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Group of Home Builders Buys 1,940 Acres Near Las Vegas

June 16, 2004|From Reuters

A consortium of some of the largest U.S. home builders was the winning bidder for nearly 2,000 acres in Nevada's Las Vegas Valley auctioned off by the federal government, participants said Tuesday.

The 1,940-acre parcel in Henderson was bought at a June 2 auction for $557 million -- the largest Bureau of Land Management sale since the Southern Nevada Public Land Management Act was passed in 1998, said luxury home builder Toll Bros. Inc., one of the consortium members. The area is one of the fastest-growing home-building markets in the country.

Los Angeles-based KB Home, the No. 1 home builder in the Las Vegas area, was the largest player in the consortium. It will get about 940 acres, about a year's supply of land, said company spokesman Derrick Hall.

"We anticipate delivery of homes starting in 2006," he said.

The consortium also includes Focus Property Group, a master planner, and home builders Woodside Group Inc., Pardee Homes, a unit of Weyerhaeuser Co., Beazer Homes USA Inc., Kimball Hill Homes and Meritage Corp.

Huntingdon, Pa.-based Toll Bros. plans to build 800 homes on its 213 acres.

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