Colliers marketing 3,200 acres near Blue Diamond community

Phil Levine

Wednesday, Jan. 19, 2000 | 10:37 a.m.

Brokers at Colliers International hope to convert 3,200 acres of sand and rock into Las Vegas' western-most oasis of development.

Located in the southwest corridor, near the community of Blue Diamond off State Route 160, the company is looking to sell the James Hardie Gypsum mine's 2,700 acres of land. Asking price for the property is $45 million, or $17,000 per acre.

The property was put up for sale during the fourth quarter of 1999.

Colliers' officials are negotiating with the Bureau of Land Management for the sale of an additional 500 acres of adjoining territory.

Broker Scott Gragson touted the land's natural beauty and close proximity to Metropolitan Las Vegas.

"Once road access is built, it will only be a 15-minute drive to Charleston (Boulevard)," he said.

However, Gragson said the unique nature of the property also presents challenges to future development.

"It will likely take an additional $45 million to get the property ready for sale," he said. "And (due to topography) I believe only 60 percent -- or about 2000 acres -- will be usable for development."

The gypsum land is currently used to produce construction drywall, and officials say there shouldn't be any serious environmental stumbling blocks to developing it.

Despite the costs involved, Colliers officials are convinced projected regional growth means there will be no shortage of potential buyers.

"I expect we will have a lot of large developers and home builders interested in this parcel of land," said Gragson. "I can envision both a golf course, and master-planned community developed there.

"I don't, however, think the land will be developed for at least another two years. Overall, this looks to be at least a 10-year project."