The property is located off the northwest corner of Stephanie Street and Wigwam Parkway, just north of Interstate 215. An apartment complex was approved for the site in 2004. In 2006, a small mixed-use project was approved for the site. Neither project was ever built. Meanwhile, most of the rest of the area has been built up with office parks, strip malls and tract homes. GSG acquired the property in spring 2007 for $51 million from KB Homes, which had acquired it a few months earlier for $50 million from Centra Properties.
The current proposal, which goes before the planning commission Oct. 16, calls for five towers and other smaller structures at the northwest corner of Stephanie Street and Wigwam Parkway. In addition to the potential park, the site borders Union Pacific railroad right of way that the city anticipates will accommodate a future transit link.
Three of the towers, two with 30 stories and one with 13 stories, would be residential, while the other two would be a 12-story hotel and a 13-story office building. The development would also include several smaller residential buildings of two to four stories in the form of lofts, townhomes and brownstones.
The retail would include four stand-alone buildings totaling 162,000 sf for medium-box retailers and another 172,000 sf in the street level of residential buildings lining a pedestrian promenade. The remainder of the retail would be scattered throughout the development. GSG also is proposing a number of environmentally friendly components, including solar, wind, cooling towers, central plants, and lake water heat rejection systems.
For the proposal to gain approval, the City of Henderson will have to waive its height limits for all five towers and be comfortable with how the increased load on the area's infrastructure would be mitigated. For the proposals to actually be built, eventually would need construction financing on profitable terms, which may be the hardest part these days. GSG did not immediately return a phone call seeking comment.
GSG had engaged in a similar entitlement and development process for Sullivan Square, a now defunct 1,300-unit luxury residential-over-retail project at Durango Drive and Interstate 215 that was valued at $1 billion. To finance that project, it partnered with Dublin, Ireland-based Harcourt Development, which was to provide all the equity necessary for the project. GSG sued Harcourt a few months ago for cutting off funding. In August, a Clark County District Court Judge dismissed five of the seven causes of action. At the heart of the judge's decision is that Nevada law provides few if any protections to members of LLCs, which is how the development partnership was set up.
There has been little activity with the case since that decision. John Manley, the lawyer for GSG, told GlobeSt.com at the time of the decision that there will be another round of complaints filed on behalf of his client that accounts for the fact that Nevada law does not recognize fiduciary responsibility within an LLC. He did not respond to a request for an update on the case.
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