Weekly Real Estate News
Summary
Lennar has begun a 1,000-home Las Vegas redevelopment with home construction expected in 2027.
Lennar broke ground October 15 on The Foundry, a planned redevelopment of more than 1,000 townhomes and detached houses in downtown Las Vegas. The roughly 70-acre project occupies former Grant Sawyer state office and Cashman Center land near Las Vegas Boulevard and East Washington Avenue.
Prices are expected to start in the $300,000s, according to the builder’s announcement. That is preliminary guidance, not a binding price for any home. Lennar did not provide a delivery schedule or the number of units that will qualify for the advertised starting range.
The groundbreaking marks the beginning of site redevelopment, while vertical home construction is not expected to begin until October 2027. The company has not said when the first buyers could move in.
Nevada Gov. Joe Lombardo said relocating state employees from the Grant Sawyer building saved the state $207 million and helped free land for housing. The release does not provide an independent breakdown of those savings or public infrastructure costs.
Las Vegas officials described the project as an opportunity for workers priced out of homeownership. No income restrictions, subsidies or enforceable affordability commitments were disclosed. Plans also include pools, paths and recreation areas, but the opening schedule and homeowner fees remain unspecified.
Financing conditions could influence demand by the time sales begin. Freddie Mac’s October 15 survey showed a 7.40% average 30-year fixed mortgage rate. For buyers, the eventual monthly cost will depend on the final purchase price, loan terms, taxes, insurance and any association charges.
