The property is located off the northwest corner of Stephanie Street and Wigwam Parkway, just north of Interstate 215. In addition to the park, which would be directly accessible from the development, the site borders Union Pacific railroad right of way that the city anticipates will accommodate a future transit link.
An apartment complex was approved for the site in 2004. In 2006, the City of Henderson approved a tentative map for a 1,600-unit condominium development. Stephanie LH LLC, which includes the entities that own GSG Development, 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 proposal was scheduled to go before the Planning Commission in October but the item was continued to next week so commissioners could study the potential traffic impacts.
The current proposal, which goes before the planning commission Nov. 20, calls for five towers and many smaller structures. 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 square feet for medium-box retailers and another 172,000 square feet in the street level of residential buildings lining a pedestrian promenade that may be used for outdoor markets or live entertainment events. 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.
The project, which is being recommended for approval by city staff, will require height limits to be waived for all five towers. As compensation for the additional height, GSG would provide nearly twice the required amount of open space, 14.7 acres instead of 7.8 acres. To compensate for a decreased parking requirement (5,500 spaces instead of 6,249), GSG proposes to have 90% of the parking be subterranean and to share parking between uses.
The land owner, Stephanie LH LLC, is 84% controlled by D & M Realty Holding LLC of Incline Village, NV, according to the Nevada Secretary of State's office. The LLC's listed P.O. Box is that of Dean and Madylon Meiling, according to campaign contribution information also filed with the state. Dean S. Meiling's professional history is with Newport Beach, CA-based Pacific Investment Management Co, better known as PIMCO, according to SEC documents.
The other two largest interest in Stephanie LH LLC are The Small LLC (7.63%) and the Kenneth M. Smith Trust (4.22%), which together own 100% of Glen, Smith, Glen Development. Ken Smith is the founder of GSG Development. The Small LLC is controlled by Alan and Samantha Glen.
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