The developers of Las Vegas’ biggest new community in years have closed their purchase of the site, giving them 900-plus acres with plans for thousands of homes.
Olympia Companies and Bruin Capital Partners teamed up to acquire roughly 940 acres in the upper northwest Las Vegas Valley for $94 million, Olympia executive vice president Chris Armstrong confirmed in an interview Wednesday.
The sale, of public land, closed last week, property records show.
Plans call for up to 6,000 homes in the community, Monument Hills, meaning waves of new housing tracts are poised to be developed in what’s now open desert just past the upper edge of built-out Las Vegas.
Located within Las Vegas city limits, the new community has been in the works for several years. It is just east of the Las Vegas Paiute Tribe-run golf course along U.S. Highway 95 and just west of the Tule Springs Fossil Beds National Monument.
The developers acquired the sprawling project site from the federal Bureau of Land Management through the city of Las Vegas.
Armstrong said that the developers will sell off sections of the land to homebuilders over the next several years and that, at this point, he expects the first homes to be delivered in spring 2028.
He also said the new community features two locations for schools and land for commercial space, along with plans for roughly 90 acres of parks and trails.
This is a developing story. Check back for details.
Contact Eli Segall at esegall@reviewjournal.com or 702-383-0342.
