A Stalled, Vandalized Townhome Project Near Downtown Las Vegas Is Back, With Homes From About $380,000

by Ryan Rose

What Happened at Foundry Square

Michael Johnson founded Trust Home Builders, a Las Vegas builder. His company bought the stalled site in February 2026 for $4.8 million. The seller was a court-appointed receiver, a person a judge puts in charge of a troubled property. On Oct. 9, Johnson told the Review-Journal that his crews have been working to finish several homes. He hopes to have the first six units ready to sell in late October.

From the street, the site may not look like much is going on. Johnson admitted it looks "pretty uneventful" to people driving by. But he said a lot of work is happening inside the buildings. Several townhomes now have new HVAC systems, plumbing, electrical systems and drywall. His team has also restarted utility plans for the site and taken other steps to bring the project back to life. "We've had a lot of wins on this project," he told the paper.

The bigger plan is all 79 homes. The project sits on about 4 acres along Eastern Avenue, where Fremont Street, Charleston Boulevard and Eastern Avenue meet. Locals call that spot Five Points. Under earlier owners, only 15 homes were ever built, and none were finished. Johnson aims to build all 79 and sell out by 2029 or 2030. He plans to sell homes starting in the $380,000 range.

One of the biggest changes is security. The site used to be a target for thieves and vandals. Now, a camera system watches the property. If someone walks in when nobody should be there, the video feed turns on. A live person watching from somewhere else then speaks through a loudspeaker on site and says they are calling the authorities. "Generally, people leave without incident," Johnson said. He told the paper that on-site incidents dropped from about 30 a month to zero since July 4.

Foundry Square sign in front of partly built two-story townhomes at Five Points near downtown Las Vegas

What the Homes Will Look Like

Trust Home Builders has a page for the community on its website. It calls Foundry Square a gated group of modern loft-style townhomes. The page lists two floor plans. The Alloy is about 2,022 square feet, with 3 bedrooms, 2.5 baths and a 2-car garage. The Patina is about 1,761 square feet, with 2 bedrooms, 2 baths and a 2-car garage.

The builder lists vaulted ceilings, open living space, modern fireplaces, attached two-car garages, and a balcony or private courtyard. The page says the homes are priced "from the $380s." It also says sales have not opened yet. Right now the builder is building a priority list, and people on that list get first look at plans, pricing and incentives. The builder notes that plans, square footage, pricing and availability can change. HOA dues and the exact number of homes in each plan are NOT FOUND in the public material.

The location pitch is about downtown. The builder points to the Las Vegas Arts District, the Fremont Street Experience, Downtown Container Park, Main Street and the Neon Museum. Five Points sits on the east edge of downtown, close to all of those spots.

Why It Matters to Las Vegas Residents

Let's start with price. Las Vegas REALTORS reported a September median price of $470,000 for single-family homes. That is $20,000 below the record of $490,000 set in May and June. A new townhome from about $380,000 is roughly $90,000 below that median. For a first-time buyer, that gap is a big deal.

To be fair, condos and townhomes as a group cost less than that. The September median for condos and townhomes in Southern Nevada was $290,000, down 1.4 percent from a year ago. So Foundry Square is not the cheapest way to own in Las Vegas. What you get for the price is the point. These are brand-new homes of about 1,761 to 2,022 square feet, each with a 2-car garage. Many resale condos near that median are older and smaller, so compare size, parking and age, not just price.

Mortgage rates matter here too. Freddie Mac put the 30-year fixed rate at 7.40 percent on Oct. 8. Here is a rough estimate. With 10 percent down on a $380,000 home, principal and interest come to about $2,368 a month. With 10 percent down on a $470,000 home, it is about $2,929 a month. That is roughly $560 a month less. These are estimates only. They leave out taxes, insurance, HOA dues and mortgage insurance, and your real numbers will depend on your loan.

Then there is the neighborhood side. For years, this corner was a problem. Neighbors saw graffiti, broken fencing and people living inside unfinished homes. A finished, gated, lived-in community is a lot better for the people around it than an empty shell. It also helps nearby property values when an eyesore goes away. And it brings new owners and new foot traffic to an area that has been waiting a long time for some good news.

Who These Townhomes May Fit

Not every buyer wants a townhome near downtown, and that is fine. But a few groups should take a close look. The first is first-time buyers. If you are renting now and want to stop, a new home in the high $300,000s with a garage is one of the few new-build options at that level in the city.

The second group is people who work downtown or close by. Five Points sits near the Arts District, Fremont Street and the offices of downtown Las Vegas. A short drive or ride to work can save time and gas every single day. It can also mean less wear on your car and more time at home.

The third group is buyers who like a city feel. Loft-style plans with vaulted ceilings and a courtyard or balcony are a different look than a typical stucco home in the suburbs. If you enjoy local coffee shops, galleries and events like First Friday in the Arts District, this spot puts you close to all of it.

Who might want to wait? Buyers who need a big yard, a quiet street right now, or a finished neighborhood with mature trees. This site will be under construction for years. If you need peace and quiet on day one, a resale home in an established area may suit you better. And if your budget is closer to the $290,000 condo median, an older resale townhome could be the smarter fit.

