The Nevada State Infrastructure Bank board of directors approved $25M to finance the first phase of the Desert Pines Redevelopment Project off East Bonanza and North Pecos roads in Las Vegas.
The bank plans on lending the funds to nonprofit Urban Strategies, which partnered with developer McCormack Baron Salazar. The funds will be directed toward initial infrastructure financing. Reportedly, this is the largest affordable housing project in state history.
The project itself is a partnership with the State of Nevada, City of Las Vegas, Clark County, the AFL-CIO Investment Trust and the Southern Nevada Building Trades Unions.
Phase One is expected to cost approximately $57.3M, while the project in its entirety is estimated to cost $450M.
The first phase of development will create approximately 1,000 jobs. Throughout the entire process, 2,475 direct construction and 4,905 supplier/induced jobs are projected.
Construction is required to utilize a project labor agreement, which requires the hiring of at least 50% local Nevadans, state prevailing wages, ensuring 15% of workers are registered apprentices, and the prioritization of hiring disadvantaged workers.
Upon full buildout, the master-planned community will contain 1,082 affordable multifamily housing units, 280 market-rate single-family housing units, a 10KSF community center, a 10KSF early education center, a 30KSF job training center and 75KSF of commercial space.
Developers are considering a rent-to-own option to provide residents with opportunities to become homeowners. (Source)
