Industry News

Real estate developer buys thousands of acres near Las Vegas

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Home builder Standard Pacific Corp. today announced that the company and its partner, Olympia Group, won a bid for 2,675 acres of land in North Vegas at a U.S. Bureau of Land Management auction held Nov. 16. Olympia Group will serve as a master developer for a planned community in which 12,000 to 14,000 single-family homes, town houses and apartments are planned. The development will also include shopping, parks, schools and other amenities, Standard Pacific announced. Other partners in the planned project include American West Homes, Astoria Homes and D.R. Horton. The development group reportedly paid $639 million for the land, or about $238,879 per acre. The federal land auctions have drawn a lot of interest from land speculators and developers, as new construction has gobbled up available land around the Las Vegas metropolitan area at a feverish pace, and much of the remaining vacant property in the region is owned by the government. The Las Vegas Review Journal newspaper reported ...