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City Crossing Developer Files Ch. 11 Bankruptcy

LAS VEGAS-Still trying to refinance $168 million in debt that matured in April, the developer of the phased $2-billion, 6 million-sf project here seeks protection from creditors while it reorganizes.

By Brian K. Miller | Updated on June 19, 2008

LAS VEGAS-The developer of City Crossing–a planned $2-billion mixed-use development in Henderson, NV–has filed for protection from creditors under Chapter 11 of the US Bankruptcy Code, according to court documents. The developer is essentially William Plise, owner of Plise Development & Construction, who was not immediately available Thursday afternoon for comment.

Site work for the 126-acre 6-million-sf development got underway last year at St. Rose Parkway and Executive Airport Drive. Some $30 million of infrastructure work has been completed. The first phase of vertical development, which was supposed to get underway this summer, calls for an eight-story, 215,000-sf office building, 184 apartments, a 160-room boutique hotel and 175,000 sf of retail space. The general contractor is Chaparral Contracting, a Plise subsidiary.

City Crossing LLC filed for bankruptcy earlier this month after it was unable to come to terms with one of the lenders, Community Bank of Nevada, a subsidiary of publicly held Community Bancorp, which threatened to initiate foreclosure proceedings. The bankruptcy filing is meant to prevent the foreclosure while City Crossing refinances its debt, which matured on April 1 and totals approximately $168 million, including $26 million from Community Bank, according to court documents.

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