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William Lyon Homes has purchased the defunct "Mountain Falls" master-planned community in Pahrump, and now plans to build up to 3,200 residences at the site. The project was initially conceived by the late E.A. Collins who envisioned a 2,850-acre, 8,360-home master-planned community for 25,000 residents. But financing troubles and sluggish home re-sales forced Collins to declare bankruptcy in January 2001, shortly before he died. Lenders foreclosed on the property, eventually sellingoff portions to recoup their investment.
William Lyon Homes acquired 900 acres of the project in July, plus water rights. The publicly-traded builder plans to build 464 single-family detached homes in three communities, with residences available by third quarter 2005. The homes will range from 1,400 to 3,000 square feet in size, priced from the high $100,000s. William Lyon expects to reach build-out by late 2006, while sellingoff portions of residential property to other homebuilders. The zoning calls for densities of up to 4.9 units per acre, clustered around a 7,250-yard, par-72 golf course.
Work is now underway on a 2,500-square-foot golf pro-shop and a clubhouse, plus a 16,000-square-foot community building with fitness and multipurpose rooms. There will also be an outdoor entertainment area with swimming pools as well as a five-acre sports park, which are scheduled for completion in the forth quarter of 2005. An elementary school is located approximately a mile away from Mountain Falls and plans are being finalized for a community...