One of the largest residential projects in Nevada has found new life as developers have expressed the intention to break ground on a $3.2 billion master-planned community in North Las Vegas that could encompass up to 15,000 homes.
Originally approved in 2006, the Park Highlands project would occupy 2,600 acres. Despite the backing of the City Council, the project stalled due to a combination of financial problems and the economic downturn. A number of changes to the plan have revived the project, which would be located north of the Las Vegas Beltway near Aliante Parkway. With the final vote for a number of smaller master plans set for May, North Las Vegas could see a 10- to 15 year buildout.
Due to the project’s troubled financial history, the 2,600 acres of land are now under the ownership of eight different entities, The Las Vegas Sun reports. A representative for the owners has since revealed that the developers intend on rolling out a development process with groundbreaking aimed for late 2014 or early 2015. The Sun also noted that the land has been split into two separate master-plans.
Utilities and storm drains are already in place on the 600-acre western site between Decatur Boulevard and Aliante Parkway, where about 4,000 homes would be built. Work is somewhat less advanced on the 2,000-acre eastern portion of Park Highlands; a pair of commercial and residential landowners hope to develop another 11,000 homes, according to The Las Vegas Review-Journal .