Homebuilders plan to break ground Tuesday on a North Las Vegas community that has been in the works for more than a decade.
Pardee Homes, KB Home and CalAtlantic Homes are scheduled to hold a groundbreaking ceremony for The Villages at Tule Springs, which used to be part of the larger, problem-plagued Park Highlands community.
The Villages covers 2,000 acres and doesn’t have any homes yet. But plans call for about 8,700 homes total, including more than 1,000 in the portion starting this week, according to a press release.
That section also is poised to feature a 35-acre regional park.
Pardee and KB bought roughly 100 acres of the project site early last month for $20.3 million combined; they were the first builder purchases in the Villages since landowners split Park Highlands in two. CalAtlantic already owned about 60 acres of adjacent land.
The trio’s holdings are off Deer Springs Way just south of the 215 Beltway, roughly 1 1/2 miles east of the Aliante casino.
Park Highlands started taking shape during the housing bubble. Developer Olympia Cos. led a group that acquired the site at a federal Bureau of Land Management auction in 2005 for $639 million.
The project, however, crashed with the economy, going bankrupt in 2009 and again in 2011 before any homes were built.
Delays mounted not just because of the recession, but also investor gridlock. With no one appointed to oversee the project, its many landowners could each block development plans, investors have said.
After the North Las Vegas City Council approved splitting Park Highlands in 2014, one side became known as The Villages at Tule Springs, the other Park Highlands West. That 600-acre project has since been renamed Valley Vista, and plans have called for 4,100 homes, parks, trails and retail space.
Contact Eli Segall at email@example.com or 702-383-0342. Follow @eli_segall on Twitter.