Lennar Broke Ground on The Foundry: 1,000-Plus Downtown Las Vegas Homes Starting in the $300,000s

by Ryan Rose

What Happened

On Thursday, Oct. 15, 2026, homebuilder Lennar held a ceremonial groundbreaking for The Foundry. City leaders joined the event, including Las Vegas Mayor Shelley Berkley and Ward 5 Councilwoman Shondra Summers-Armstrong. The site sits just east of Las Vegas Boulevard on Washington Avenue, a short drive from Fremont Street and the rest of downtown.

The plan calls for more than 1,000 homes. That count includes both townhomes and single-family homes, spread across six collections, according to FOX5. The whole community will be gated. Amenities named so far include pools, pool houses, walking paths, dog parks, children's parks, a play field and amphitheater-style seating. Councilwoman Summers-Armstrong told FOX5 the homes "are going to be in an affordable range," and said residents deserve great amenities no matter the price point.

Mayor Berkley described the goal plainly. She told KTNV, "We are reimagining this part of town." She also said it will be a neighborhood of middle-income families. That is the target buyer here: working households who want to own, not rent, and who cannot make a $470,000 price tag work.

The land deals behind the project are big public numbers, so here they are. The state of Nevada is selling the nearly 23-acre Grant Sawyer site to Lennar for $10.5 million, according to the Las Vegas Review-Journal. That land was appraised at $18.5 million, but Lennar is covering about $8 million in demolition costs. That sale is expected to close at the end of October. Separately, the City of Las Vegas is selling the roughly 50-acre Cashman Center site to Lennar for $36.15 million, with closing expected by the end of the year.

The city is also putting money in. The Review-Journal reports the city's Redevelopment Agency plans to spend $16.7 million on off-site improvements, such as the roads and utilities around the property, and $10 million on Cashman demolition costs. Vertical construction, meaning actual homes going up, is expected to start in October 2027.

Put those numbers side by side and you can see the shape of the deal. The public is selling land below its appraised value in one case, and paying for some demolition and road work in the other. In return, the city and state get more than 1,000 for-sale homes at prices aimed at working families, close to downtown jobs. Whether that trade is worth it is a fair question for every taxpayer, and the details are public for anyone who wants to dig in.

People walking along a downtown Las Vegas street in daytime, a short drive from the planned Foundry homes on Washington Avenue

Why It Matters to Las Vegas Residents

Start with the price. Las Vegas REALTORS reported a September 2026 median single-family price of $470,000, flat from a year earlier. Redfin's broader metro number, which includes condos, was $441,985. KTNV noted the average price is around $450,000. Any way you measure it, a new home starting in the $300,000s is well below what most buyers pay in Southern Nevada right now.

That gap matters most to first-time buyers. Teachers, nurses, hospitality workers, first responders and young families often get stuck in the same spot. Rent keeps rising, and the homes they can afford are older resales that need work. New construction usually means higher prices out in Skye Canyon, Inspirada or Cadence. A new home in the $300,000s, close to downtown jobs, is rare. Councilwoman Summers-Armstrong put the problem simply to KTNV: "What we are seeing is unaffordability all the way around in our community."

Location is the second big piece. The Foundry sits near Las Vegas Boulevard and Washington Avenue. That puts it close to downtown offices, the courts, city hall, the medical district and the Strip. For people who work in the urban core, a shorter commute is real money and real time back every week. It also means living close to the restaurants, bars and events in the Fremont East and Arts District areas without paying high-rise condo prices.

Third, this changes the neighborhood. A large, mostly empty stadium and convention site will become a community of more than 1,000 households. That brings people who shop, eat and spend money nearby, and it brings more eyes on the street. For existing homeowners in nearby older neighborhoods, a large new gated community with modern amenities can lift interest in the whole area over time. Nobody can promise prices will go up, but new investment on this scale tends to draw more attention to the surrounding blocks.

Finally, it adds supply. Southern Nevada has had about five months of single-family supply lately, according to Las Vegas REALTORS. Entry-level new homes are the slice of the market that has been hardest to find. More than 1,000 new homes at lower price points will not fix affordability on its own, but it is a meaningful step.

Here is a quick way to think about the math. The difference between a $470,000 home and a home in the low $300,000s is well over $100,000. On a mortgage, that gap changes the monthly payment a lot, and it also lowers the cash you need for a down payment. For a household that has been saving for years, that difference can decide whether buying is possible at all. It is also why so many people are paying attention to this one story.

Background and History

Cashman Field has been part of Las Vegas life for a long time. According to the Las Vegas Weekly, it has been home to sports and events in Las Vegas since 1947. Generations of locals went to ballgames, soccer matches, graduations and shows there. Its final event was set for Saturday, Oct. 17, 2026, a Las Vegas Lights FC match against Lexington SC on fan appreciation night. For a lot of longtime residents, this groundbreaking closes a chapter.

