Local developer Ovation Development has acquired 18.6 acres of Bureau of Land Management property near the M Resort in Henderson for $100 per acre, totaling roughly $1,860. The land, located near the southeast corner of Las Vegas Boulevard and Larson Lane, carried an appraised market value of $13.65 million, according to BLM acting district manager M. Ryan Chatterton. Ovation took ownership last month and plans to break ground on a 390-unit affordable housing complex within three to six months.
The roughly $113 million project will include a pool, fitness center, and food pantry. Units are reserved for residents earning no more than 60 percent of the area median income, with utilities included in the rent, according to Ovation Chief Operating Officer Jess Molasky. Henderson Mayor Michelle Romero said land acquisition is one of the biggest obstacles to developing attainable housing and noted the property was sold at a nominal cost. The Nevada Housing Division and Clark County's Community Housing Fund are expected to help finance construction.
The announcement comes as Nevada continues to grapple with a severe housing affordability crisis. A 2023 report from the Kenny Guinn Center for Policy Priorities found nearly half of the state's renters were excessively cost-burdened, with income growth lagging far behind housing costs. Affordable housing developers typically rely on government subsidies to offer below-market rents that would not otherwise cover development and operating costs.
Sources: Las Vegas Review-Journal
Original reporting: Las Vegas Review-Journal →
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