BUILDER LAND BUYS: LGI ACQUIRES VEGAS SUBDIVISION, TAYLOR MORRISON BUYS 107 ACRES IN HOUSTON5/4/2018 LGI Homes has purchased a vacant, mothballed subdivision in the Las Vegas northeast valley for $4.65 million and plans to build 88 houses there. The land, at the northeast corner of Lamb Boulevard and Carey Avenue, is almost a mile from LGI’s other project site. Taylor Morrison has purchased 107 acres with plans to expand in Riverstone, a Fort Bend County master-planned community in the Houston area.
LGI Homes has purchased a vacant, mothballed subdivision in the Las Vegas northeast valley for $4.65 million and plans to build 88 houses there. The land, at the northeast corner of Lamb Boulevard and Carey Avenue, is almost a mile from LGI’s other project site. LGI hasn’t started selling houses here, and both project sites have eyesore neighbors and histories of failed development plans. But the second purchase underscores LGI’s bet that, amid record new-home prices in Las Vegas, there is a market for less expensive options in a part of town that other builders largely ignore. Builders closed 9,400 sales in Clark County last year. Among the valley’s submarkets, they sold the most in the southwest, at 3,449, and the fewest in the east, at 277, Home Builders Research has reported. LGI aims to start building houses and a sales office this quarter at its first project site, on Lake Mead Boulevard near Lamb, according to Chris Kelly, LGI’s West division president. Plans there call for 102 houses. The company wants land for other subdivisions, too. “We’re actively in the buying mode,” Kelly said in a phone interview Tuesday. He said house prices at its two current subdivisions would start in the low $200,000-range. By comparison, local builders' median sales price last month was around $357,200, according to Home Builders Research. LGI paid a lot less for its project sites than it would have in other parts of the valley that have more construction, and Kelly said the builder targeted the northeast because it liked “the affordability component there.” He also cited the proximity to LGI’s target buyer, home renters; noted the subdivisions were partially developed, cutting the time it would take to start selling houses; and pointed out that Las Vegas apartment rents are rising, which could push tenants to consider buying. As for the nearby blight, Kelly said company officials “do talk about it” but added that people are moving to the area and that other builders are putting up houses. LGI closed its purchase of the Lamb and Carey property on April 6. Plans for a housing tract were drawn in 2004, but the site went into foreclosure twice after the market crashed, county records show. LGI bought the Lake Mead site in February for $4 million. Plans for a subdivision were drawn up by 2005, but the property was seized through foreclosure after the economy tanked. TAYLOR MORRISON TO BUILD 300 HOMES IN HOUSTON Taylor Morrison's Houston division purchased 107 acres from the Brazos Bend Ranch Trust in March. The acquisition will allow the company to add 300 new 60-foot home sites. Two of the company’s brands — Taylor Morrison and Darling Homes — will begin developing the lots in 2019. The expansion is part of the company’s Avalon at Riverstone, a gated reserve within Riverstone that opened in 2012. At the time, it offered more than 300 homesites on 184 acres. Additionally, 10 of the 107 newly acquired acres will be used as a park to be named after local Houston businessman Lloyd Peter Byler, who contributed the land to the Brazos Bend Ranch Trust in 1993 and died in 2017. Taylor Morrison will donate that 10-acre parcel to the Missouri City Parks and Recreation Department. “This is an excellent opportunity for us to expand our signature Avalon at Riverstone community while also preserving land that Mr. Byler cherished,” Amy Rino, president of Taylor Morrison’s homebuilding operations in Houston, said in the release. Separately, the company also announced on May 1 that its Darling Homes division will open two new model homes in Avalon at Sienna Plantation, also in Missouri City. The grand opening event will be held from 10 a.m. to 6 p.m. May 5 and from noon to 6 p.m. May 6. The new model homes are for Darling Homes’ Villa Collection — on 30-foot homesites — and Retreat and Cornerstone Collections — on 65-foot homesites. Darling Homes will offer 30 homesites in The Villa Collection and a combined 19 homesites in The Retreat and Crescent Collections. The Johnson Development Corp., one of the largest developers of master-planned communities in Houston, is the developer for both Riverstone and Sienna Plantation. Reported by The Houston Business Journal (May 1, 2018) For complete information on LGI Homes and Taylor Morrison Homes, including all corporate, region and division offices and top personnel, refer to The National Builders Directory and Online Database.
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