KB Home, one of the biggest homebuilders in Las Vegas, has closed its purchase of a northwest valley site where it plans to build around 300 houses.
The Los Angeles-based developer purchased 52.4 acres at Grand Montecito Parkway and Deer Springs Way, near the U.S. Highway 95-215 Beltway interchange, for about $30.4 million, property records show.
The sale closed Feb. 4.
The land deal follows the Las Vegas City Council’s approval on Jan. 16 of hundreds of new houses and apartments at the site, which, during the bubble years last decade, was supposed to have the 2 million-square-foot Great Mall of Las Vegas. But that project was never built, and the land was lost to foreclosure after the economy crashed.
Brian Kunec, regional general manager of KB’s Las Vegas and Seattle divisions, said in a recent interview that the northwest valley is one of the top areas in town for residential demand and builders’ sales, and that young families and other entry-level buyers want amenities close by.
The project site is near retail centers, freeways and Centennial Hills Hospital.
Previously filed city documents showed plans for 303 single-family homes and two multifamily projects with 491 apartments combined, all on about 60 acres. Kunec said KB would construct all of the houses at the still-unnamed community and that it expects to start building model homes in late 2019 or early next year.
Las Vegas apartment developer The Calida Group plans to build a 306-unit rental project there as well, Calida co-founder Eric Cohen said in January.
In the recent interview, Kunec said KB would sell about 10 acres of its land to Calida.
Developer Triple Five announced plans for the Great Mall of Las Vegas in 2004. According to a report at the time, the enclosed mall was going to be the largest shopping hub in Las Vegas and feature an ice rink, mini golf and an amusement park.
The project was supposed to include condo towers, news reports later said, but plans were scaled back, and Triple Five decided to build an open-air center similar to Town Square Las Vegas.
But by spring 2009, with the economy crashing, Triple Five shelved the project. The site was foreclosed on later that year, property records show.
The top-five-selling homebuilders in Southern Nevada in 2018.
1. Lennar Corp. (1,617 closings)
2. KB Home (1,214)
3. D.R. Horton (1,180)
4. Richmond American Homes (1,000)
5. American West Homes (814)
Source: Home Builders Research