Vermaland is developing Verma Vistas III, a 1,100-acre master-planed community in Tonopah.
Vermaland acquired this parcel due to its strategic location at 427th Avenue and Narramore Road. Mountain ranges 3 miles south of the property offer spectacular views. Other properties in the area that are 100 acres or more have been developed into solar farms by large energy companies.
Many 1-acre residential lots can also be found in the area. Unfinished 1-acre lots are in high demand in this part of Tonopah, with the average selling price being $50,000 per acre.
“During the pandemic, we saw an increase in housing demand, and with the shortage of affordable homes in the Valley, we see a tremendous opportunity to develop in the area,” said Kuldip Verma, CEO of Vermaland. “There is a big shortage of finished lots, so we are getting ready for zone changes and pre-plat.”
The plans include 2,500 single-family homes, 500 multifamily units, and commercial and industrial complexes. Once the zoning is finished, Verma plans to either sell or partner with a builder to develop the community.
In addition to several solar projects, Vermaland’s most recent residential project was a gated subdivision located in the foothills of the White Tank Mountains at Highway 303 and Northern Avenue. The 246-lot development was sold in late 2019.
Vermaland has been in the land business as a wholesale buyer and seller for 20 years. Verma and his team donated $5 million in land and cash to the Vermaland Charity Foundation to be used for residential and commercial development.