Clark County Real Estate is preparing to see the largest land remediation process in Nevada’s history. Land remediation is the process of correcting or resolving a blighted piece of land making it functional for future use. Centex Homes owns a 2,200 acre piece of land in Henderson, Nevada Real Estate on which they plan to build a Master Planned Community. The land was originally used by the United States Department of Defense during World War II to manufacture magnesium and other materials needed for military use. In 1952 the land was sold to the Colorado River Commission and used by different chemical manufacturing companies over a period of years.
Obviously, some things need to be resolved before the land can take on another use. Centex’s plans to build thousands of Henderson, Nevada Homes, a mix of commercial and retail centers, 4 schools and numerous parks. To date, nearly $60 million has been spent on soil testing with an additional $30 million expected to be spent cleaning 450 of the 2,200 acres. The remediation process will involve removing 6-12 inches of topsoil and in some places up to 3 feet of soil. Plans have been submitted to the state for approval and work is expected to begin in mid 2007.
This is a perfect example of what the next ten years will look like for Las Vegas Real Estate. Land is going to be more and more difficult to come by and developers will have to get creative to continue building. In this case, the developer is spending enormous amounts of money just to make the land developable. This won’t be the last we hear of developers having to resorting to resourceful processes in order to continue building.
Other Master Planned Communities around this area are Lake Las Vegas and Green Valley Ranch and Silverado Ranch. All are recognized by locals as great places to live without magnesium enriched soil!
