This newest of all the major Las Vegas area planned communities will be built on 2,675 acres in North Las Vegas. Most of the building will be north of the 215 and east of Aliante. 16,000 residential units are projected. The sales center was scheduled to open towards the end of 2007 with the first homes occupied late 2008. Local market conditions as they are, there is presently no updated information that I can find with respect to any revised dates with respect to the opening of this planned community.
Park Highlands is an interesting development. Olympia Group paid $639 million for this land at a BLM public auction in 2005. To put this price in some perspective, Del Webb and American Nevada Group paid at a similar auction in 2001 $47 million for 1,940 acres that eventually became Aliante, the adjacent planned community. The other Olympia Group planned community in this area is Southern Highlands.
The centerpiece for this community will be a 300 acre conservation area, that is to be totally undeveloped or improved land. The bear poppy and buckwheat plants are natural to this area. Environmental concerns held up the development do to these plants being classified endangered species. Projections for Park Highlands include 125 acres of parks including a 40 acre regional sports park. Money is also allocated for police and fire stations, five elementary schools, middle school, library and post office.
Home options are projected to range from around $250,000 for entry level homes to over $1 million and more for executive and estate homes. There will be at least 40 lots available for custom homes.
I am very curious to see how this particular planned community as well as Inspirada and Kyle Canyon Getaway will accommodate the reality of these much higher land prices and the need to provide affordable and marketable housing options. Clearly the number of homes built per acre will have to be substantially higher than anything we have experienced thus far in a larger planned community in this area. The first homes built here will have the advantage of some infrastructure already in place with some commercial development already in place in Aliante and to the west of Aliante. I am not at this point aware of any plans for improving the road situation. The 215 beltway seems adequate now as it connects with the 95 to the west and the I15 to the east. The 95 and the I215, as well as the 215 itself can take individuals into the more central, strip area of Las Vegas. The commute is fairly long now, in terms of time, to these central areas, at least by Vegas standards. I would expect these highways to become over the years much more congested.
Millie Fine
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