Firms put up money; project to proceed

Mathis Winkler

Monday, Nov. 5, 2001 | 10:44 a.m.

Ending uncertainty over the future of a proposed master-planned community on 1,900 acres in North Las Vegas, two development companies paid for the land today.

American Nevada Corp. and Del Webb Corp., partnering as North Valley Enterprises, put $37.76 million into escrow and met a deadline to pay the balance of a $47.2 million purchase price.

Company officials had expressed concerns over the project in recent weeks because they had not reached an agreement with city officials over the scope of the development.

But with almost all significant issues resolved, the developers are ready to move ahead, Phillip Peckman said this morning.

Peckman is the chief operating officer for the Greenspun Corp., which owns American Nevada as well as the Las Vegas Sun.

"We don't have a signed development agreement, but we have reached general agreement on most issues," Peckman said. "We are very confident that all parties will be satisfied with the final document."

City Council members will still have to approve the agreement at a future date.

But Frank Pankratz, who is in charge of Del Webb's Nevada operations, said he believed council members will approve the agreement "in a form acceptable to all parties close to the first of the year."

Mike Majewski, the city's point man on the project, said he didn't know how soon council members could review the document since lawyers for both sides are still working on minor details.

But "the future can't be brighter," Majewski said, adding that city officials were already beginning to gear up for the construction of the project.

"Everyone's excited and ready to get moving on it," he said.

The developers have not released exact plans for the community, which is roughly bounded by Centennial Parkway, Grand Teton Drive, Decatur Boulevard and Clayton Street.

According to preliminary designs, however, Del Webb plans to develop a neighborhood for people 55 and older on the land's northeastern corner, and American Nevada wants to build 3,822 homes and 988 apartments on the rest of the land.

A commercial center, including a 41-acre hotel-casino, would cluster around the intersection of the Las Vegas Beltway and an extension of Simmons Street.

The area also would include 384 acres of parks and open land, three schools and a fire station.

Peckman said the developers were excited about the project despite some concerns about the current economic downturn.

"You can't help but get a little bit nervous on this deal, but it's the right thing to do," Peckman said.

Builder interest in the development's first phase has been strong, said American Nevada officials, adding that infrastructure development would begin early next year.