Major Real Estate Projects that Succumbed to the Housing Bubble

[gonealookin]

A 1,020-unit development in the southeast part of Gardnerville, NV known as "Virginia Ranch", which was originally approved in 2004, is now finally scheduled to begin construction in 2023, after having undergone various ownership changes:  https://www.recordcourier.com/news/2022/aug/13/1020-unit-project-way/

Of interest to roadgeeks, a significant part of the long-discussed bypass of US 395 as it passes through the commercial sections of Minden and Gardnerville will be constructed as part of this development.

The bypass is known as "Muller Parkway".  I have plotted its approximate location on the map below.  The green portions are already constructed, the red portion will be constructed by the developer of Virginia Ranch, and the yellow portion is an obligation of the county (mostly) and another private subdivision developer.  As indicated toward the end of that newspaper article, the county is now actively seeking funding to do its segment, so there's some hope that this bypass, which has been planned since the 1980s, will see considerable progress toward full completion in the next few years.



It won't be a high-speed bypass, probably 35 mph with some signals and roundabouts, but at least traffic not needing to go through town won't have to endure that slow grind.

[kernals12]

I'd imagine it'd be pretty simple to stop things like this from happening: make proof of financial backing mandatory for zoning approvals.

[Road Hog]

The Great Recession did definitely set development back a few years in my neck of the woods (north Dallas suburbs). But it has bounced back with a vengeance. Even with Fed rate hikes and a possible recession triggered by the time of the 2024 elections, the demand for houses is not likely to slacken.

[kernals12]

The Great Recession did definitely set development back a few years in my neck of the woods (north Dallas suburbs). But it has bounced back with a vengeance. Even with Fed rate hikes and a possible recession triggered by the time of the 2024 elections, the demand for houses is not likely to slacken.

I've read that Texas came down hard on "paper developments" after the 1980s real estate bust.

Also, I imagine that Texas' high property taxes discourage developers from sitting on vacant land.