88°F
weather icon Clear

Hughes Corp. sold $144.7M of land for new Las Vegas housing in 2018

Updated March 4, 2019 - 6:12 pm

Buoyed by a big land sale for a luxury community, Summerlin developer Howard Hughes Corp. sold more acreage last year for new housing in Las Vegas than it did in 2017.

Hughes Corp. sold 244.8 acres of residential land in Summerlin — Las Vegas’ largest master-planned community — for $144.7 million last year. That was up from 206.6 acres for $120.7 million in 2017, the Dallas-based company said in a securities filing last week.

The results were boosted by one deal in particular: Luxury homebuilder Toll Brothers bought about 128 acres off Town Center Drive near Tropicana Avenue for $69 million in July.

Toll is developing a guard-gated, 322-home project there called Mesa Ridge.

Hughes Corp. disclosed the land-sales totals as part of its latest earnings report. The company, which has properties and projects in Hawaii, Texas, New York and other states, said it earned $57.7 million in net income last year, down from $166.6 million in 2017.

Summerlin spans 22,500 acres along the valley’s western rim and has roughly 110,000 residents. It boasts some of the highest home and land prices in the valley, and among master-planned communities, it’s one of the top spots in the country for builders’ sales.

Here were some other Summerlin-related highlights from Wednesday’s filing with the Securities and Exchange Commission:

— Buyers picked up 32 custom-home lots in The Summit, a 555-acre luxury golf course community that Hughes Corp. is developing with Discovery Land Co., for $104.8 million last year. That is up from 17 lots for $55.9 million in 2017.

One Summerlin, the nine-story office building in Hughes’ open-air Downtown Summerlin mall, was 100 percent leased at year’s end. Two Summerlin, the new six-story office building that Hughes Corp. developed near the City National Arena ice rink, was 89.3 percent leased.

— Hughes Corp. expects to finish construction of the 267-unit, $59 million Tanager apartment complex, across from Downtown Summerlin, in the third quarter.

Contact Eli Segall at esegall@reviewjournal.com or 702-383-0342. Follow @eli_segall on Twitter.

Don't miss the big stories. Like us on Facebook.
THE LATEST