Summerlin developer sells land to homebuilders for more than $100M

Summerlin’s developer sold land for more than $100 million combined this week to builders that plan to put up new housing tracts.

Howard Hughes Holdings sold a 36.3-acre parcel in Las Vegas’ biggest master-planned community to Richmond American Homes for $55 million, or more than $1.5 million per acre.

It also sold a 28.3-acre spread to luxury homebuilder Toll Brothers for about $51.4 million, or more than $1.8 million an acre, property records show.

Both sales closed on Tuesday.

Las Vegas city records show that Richmond American has drawn up plans for an 89-lot subdivision of single-family homes and that Toll plans to build 148 houses.

Both sites are in the desert west of the 215 Beltway-Summerlin Parkway interchange, which is undergoing a $130 million expansion project.

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

Texas-based Hughes Holdings sells land in Summerlin to homebuilders and has developed hundreds of millions of dollars’ worth of projects in its commercial core, off Sahara Avenue at 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.

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