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Crews to break ground on Skye Canyon | News

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Crews to break ground on Skye Canyon

LAS VEGAS - Crews will begin construction Thursday on a new master-planned community in Centennial Hills. Skye Canyon is the valley’s first master-planned development since the housing market crashed in 2008.

The 1,700-acre project sits near U.S. 95 and Horse Drive. Once completed, Skye Canyon will feature 9,000 homes that range from single-family to luxury estates. Skye Canyon will also feature commercial and gaming businesses.

The project is 18 months in the making. Investors are pouring an estimated $200 million into Skye Canyon. Home prices will range from $200,000 to $500,000. Real estate professionals estimate the community’s real estate value will be $3.5 billion.

Planners say they also want residents to enjoy outdoor amenities, so each neighborhood includes its own park. Surface streets will have bike lanes, and numerous hiking trails will dot the landscape.

Planners say this project is exactly what our community needs.

“It always feels really good when you can finally bring it to fruition and say, ‘Let’s get started.’ This is a wonderful day and a wonderful time for Las Vegas. Our economy is coming back. It’s a prime time to start a project like this," said Olympia Companies CEO Garry Goett.

Zar Zanganeh is the owner of Luxe Estates. He says people are looking to buy homes, and many of those buyers lost their previous homes to foreclosure during the housing crisis. First-time buyers are also capitalizing on government programs.

“Government programs come from the state and the federal level, and there are millions on dollars right now available to people who qualify,” he said. “There are many different requirements such as union workers, people who make under a certain amount of income every year, single parents."

Zanganeh says demand to buy is high, but inventory is low. Skye Canyon could give the valley’s housing market a big boost.

The first homes at Skye Canyon are expected to be finished by next fall. Investors hope to have the entire project finished in the next ten years.