The Wake County school board has approved a contract to buy a 108-acre tract off Humie Olive Road in Apex for $4.67 million. owned by Apex Olive LLC, a development company in which Cary’s SAS software businessman Jim Goodnight is a partner. It is the same location that was discussed back in early 2007, but was criticized as too high by some county officials, and the school board ultimately killed the deal.
Now with the real estate bubble, the county will pay almost half the previous $8.7 million price. Recognizing that this is the best time to buy, the county will be land-banking the property until the expected population and demand for new schools reaches the growth projections. In addition, the Town of Apex will still need to come up with the necessary infrastructure improvements to make the project possible.
