Las Vegas (PRWEB) August 22, 2013
The Olympia Companies announced today the launch of a new master planned community in Las Vegas. The 1,700 acre community is the first major development to be announced in the Las Vegas area since the beginning of the recession.
Olympia Companies, a leading developer known for its luxury residential communities including Southern Highlands, will be the master developer of the project in partnership with the property's owners. The property is owned by a group of financial institutions led by affiliates of Stonehill Capital Management and Spectrum Group Management LLC, who have previously partnered with Olympia on other real estate investments in Las Vegas.
“We look forward to breaking ground on the first major development in the area since 2007,” said Garry V. Goett, Olympia’s Chairman and CEO. “This is a fantastic piece of property with incredible terrain and views. Olympia is committed to bring another high quality master planned community to the Las Vegas Valley.”
The property, currently entitled for 9,000 homes as well as commercial and gaming use, borders Grand Teton Drive and Highway 95 in Northwest Las Vegas.
“After several years of little to no movement, the announcement of this new community and increased activity in the housing and construction industry signals that our economy is strengthening,” said Las Vegas City Councilman Steve Ross. “Olympia Companies has been a great partner to our city and I am pleased to support its new development.”
Following a formal groundbreaking this fall, Olympia expects to provide its builder partners with a steady supply of land in this premier community over the next decade. More information will be provided as the development progresses. Olympia Companies contact is Chris Armstrong 702-220-6565.
About the Olympia Companies
Olympia Companies is the prominent master plan developer in Southern Nevada. Olympia is the developer of the Southern Highlands Master Planned Community and the developer and an owner of the Southern Highlands Golf Club. Southern Highlands is the premier community in the Las Vegas Valley with over 20,000 residents.