A local development company has set out to bring a new affordable residential complex to North Las Vegas.
Foresight Companies held a groundbreaking ceremony on Monday for the Lake Mead West Apartments, a 156-unit complex east of Texas Station. According to a press release, the project should be completed in spring 2023.
The release did not include the expected monthly rental rates for the 3300 Coran Lane complex. However, it was said that units would be available at below market prices and that market rents in the area start at $ 900.
“The need for affordable housing in this area is significant and meeting that need is a priority not just for me but for our entire city council,” said Pamela Goynes-Brown, councilor for North Las Vegas, who owns the project site. into the release.
The total cost of the project is approximately $ 31.5 million, according to Foresight’s website. Real estate lender Red Stone announced last week that it had allocated $ 26.5 million for the development.
Lake Mead West isn’t the only new affordable apartment complex designed for North Las Vegas.
Rise Residential and Camino Verde Group have teamed up to develop Cine Apartments, a 270-unit rental complex next to Maya Cinemas. Dallas consultant Bill Fisher, whose family owns Rise, said developers plan to start building the $ 64 million project in January and open the first units in mid-2023.
With the majority of its population located in the Las Vegas Valley, Nevada has an estimated shortage of 84,320 affordable and available rental homes for extremely low-income renters, according to the National Low Income Housing Coalition.
Contact Eli Segall at esegall@reviewjournal.com or 702-383-0342. Follow @eli_segall on Twitter.
