly focusing on the smaller towns surrounding Raleigh. It filed plans in 2021 for an affordable housing apartment community on the south side of the city along with two projects in Apex — an industrial development and Highline, a mixed-use development currently under construction.
Oppidan is a full-service real estate company focusing on senior housing, industrial and mixed-use developments. It has developed projects totaling 26.4 million square feet and valued at more than $4.3 billion throughout the U.S. and Canada.
Moss Withers and Karah McConnell from Lee & Associates, Barry Bowling from CBRE (NYSE: CBRE) and Carter Kennemur from Kennemur & Associates assisted Oppidan with the assemblage of the properties.