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3M-SF Mixed-Use Project Up for Approval

LAS VEGAS-The proposal calls for 1,588 residential units and 850,000 square feet of commercial, office, hotel and civic space in multiple buildings ranging from two stories to 30 stories.

By Brian Miller | Updated on November 16, 2008

LAS VEGAS-A 2.97-million-square-foot mixed-use development will be up for approval this week by the City of Henderson Planning Commission. Locally based Glen, Smith & Glen Development is seeking entitlements for Park Heights, a would-be 40-acre mixed-use development adjacent to a city-owned, 100-acre former gravel pit that is slated to become a park with a 20-acre lake. The plan next door calls for 1,588 residential units and 850,000 square feet of commercial, office, hotel and civic space in dozens of buildings ranging in size from two stories to 30 stories, according to city documents.

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.

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