The developers of Las Vegas’ biggest new community in years have closed their purchase of the site, giving them 900-plus acres with plans for thousands of homes.

Olympia Companies and Bruin Capital Partners teamed up to acquire roughly 940 acres in the upper northwest Las Vegas Valley for $94 million, Olympia executive vice president Chris Armstrong confirmed in an interview Wednesday.

The sale, of public land, closed last week, property records show.

Plans call for up to 6,000 homes in the community, Monument Hills, meaning waves of new housing tracts are poised to be developed in what’s now open desert just past the upper edge of built-out Las Vegas.

“I can’t wait to put shovels in the ground and families into homes,” Mayor Shelley Berkley said in a news release Wednesday.

A suburban-heavy housing market packed with cookie-cutter subdivisions, Southern Nevada is blanketed with master-planned communities, including several that cover more land than Monument Hills. By all appearances, however, this marks the largest new community in the region in years.

“It’s definitely the largest in a while,” Armstrong said.

In general, these big projects involve developers acquiring a land mass; building roads, parks and other infrastructure; and selling off sections to homebuilders.

‘Historic’ land sale

Monument Hills, which has been in the works for years, is just east of the Las Vegas Paiute Tribe-run golf course along U.S. Highway 95 and just west of the Tule Springs Fossil Beds National Monument.

The developers acquired the sprawling project site from the federal Bureau of Land Management through the city of Las Vegas.

Gov. Joe Lombardo said in a news release that the “historic” federal land sale will create thousands of homes, generate billions of dollars in economic activity, support military families, and “build the infrastructure and communities Southern Nevadans need.”

Armstrong confirmed that the developers will sell plots of land to homebuilders over the next several years and that, at this point, he expects the first homes to be delivered in spring 2028.

He also said the new community features two locations for schools, land for commercial space, and plans for roughly 90 acres of parks and trails.

Project plans also call for 290 units of military housing and 300 units of workforce housing, city records show.

Water crisis

Southern Nevada has been growing basically nonstop for decades, with developers and others continuously expanding the limits of where people live and work in the tourism-dependent region.

The desert metropolis has also been grappling with a decades-long drought. And while Southern Nevada has extensive water-conservation practices and policies, locals routinely voice concerns about the water crisis when big real estate projects push ahead.

Southern Nevada does face an existential threat should a new federal plan cut its small share of the Colorado River by up to 71 percent — a move that Nevada officials promptly sued over last month.

Still, Las Vegas’ ever-growing population doesn’t always have to come at the expense of water resources in the parched region.

The Southern Nevada Water Authority’s long-term planning accounts for the addition of anywhere from 987,000 to 1.82 million residents in Clark County. Nonetheless, with some caveats, the agency expects the valley’s water use to stay within its permanent supply through 2075.

Olympia, led by founder Garry Goett, is the developer of other communities in the region including Southern Highlands and Skye Canyon. Its partner in Monument Hills, Bruin Capital, is led by longtime Southern Nevada developer Larry Canarelli.

According to a city staff report, the Las Vegas City Council selected Olympia as the master developer for the new community in summer 2019.

Then, in summer 2025, the council approved an agreement to facilitate the transfer of the site from the BLM to the developer through a direct sale.

(Review-Journal staff writer Alan Halaly contributed to this report.)

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