The project was originally in the hands of another developer but was held up in court for years.
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However, developer RXR purchased the land in a deal for $91 million.
"This is exciting," said Apex mayor Jacques Gilbert. "Here's an opportunity for Apex. If we can just get some momentum and move this thing forward we can do some incredible things."
The announcement comes as the town celebrates its 150-year anniversary Tuesday.
News of RXR taking control of the project brings about much-needed progress after the previous developer was not able to pull it off.
"What I do understand is that we have some people who are serious at the table. And they're working with staff right now to really create this dynamic plan that will benefit our growth and opportunities," said Gilbert.
Within the conceptual renderings are plans for five separate villages for Veridea with space for life sciences research, zoning for up to 8,000 residential units, and 3.5 million square feet for retail, hospitality, and civic use.
"We know that change is always about emotion for our town and as long as it's good change, we'll celebrate it," said Gilbert.
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One business owner, who did not want to be identified for fear of how his comments will affect future business, said, "The growth is happening too fast."
However, Amy Bishop, who owns Sawdust & Clay Collaborative, said, "What makes the small-town feel is really that you have locally owned businesses."
Many residents said the development will change the look and feel of the town.
"You know, it's not a strip mall. It's not even a big, commercial mall," added Bishop. "It's a place where there's sole proprietors, small businesses being owned by people who live in the community. So I think it keeps its small-town vibe from that."
The project will also make way for a new elementary school and an additional campus for Wake Technical Community College.
There's no word yet on when the project will break ground.