The new owner of a once-stalled Las Vegas townhouse complex has resumed work on the project and aims to start selling units soon. Trust Home Builders founder Michael Johnson said crews have been working to finish several homes at the partially built complex at the intersection of Fremont Street and Charleston Boulevard, now known as Foundry Square at Five Points. He hopes to have the first six units ready for sale in late October.
Johnson said several townhomes have new HVAC systems, plumbing, electrical systems and drywall, and that his team has reactivated utility plans for the site. He also noted that the property’s surveillance system has kept trespassers out of a site that was once a target for thieves and vandals. If someone enters when no one is supposed to be there, this triggers the video feed, prompting a live person monitoring the footage remotely to announce, through a loudspeaker on-site, that they’re notifying the authorities.
He said that with this system in place, the number of on-site incidents went from 30 a month to not having any since July 4. The complex was supposed to bring a burst of housing years ago to the downtown area but under prior owners went through foreclosure proceedings, later into court-appointed receivership, and became a blighted property. Johnson, who purchased the site early this year, has said the complex was 'essentially overrun by Mad Max-style vagrants.'
Situated along Eastern Avenue, the project was previously known as Eastern Avenue Lofts, and plans called for 79 units on a roughly 4-acre site. Johnson aims to build all 79 and sell out by 2029 or 2030, and he plans to sell homes starting in the $380,000 range.
Sources: Las Vegas Review-Journal
Original reporting: Las Vegas Review-Journal →
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