The Midtown mixed-use development project will add thousands of residential units across multiple buildings that will also accommodate office and retail space.
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A public-private partnership has transformed a former motel in downtown Las Vegas into transitional housing.
Las Vegas house prices drop for first time in over two years as sales keep falling.
Amid the typically busy spring buying season, around 3,000 previously owned single-family homes traded hands last month, down 8 percent from March.
“We keep expecting prices to slow down at some point, but it’s not happening yet,” LVR President Brandon Roberts said in a news release.
The deal’s acreage and dollar amount were on par with, if not higher than, recent full-year land sales totals in the community.
Summerlin and three other Southern Nevada master-planned communities ranked among the 25 top-selling areas in the nation for homebuilders.
Construction is underway on Wood Partners’ 228-unit project off Southern Highlands and St. Rose parkways, near the M Resort.
Las Vegas housing prices shot past $400,000 on the resale market for the first time last month, raising concerns that many locals might get priced out as home values keep setting new all-time highs.
Las Vegas Boulevard is known for its towering hotel-casinos, though several miles south of the tourist corridor, closer to the M Resort, the street is lined with sprawling tracts of desert.