Summerlin land sells for $135M, hundreds of houses planned

In its biggest Las Vegas onshore merchantability successful years, Summerlin developer Howard Hughes Corp. has unloaded much than 200 acres for a sprawling caller lodging project.

Hughes Corp. sold 216.4 acres disconnected Town Center Drive and Tropicana Avenue successful Summerlin for $135 cardinal to developers who program to physique hundreds of houses. The merchantability closed past month, spot records show.

Pulte Homes and Toll Brothers person teamed up to make the site, which is slated to diagnostic parks, a recreational center, a guard-gated introduction and 561 single-family homes, according to Clark County records.

All told, the deal’s acreage and dollar magnitude were connected par with, if not higher than, caller full-year onshore income totals successful Summerlin.

In each of 2017, for instance, Hughes Corp. sold astir 207 acres of residential onshore successful the sprawling assemblage for $120.7 cardinal combined, according to securities filings.

Efforts to talk with Pulte and Toll for this communicative were unsuccessful.

Kevin Orrock, Las Vegas determination president for Hughes Corp., said this week that helium could number connected possibly 2 hands however often the institution has done a bulk onshore sale, similar the Pulte-Toll site, successful Summerlin’s astir three-decade history.

“This is intelligibly 1 of the largest ones we’ve done successful caller years,” Orrock said.

It besides comes arsenic Las Vegas’ accelerated lodging marketplace shows nary motion of slamming the brakes.

Fueled mostly by inexpensive money, Southern Nevada’s lodging marketplace heated up to grounds levels past twelvemonth arsenic rock-bottom involvement rates fto buyers fastener successful little monthly payments and agelong their budgets.

On the resale side, buyers showered homes with offers, properties sold quickly, and median income prices deed caller all-time highs practically each month.

Homebuilders, meanwhile, enactment buyers connected waiting lists and regularly raised prices amid higher materials costs, transportation delays and fierce request from location hunters.

Las Vegas’ largest master-planned community, Summerlin spans 22,500 acres on the valley’s occidental rim. It boasts much than 100,000 residents, a web of parks, trails and assemblage centers, and a commercialized halfway disconnected Sahara Avenue and the 215 Beltway with shopping, restaurants, bureau buildings and more.

Summerlin besides commands immoderate of the highest location and onshore prices successful Southern Nevada and is 1 of the top-selling spots successful the federation for homebuilders.

Builders sold 1,619 homes determination past year, 3rd highest among U.S. master-planned communities, consulting firms RCLCO and John Burns Real Estate Consulting reported this week.

Pulte and Toll’s caller tract is bordered to the northbound by The Summit Club, a luxury play people assemblage with custom-built mansions, and to the southbound by Mesa Ridge, an upscale task by Toll wherever location prices commencement supra $1 million.

Toll bought that tract successful 2018, picking up astir 130 acres for $69 cardinal successful different bigger-than-usual onshore woody for Summerlin.

Contact Eli Segall astatine esegall@reviewjournal.com oregon 702-383-0342. Follow @eli_segall connected Twitter.