Homebuilders buy land in Summerlin for almost $150M

A trio of homebuilders bought land in Summerlin for almost $150 million combined last month, with plans for hundreds of new houses on the edge of Las Vegas.

Summerlin developer Howard Hughes Holdings sold 37 acres to Pulte Homes for $55.4 million, around 29.5 acres to Tri Pointe Homes for $54.35 million, and 20.6 acres to KB Home for $38 million, property records show.

All told, the builders acquired 87 acres off Far Hills Avenue about 2 miles west of the 215 Beltway, in an area with several new housing tracts underway.

According to Las Vegas city records, the three builders have drawn up plans for new subdivisions on their recently purchased sites.

Pulte’s project calls 126 lots; KB, 104 lots; and Tri Pointe, 99 lots.

Summerlin spans 22,500 acres along the Las Vegas Valley’s western rim and boasts 130,000 residents, as well as parks, trails, community centers and some of the highest home prices in Southern Nevada.

Texas-based Hughes Holdings sells land to homebuilders in the master-planned community and has developed hundreds of millions of dollars’ worth of projects in Summerlin’s commercial core off Sahara Avenue and the Beltway.

The developer’s namesake — Howard Hughes, the famed aviator, business tycoon and recluse — acquired the land mass now known as Summerlin in the 1950s.

Summerlin started taking shape in the early 1990s and has long been among the top-selling spots in the nation for homebuilders.

Builders sold 515 homes during the first half of the year in Summerlin, tied for seventh highest among U.S. master-planned communities, according to real estate consulting firm RCLCO.

Contact Eli Segall at esegall@reviewjournal.com or 702-383-0342.