There is one more thing to think about. When you buy early in a new community, you are betting on the finished product. Look at the full site plan, ask where your home sits next to future phases, and ask how the builder handles construction noise, dust and traffic for the people who move in first.

Background and History of the Five Points Site

This project has been in the works for about 20 years. Property records show the original developer, Larry Davis of Urban Lofts Townhomes, bought the site in 2006. Then the housing market crashed, the economy fell apart, and the land sat empty for years. In 2018, the Las Vegas City Council approved his plans for the site. By 2022, homes had started to take shape.

It did not last. In 2023, Bridge Finance, a real estate investment company in Los Angeles, took the property through foreclosure. In 2024, it sold the site to a new buyer for $5.2 million, property records show. When the Review-Journal visited in early 2025, the complex looked abandoned. There was graffiti, holes in the walls, a garage door ripped out and lying on the ground, weeds and trash, and gaps in the fence.

In summer 2025, Bridge went to Clark County District Court and asked a judge to appoint a receiver. The lawsuit said the buyer had fallen behind on payments tied to the purchase. It also said on-site security had been cut and that homeless people were living on the property. The court named Michael Staheli as receiver. In a report last fall, he wrote that the partly built homes had been badly damaged by theft, vandalism, water getting in, and "an isolated fire." He also found trash, human waste and drug items inside the units.

In February 2026, Staheli sold the site to Johnson's company for $4.8 million. That is $400,000 less than the 2024 sale price. Since then, the new owner has been fixing the damage, adding security, and getting the homes ready to sell.

Interior of an unfinished Foundry Square townhome near downtown Las Vegas with new drywall, a doorway and a large window

How a Stalled Project Like This Comes Back

Stalled projects are not new in Las Vegas. The 2008 crash left half-built homes and empty lots across the valley. Many sat for years until land got valuable enough for a new owner to finish the job. Foundry Square fits that pattern, but with an extra twist. It stalled once after the crash and then stalled again in the 2020s, after homes were already standing.

Restarting a project like this is hard work. Damaged buildings have to be checked and repaired. Utility plans have to be turned back on. Permits and plans have to be updated. Johnson told the paper his team has already done much of that groundwork, which is why the first homes could be ready so soon after the purchase.

Infill projects like this one, built on empty lots inside older parts of the city, matter for a valley that is running short on cheap land. Earlier this fall, three builders paid almost $109 million for about 63 acres in Summerlin, close to $1.7 million to $1.8 million an acre. Closer to downtown, Lennar has proposed 781 homes on the former Cashman Field site. Every finished home in the urban core is one more option for buyers who want to live close to work and downtown life.

What Happens Next

The first milestone is late October. That is when Johnson hopes to have the first six townhomes ready for sale. As of Oct. 11, the builder's website still lists the community as coming soon, with a priority list forming. Watch for the official sales launch, the first set of firm prices, and any builder incentives.

After that, the work moves to the rest of the site. The 15 homes that were partly built will need to be finished. Then the remaining homes, up to 79 in total, will need to be built. Johnson's target is to sell out by 2029 or 2030. That is a multiyear build, so prices could change as phases open. Early buyers may get the best pricing, or they may live next to construction for a while. Likely both.

The other thing to watch is security and upkeep. The camera and loudspeaker system has worked so far, with zero incidents reported since July 4. Keeping it that way as the project grows will matter to neighbors and to the people who buy the first homes.

Aerial view of Foundry Square townhomes under construction at Five Points with the downtown Las Vegas skyline in the background

Ryan's Take

I like this story. A corner that has been an eyesore for years is getting a second chance, and the price point is one we rarely see on new construction. With the single-family median at $470,000 and rates at 7.40 percent, a new home with a 2-car garage starting in the $380,000 range will get attention, especially from first-time buyers and people who work downtown.

That said, I would go in with clear eyes. This is a project that stalled twice. The first homes will sit next to an active job site for a while, and the full build runs to 2029 or 2030. Ask for the HOA dues in writing. Ask what the warranty covers, especially on the homes that were started years ago and repaired. Ask about the timeline for the next phase. Compare the full monthly cost against resale townhomes nearby, because the condo and townhome median is $290,000 and some older homes may fit your budget better. New is great. Just make sure the numbers work for you.

Builder's artistic rendering of a finished Foundry Square loft townhome with a stone base, large windows and a garage at Five Points in Las Vegas

What You Can Do

If you are thinking about buying here, get your homework done early. Get pre-approved so you know your real budget at today's rates. Many buyers can also look into down payment help programs, and a lender can tell you which ones you qualify for. If you want to be first in line, the builder's website has a priority list. If you want your own agent, bring them on your first visit or name them when you register, since some builders will not add an agent later.

If you live near Five Points, this is a good time to keep an eye on the area. New homes and new owners can lift a neighborhood over time. If you see someone on the site after hours, the builder's monitored system is designed to handle it, but you can always call Las Vegas Metro's non-emergency line at 311 for anything that worries you.

If you own a home nearby and are curious what this means for your value, it is worth a look at recent sales on your street. A finished project usually helps more than it hurts.

Have questions about how this affects your home or neighborhood? Reach out to Ryan Rose or text/call 702-747-5921 anytime.