The latest positive report is that construction will soon begin on a large master planned community on a vacant parcel in hard-hit North Las Vegas.
The parcel, called Park Highlands, is slated to be the site of 15,000 homes when complete. It was the last large parcel to be sold during the BLM auctions before the onset of the recession. The piece went into foreclosure and was recently sold for a small fraction of the auction sales price.
But now, as the Las Vegas Sun reports, developers are planning to begin building on the land within months and the project would be the largest in Southern Nevada since the recession began.
The plan presented to the council would split the Park Highlands development into two separate master planned communities instead of just one.
The two communities would be completed in separate phases, with the first comprising 4,000 homes on a 600 acre parcel.
An amended development agreement will be presented to the North Las Vegas City Council next month and if approved, construction on the first phase would begin within a year, attorney Bob Gronauer said.
A second phase consisting of 11,000 homes built on 2,000 acres would be developed later, he said.
“The regional significance is great. Wall Street, investment bankers are coming back into this valley saying ‘We believe in this region again,’ ” Mayor John Lee said. “I’m just glad that they’ve chosen North Las Vegas to plant their flag in the ground. We’re showing America … that we’re open for business again.”
All around the Las Vegas valley, buildings that had been vacant for years are beginning to fill up, new businesses are starting and construction is resuming. The Las Vegas recovery is beginning to pick up momentum and Southern Nevada is once again attracting new businesses, new residents and new jobs.