New owner restarts work on once-blighted townhome complex near Fremont and Charleston, aiming for late October sales

What happened

A partially built townhouse complex on the outskirts of downtown Las Vegas that sat stalled for years is under construction again, the Las Vegas Review-Journal reported. Trust Home Builders founder Michael Johnson told the newspaper that crews are finishing several homes at the site near Fremont Street and Charleston Boulevard. He hopes to have the first six units ready for sale in late October.

The project, along Eastern Avenue, was previously called Eastern Avenue Lofts and is now known as Foundry Square at Five Points. Las Vegas city records show plans for 79 units on a roughly 4-acre site, according to the Review-Journal.

What the new owner plans

Units, prices and timeline

Johnson aims to build all 79 units and sell out by 2029 or 2030, the Review-Journal reported. He plans to sell homes starting in the $380,000 range. His company bought the site this past February for $4.8 million from a court-appointed receiver.

Work inside the buildings

Johnson acknowledged that the site may look "pretty uneventful" to people driving by, but said crews have been busy inside. He described several townhomes as now having new HVAC systems, plumbing, electrical systems and drywall. He said his team has also reactivated utility plans for the site and taken other steps to revive the development.

Keeping trespassers out

Johnson said a surveillance system has kept trespassers off a property that was once a target for thieves and vandals. When someone enters after hours, the video feed alerts a remote monitor, who announces over an on-site loudspeaker that authorities are being notified. He told the Review-Journal that on-site incidents dropped from 30 a month to none since July 4.

How the project stalled

Property records indicate the original developer, Urban Lofts Townhomes founder Larry Davis, acquired the site in 2006, the Review-Journal reported. After the real estate market crashed and the broader economy collapsed, the property sat vacant for years. The Las Vegas City Council approved Davis' plans in 2018, and homes had taken shape by 2022.

Bridge Finance, a Los Angeles real estate investment company, took the site through foreclosure in 2023. Property records show it sold the property to Tyko Management chief Cole Moscatel for $5.2 million in 2024. When the Review-Journal visited in early 2025, the complex appeared abandoned, with graffiti, holes in walls, trash, weeds and gaps in the fencing, and no sign of active construction.

Lawsuit and receivership

In summer 2025, Bridge filed a lawsuit in Clark County District Court asking for a receiver to take charge of the property. According to the complaint, the buyer fell behind on debt payments to Bridge tied to the purchase. Bridge also alleged that on-site security had been terminated and that homeless people were occupying the property. Court records show the defendant's lawyers first denied the allegations and later withdrew from the case.

Court-appointed receiver Michael Staheli wrote in a report last fall that the partially built homes had been severely damaged by theft, vandalism, water infiltration "and an isolated fire," the Review-Journal reported. He described garage doors, windows and sliding glass doors that had been forced open or shattered, and said he confronted people living there on multiple occasions and told them to leave. Staheli then sold the site to Johnson's company.

Why it matters

The complex was supposed to add a burst of new housing to the downtown area years ago, the Review-Journal noted, but instead went through foreclosure and receivership and became a blighted property. Its revival is one of several Las Vegas development projects moving forward this year. For more on local home prices and listings, see our real estate coverage.

What to watch next

• Whether the first six townhomes at Foundry Square at Five Points are ready for sale in late October, as Johnson hopes.
• Sales of the homes, which Johnson plans to start in the $380,000 range.
• Progress toward building all 79 planned units, with a stated goal of selling out by 2029 or 2030.