Las Vegas developer Scott Goldstein's firm, Prospect Street Capital, won City Council approval last week for a 97-lot townhome project in the northwest valley along the 215 Beltway between Ann Road and Centennial Parkway. The three- and four-bedroom homes, ranging from 1,359 to 1,518 square feet, are expected to be priced between $360,000 and $370,000.
The $33.4 million project is backed by a $10.5 million low-interest loan from the Nevada Attainable Housing Account, a state fund created by Assembly Bill 540 last year with $133 million to expand affordable housing options. Goldstein purchased the roughly 5-acre site last month for $5.5 million and expects to break ground in fall 2027. Homes bought through the program must be owner-occupied.
Goldstein said there is a clear imbalance between the homes being sold in Southern Nevada and what buyers can afford, and he is betting on strong demand. The state funds help offset development costs to make homes more affordable for buyers, according to a project news release.
Homebuilders across the valley have seen sales decline sharply as high prices and mortgage rates sideline buyers. Builders closed 6,143 home sales in Southern Nevada through September, down 20 percent from the same period last year, according to Home Builders Research. Lennar CEO Stuart Miller said in an earnings call last month that nearly 50 percent of visitors to its project sites in many markets "cannot immediately qualify" for a loan.
Goldstein is not the only local builder tapping the new state fund. Signature Homes was awarded about $800,000 for down payment assistance at its Paradise Trails subdivision near Eastern and Twain avenues, providing $27,500 per home at a 0 percent interest rate to be repaid upon sale or refinance, said Signature President Rick Barron.
Sources: Las Vegas Review-Journal
Original reporting: Las Vegas Review-Journal →
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