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Master Planned Housing Community to be Built in NW Las Vegas | News

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Master Planned Housing Community to be Built in NW Las Vegas

LAS VEGAS -- Olympia Companies in Las Vegas is announcing a new 1,700-acre community in the northwest part of the city called Skye Canyon.

The $300 million project will have 9,000 homes when completed. It is the first major master-planned community to be built since the Recession.

In 2010, 70 percent of Nevada homes were underwater. In today's market, it's about 30 percent.

Olympia Companies, known for its Southern Highlands community, wants a head start on an improving economy.

Olympia Companies CEO Garry Goett says the new northwest housing community will feature the great outdoors. Special emphasis will be placed on amenities. There will be several parks, a farmers market as well as bike and hiking trails.

"We've got trail heads and we'll be parading these trail heads where you'll go off at the western edge of Skye Canyon and then you'll go up into Red Rock preservation area," Goett said.

In the past 20 months, the Greater Las Vegas Realtors Association says housing prices have climbed 19 times. It's positive news for sellers, but not for buyers looking for a bargain. The association says it does show economic improvement.

Ash Mirchandani of Nevada's Department of Business and Industry says the local business climate hinges on housing.

"There can be no economic recovery without housing recovery, one fuels the other," he said.

Goett, a Las Vegas native, has seen the highs and lows of the valley, but believes the future is bright.

"We're really excited that we think people want to get into these new type of communities, we've had great demand for our new homes down in Southern Highlands."

Ground will be broken on the property which borders Grand Teton Drive and US Highway 95 in the spring of 2014. Housing construction will start in 2015.