When Can You Buy a Home at The Foundry in Downtown Las Vegas?

For years, two of the largest underused properties near downtown Las Vegas were the shuttered Cashman Center and the aging Grant Sawyer State Office Building. Both are now set to become one of the biggest new for-sale neighborhoods close to the urban core. This week’s groundbreaking made the plan official. Here is what is planned, when homes could realistically be available, and how first-time buyers can use the waiting period.

What Is Being Built at The Foundry?

According to Lennar and FOX5 Las Vegas, The Foundry will be a gated community of more than 1,000 townhomes and single-family detached homes spread across six collections. The site covers roughly 70 acres near Las Vegas Boulevard and East Washington Avenue, including the former Cashman Center and the former Grant Sawyer building, which crews began demolishing this summer. We covered that first step in our earlier look at what was planned for the Grant Sawyer site.

The project is a public-private partnership between the City of Las Vegas, the State of Nevada and Lennar. Governor Joe Lombardo said moving state workers out of the Grant Sawyer building saved the state $207 million while freeing the land for housing. The site sits in Ward 5, next to the Old Las Vegas Mormon Fort State Historic Park and the Las Vegas Natural History Museum, with short drives to downtown jobs, dining and entertainment.

How Much Will Homes at The Foundry Cost?

Lennar says pricing is planned to start in the $300,000s, and the homes will include the builder’s standard package of features built into the base price. That is a notable number for the valley. In our breakdown of whether now is a good time to buy new construction in Las Vegas, the July median new-home closing price for attached homes such as townhomes was $378,490, and single-family detached homes closed at a median of $581,930.

Keep two cautions in mind. First, “planned from the $300,000s” describes the entry point, likely for the smallest townhome plans. Larger homes and single-family plans will cost more. Second, final prices are typically set close to the release of each phase, so the numbers can move with costs and demand between now and then.

When Will Homes at The Foundry Be Available?

The groundbreaking was ceremonial. Lennar says vertical construction, meaning the homes themselves, is expected to begin in October 2027. Site work, utilities and streets usually come first, and the first homes typically take several more months to finish after vertical construction starts. In practice, that puts the earliest move-ins well beyond 2027, with later phases following over several years.

For anyone renting now and hoping to buy at The Foundry, that is a long wait. It is worth deciding whether the specific location matters enough to hold off, or whether owning sooner elsewhere fits your goals better.

What Amenities Are Planned?

Lennar lists swimming pools, outdoor barbecue kitchens and picnic areas, walking paths, shade structures, a dog park, a fitness course, a multi-use play field, a children’s play area and amphitheater-style seating for outdoor events. As a gated community, it will almost certainly have an HOA to maintain those features, so expect monthly dues on top of the mortgage. Ask for the estimated dues and what they cover once sales open.

What Would a Home in the $300,000s Cost Per Month?

Freddie Mac’s 30-year average held at 7.40% on October 15, 2026, the level we walked through in our guide to locking a mortgage rate at 7.40%. As an illustration only, a $350,000 home with 10% down would mean a $315,000 loan at about $2,181 a month in principal and interest. Property taxes, insurance and HOA dues come on top. Rates in 2027 or 2028 will be different, so that figure is a starting point for budgeting, not a forecast.

What Should First-Time Buyers Do While They Wait?

• Get your financing in shape now. Credit, savings for a down payment and a clear budget take time. A pre-approval shows what you can afford at today’s rates.
• Get on the builder’s radar. Lennar is directing people interested in future homes at The Foundry to its sales team. Buyers who register interest early usually hear about releases and pricing first.
• Compare existing options. More homes are listed across the valley than a year ago, which gives buyers more room to negotiate. Our look at whether you can still buy a home under $400K in North Las Vegas shows what that budget buys today.
• Read the fine print when sales open. New-construction contracts are written by the builder. Review deposit terms, timelines, HOA documents and what happens if construction runs late, and have your own agent represent you.

What Does The Foundry Mean for Downtown Las Vegas?

More than 1,000 owner-occupied homes would be a major addition to the area around Las Vegas Boulevard and Washington Avenue, where most nearby housing is older. New residents tend to bring more demand for groceries, restaurants and services nearby. How much the project shifts values on surrounding blocks will depend on its pace, its final design and what else gets built in the area over the next few years.

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Frequently asked questions

What is The Foundry in downtown Las Vegas?
The Foundry is a planned gated Lennar community of more than 1,000 townhomes and single-family detached homes on about 70 acres covering the former Cashman Center and Grant Sawyer State Office Building sites, near Las Vegas Boulevard and East Washington Avenue.

How much will homes at The Foundry cost?
Lennar says pricing is planned to start in the $300,000s. Final prices for each collection have not been released, and planned pricing can change before sales open.

When will homes at The Foundry be built?
Lennar held a ceremonial groundbreaking on October 15, 2026. The company says vertical construction is expected to begin in October 2027, so move-ins are further out than that.

Who is The Foundry built for?
The project is a partnership between the City of Las Vegas, the State of Nevada and Lennar, and is aimed at first-time buyers, young families and working households who want to own a home near downtown.

Should first-time buyers wait for The Foundry?
It depends on your timeline. With vertical construction not expected until late 2027, buyers who need a home sooner can compare existing resale townhomes and condos and other new-construction communities now, and keep The Foundry on their watch list.

Sources: Lennar announcement of The Foundry groundbreaking (October 15, 2026); FOX5 Las Vegas coverage of the groundbreaking (October 15, 2026); Freddie Mac Primary Mortgage Market Survey (October 15, 2026); Home Builders Research figures as reported in our earlier new-construction coverage.

About Alexandra Malenkina

Alexandra Malenkina is the Broker/Owner of Nevada Realty Experts, a bilingual English/Russian brokerage serving the Las Vegas Valley. With 15+ years of experience and 300+ home sales, she ranks among the top 5% of 16,000+ Las Vegas agents, with 75 five-star team reviews and 50+ Google reviews. Nevada Real Estate License B.1001643.

Nevada Real Estate License B.1001643 | Nevada Realty Experts
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Equal Housing Opportunity. This content is for informational purposes only and does not constitute legal, tax, lending or financial advice. Planned pricing, timelines and amenities are as announced by the builder and can change. Payment examples are estimates for illustration only and are not a loan offer. Consult a licensed real estate professional for advice specific to your situation. All real estate information is deemed reliable but not guaranteed.