Lennar bought the Cashman site from the city for more than $36 million in a 2025 auction, the Las Vegas Weekly reported. Earlier plans called for 781 homes on the Cashman land and about 290 more units across the street on the former Grant Sawyer State Office Building site. Put those two pieces together and you get the "1,000-plus" number used by KTNV, FOX5 and the Review-Journal this week. One note: KTNV's opening line said "hundreds of homes," but its headline and the other outlets all say more than 1,000.

The Grant Sawyer building was a state office building. With the state now selling that land to Lennar, the two sites can be planned as one connected community instead of two separate projects. The demolition work on both sites is a big part of the cost, which is why the city and Lennar are each covering pieces of it.

This also fits a longer push to bring more people to live in and around downtown. For years, downtown Las Vegas has had plenty of places to visit but not many places for regular families to own a home. City leaders have said they want more residents in the core, and a 70-acre for-sale neighborhood is one of the biggest moves in that direction in a while.

Golden Gate Casino sign on Fremont Street in downtown Las Vegas, near the former Cashman Center site where The Foundry will be built

What Happens Next

Here is the timeline as it stands today. The Grant Sawyer land sale from the state to Lennar is expected to close at the end of October 2026. The Cashman Center sale from the city is expected to close by the end of 2026. Demolition will need to happen on both sites. Then vertical construction, the part where homes actually go up, is expected to start in October 2027.

In the meantime, watch for the interest list. Lennar says a dedicated landing page for The Foundry should go live in about a month, which puts it around mid-November 2026. Until then, KTNV says interested buyers can start on the Lennar website. Joining an interest list does not commit you to anything, but builders often share floor plans, pricing updates and release dates with that list first.

What we do not know yet matters just as much. Exact floor plans, square footage, lot sizes, HOA dues and final pricing for each of the six collections have not been released. "Starting in the $300,000s" is a planned starting point, and real prices will depend on the market and on construction costs when homes are released. The first phase move-in date is also not set. Expect those details to come out in stages over the next year.

There are a few things worth watching between now and then. First, the land closings. If both sales close on schedule, that is a good sign the project is moving forward on time. Second, demolition. Once crews start clearing Cashman Field and the Grant Sawyer building, the project becomes very real for anyone who drives Washington Avenue. Third, the first release. Builders usually open a community in phases. The first collection to launch, and its starting price, will tell us a lot about whether "the $300,000s" holds up for the long run.

Ryan's Take

This is one of the most interesting new-construction stories in the valley this year. Most new homes in Las Vegas are being built on the far edges of town, and most of them cost well over $400,000. The Foundry flips both of those. It is close in, and it is aimed at buyers in the $300,000s. If the pricing holds when homes are released, I expect real demand, especially from first-time buyers who work downtown or on the Strip.

My honest advice is to be patient and stay informed. Home construction does not start until October 2027, so this is not a solution for someone who needs to buy in the next six months. If you are ready now, there are resale homes and townhomes in the $300,000s around the valley today, and I can help you find them. If you can wait, get on the interest list early, get pre-approved, and watch for the first release. In new construction, the first phase often has the best selection of lots and plans. And if you already own a home near downtown, keep an eye on this one. A project this size can change how buyers see the whole area.

New home under construction with wooden framing, similar to the townhomes and single-family homes planned at The Foundry in downtown Las Vegas

What You Can Do

If you want to buy at The Foundry, start now with three simple steps. First, watch for Lennar's Foundry interest list page, expected in about a month, and sign up. Second, talk with a lender and get pre-approved so you know your real budget. A home in the $300,000s can still be out of reach if your monthly payment does not work, so know your numbers early. Third, ask about down payment help. Nevada has programs that can help first-time buyers and working professionals cover part of a down payment, and some rules change from year to year.

When you visit a new-construction community, bring your own agent on the first visit. Builders often require your agent to be with you, or registered, at your very first visit to the sales office. If you walk in alone first, you may lose the chance to have your own representation later. The builder's sales team works for the builder. Your agent works for you, and it usually costs you nothing extra on new construction.

If you live near downtown, stay connected. Follow City of Las Vegas meetings and Ward 5 updates for news on the off-site road and utility work, demolition timing and any traffic changes around Washington Avenue and Las Vegas Boulevard. And if you are thinking about selling a home in the area, it is a good time to learn what nearby homes are worth today, so you can make a smart plan as this project moves forward.

One more tip for buyers comparing options. Do not judge a new home on price alone. Ask about HOA dues, what is included in the base price, what upgrades cost, and what the builder's lender offers compared with an outside lender. Two homes with the same sticker price can feel very different once you add up the monthly cost. Write your questions down before every visit so you can compare The Foundry fairly with resale homes and other new communities around the valley.

A row of new homes with mountains in the background, the kind of neighborhood setting planned for The Foundry in Las Vegas

Have questions about how this affects your home or neighborhood? Reach out to Ryan Rose or text/call 702-747-5921 anytime. Ryan Rose | Real Broker, LLC | 702-747-5921 | ryan@rosehomeslv.com | rosehomeslv.com