Major homebuilder buys prime land near Henderson

One of the Las Vegas Valley’s largest homebuilders has snatched up 20 acres of prime land in the southeast valley for $19 million.

KB Home plans to build 229 homes on the site along Boulder Highway just outside the city of Henderson and northeast of Harry Reid International Airport, the homebuilder said. The Siegel Group was the seller of the land.

Stephen Siegel, president of The Siegel Group, said his company has received multiple offers on the land over the past few years — which is zoned commercial — and KB Homes is already going through the process of entitling the land for residential.

“We’re thrilled to complete this sale with KB Home, a top-tier builder known for creating exceptional residential communities,” Siegel said. “Their development will bring much-needed housing to Boulder Highway and positively impact the community.”

Jim McDade, division president for Las Vegas for KB Home, said the housing project will be called Manzano and feature 229 homes. Construction and sales will start next year.

“The new homes at Manzano will be designed for the way people live today, with popular interior features like modern kitchens overlooking large great rooms, expansive bedroom suites with walk-in closets, and ample storage space,” he said. “The community’s floor plans will feature up to five bedrooms and four baths.”

The Siegel Group, a Las Vegas-based real estate investment and management firm, will retain 7 acres of overall 27 acres, which include an existing 186-unit extended-stay hotel and a retail parcel for future development.

The Las Vegas Valley finds itself in serious need of more homes as a real estate affordability crisis is gripping the region as private developers say the federal government, who control the vast majority of the land in Clark County, need to release parcels in a more timely and financially viable manner for residential development.

Contact Patrick Blennerhassett at pblennerhassett@reviewjournal.com.