9,000-home development planned for northwest valley

Developers of the Southern Highlands master-planned community are launching another large residential project in Las Vegas.

The Olympia Cos. said today it is planning a 1,700-acre community in the northwest corner of the valley, between Grand Teton Drive and U.S. 95.

The property is entitled for 9,000 homes, as well as commercial and gambling uses. Olympia indicated that it would sell project land to homebuilders over the next 10 years.

A group of investors led by Stonehill Capital Management and Spectrum Group Management currently owns the property.

The community would be Las Vegas’ first major real estate development to break ground since 2007, according to Olympia Chairman and CEO Garry Goett.

Olympia’s Southern Highlands project, about 11 miles south of the Strip, covers 2,750 acres and has more than 20,000 residents.