The Foundry: 1,000 homes are coming to the old Cashman Field. Here's when you could actually buy one.

For years, the question hanging over downtown Las Vegas was what to do with Cashman Center. The stadium hosted baseball and soccer, the convention space hosted just about everything else, and then, for nearly a decade, the whole 50-acre complex mostly sat empty while the city tried and failed to find it a second life.

That question got its answer last week. On Thursday, October 15, Lennar celebrated a ceremonial groundbreaking for The Foundry, a gated community of more than 1,000 townhomes and single-family homes planned for the Cashman site and the former Grant Sawyer state office building across Washington Avenue. Prices are planned to start in the $300,000s.

In a valley where the median existing home runs $475,000, that is a big deal. But the details matter, so let's walk through them.

What's actually planned

The Foundry covers roughly 70 acres along both sides of Washington Avenue, just east of Las Vegas Boulevard, a little over a mile from the Fremont Street Experience. Plans call for more than 1,000 homes — 781 on the Cashman site and 290 on the Grant Sawyer site, per this spring's city approvals — split across six collections of townhomes and detached single-family homes, most of them three stories on their own lots.

Amenities planned include pools, outdoor barbecue kitchens and picnic areas, walking paths, a dog park, a fitness course, a play field, a children's play area, and amphitheater-style seating for outdoor events. Lennar says it's building for first-time buyers, young families, and people who want to own near downtown jobs, dining, and entertainment.

The timeline is the catch

A ceremonial groundbreaking is not a model home opening. Here's the real schedule:

• Lennar says demolition of the Cashman complex starts in the coming months, but no date is set — the stadium hosted its farewell sporting event, a Las Vegas Lights FC match, on Saturday, October 17.
• Vertical construction — actual homes going up — is expected to begin in October 2027, a full year from now.
• That means the first move-ins are realistically a 2028 story, not a 2026 one.

If you're hoping to buy in the next few months, The Foundry doesn't change your options yet. What it changes is what's coming.

How new homes can start in the $300,000s on downtown land

The short answer: this project only pencils because it's a public-private partnership, and the public side put real skin in the game.

• The city of Las Vegas auctioned the 50-acre Cashman site in March 2025; Lennar won with a $36.15 million bid. The city also plans to put roughly $26.7 million into the project through its Redevelopment Agency — $16.7 million reimbursing off-site improvements and $10 million toward Cashman demolition.
• The state of Nevada is selling the roughly 23-acre Grant Sawyer site to Lennar for $10.5 million — below its $18.5 million appraisal — with Lennar covering about $8 million in demolition costs. Governor Lombardo's office says relocating state employees out of the aging building saved the state $207 million.

Two stalled government properties, one combined site, and land costs low enough that homes can start in the $300,000s. That's the machinery under the headline.

Why it matters for buyers

Most of the valley's new construction happens at the edges — Summerlin in the west, Cadence and Aries in Henderson, Skye Canyon in the northwest. The Foundry is the opposite: infill, next to the Mormon Fort and the Natural History Museum, close to downtown employment and a mile from Fremont Street.

It also fits where the market is already going. A record 26.5% of Las Vegas new-home sales in 2025 were attached products, mostly townhomes, as builders chase attainable price points. A 1,000-home community mixing townhomes and detached homes from the $300,000s is that trend at full scale.

For first-time buyers, the practical question is timing. Between now and the first Foundry releases, the $300,000s already exist in the resale market — the valley's median condo and townhome price was $299,900 in August. If your timeline is 2028, The Foundry is worth watching. If your timeline is 2026, you don't have to wait for it.

If you're interested

There's nothing to buy yet, and there won't be for a while. The realistic playbook:

• Watch for the interest list. Lennar communities typically open an interest list well before sales. Early list position usually means early pick of lots and collections.
• Go walk the area. Visit Washington and Las Vegas Boulevard on a weekday morning and a weekend night. Downtown living is a genuine lifestyle choice — make it with your eyes open.
• Keep your options open. If a resale condo or townhome works for you today at today's prices and rates, that may beat waiting two years for a price point that's still "planned."

Curious what the $300,000s buy you right now — downtown or anywhere else in the valley? Reach out and I'll run the real numbers with you.

Sources

• Las Vegas Review-Journal: New project with 1,000-plus homes to be built in downtown Las Vegas (Oct 15, 2026)
• Lennar: The Foundry groundbreaking press release (Oct 15, 2026)
• FOX5 Las Vegas: Downtown housing project to bring 1,000 homes starting in the $300,000s
• Las Vegas Review-Journal: City approvals for 1,071 homes at Cashman and Grant Sawyer sites (Feb 2026)
• Las Vegas Review-Journal: Lennar buys Cashman Center for $36.15M (March 2025)
• Las Vegas Review-Journal: Las Vegas Lights FC drop last sports contest ever played at Cashman Field (Oct 18, 2026)