An unfinished Las Vegas townhouse project which attracted vagrants who transformed it into a hellhole has now been bought by new developers.
Located in the city’s downtown, the multi-unit complex had holes in the graffiti-covered walls, while weeds and trash accumulated across the four-acre site.
Only 15 homes were built out of the 79 units planned for the project, and none were completed, Trust Home Builders Co-owner Michael Johnson told the Las Vegas Review-Journal.
Johnson said that, before his company bought the site, the homes were ‘essentially overrun by Mad Max-style vagrants.’
Littered inside the foundations of the houses were mattresses, drug paraphernalia and ripped out copper, Johnson said.
Despite the damage, Johnson told the outlet that most of it was merely cosmetic.
‘They’re in great shape, honestly,’ he added.
Michael Staheli, a managing director with Cordes & Co, was appointed by a judge to take charge of the complex in September.
The complex, situated on the outskirts of downtown Las Vegas at the intersection of Fremont Street and Charleston Boulevard, was left covered in graffiti, with holes in the walls and weeds and trash scattered across the four-acre site
Trust Home Builders Co-owner Michael Johnson said that, before his company bought the site, the homes were ‘essentially overrun by Mad Max-style vagrants’
A report found ground floor windows and doors had been ‘forcibly penetrated or shattered so that each unit was open for vagrants to come and go without impediments’
In a report, Staheli noted ‘significant quantities of personal belongings, trash, human waste and drug paraphernalia,’ as well as encountering several homeless people, the outlet reported.
Ground floor doors and windows had been ‘forcibly penetrated or shattered so that each unit was open for vagrants to come and go without impediments,’ he said.
The complex, which sits at the intersection of Fremont Street and Charleston Boulevard, was purchased in 2006 by Larry Davis, a developer and founder of Urban Lofts Townhomes, according to property records.
But it was never completed and never filled. By 2018, Davis’ plans were approved by the Las Vegas City Council and, by 2022, structures of homes had been built and a construction site was established, according to the Journal.
But, in 2023 the complex was acquired by Bridge Finance, a real estate investment company, through foreclosure. In 2024, Tyko Management chief Cole Moscatel bought the site for $5.2 million.
Yet, in 2025 Bridge filed a lawsuit claiming that the buyer had defaulted on debt payments and requested that the property be handed over to a receiver.
Bridge claimed that, by that point, the complex had been abandoned, including the removal of fencing and security, and claimed that it had been taken over by homeless people.
In a report, Michael Staheli, a managing director with Cordes & Co, noted ‘significant quantities of personal belongings, trash, human waste and drug paraphernalia,’ and homeless people
Following Staheli being appointed as a receiver, Trust Home Builders bought the townhouse complex for $4.8 million last month, the Journal reported.
Now, plans to revamp the area are underway, with Johnson hoping to create units with two-car garages, small backyards and prices beginning at around $400,000.
Johnson hopes to have homes up by the summer.
