Irvine’s Standard Pacific Corp. and four partners bought 2,675 acres in Las Vegas, the homebuilder said Tuesday.
The developers plan 12,000 to 14,000 houses, condominiums and apartments, as well as shops, parks and schools.
Standard is teaming with Olympia Group, American West Homes, Astoria Homes and D.R. Horton Inc. to develop a masterplanned community.
Olympia Group is set to be the project’s master developer.
The partners won a land auction held last week by the Bureau of Land Management. The deal should close in May.
Construction should begin in late 2007 and continue for six to eight years.
Fort Worth, TX-based D.R. Horton has agreed to buy 20% of the lots.
While some industry sources have predicted the Las Vegas housing market could be headed for a correction, Standard is building up there.
In May, the builder said it was opening a Las Vegas unit headed by Gary Cavender, former chief operating officer for Signature Homes in Las Vegas.
Standard also has operations in California, Texas, Arizona, Colorado, Florida and the Carolinas.
