HENDERSON (KTNV — The Watermark building, once looked at as a beacon of revitalization for downtown Henderson, is now facing an uncertain future. The mixed-use complex, which promised to inject new life and foot traffic into the area, has become a symbol of frustration and stagnation following an unexpected halt in construction late last year.
Originally announced in 2021, the Watermark building was envisioned as a vibrant residential hub designed to attract residents and visitors alike to downtown Henderson. Developers and city officials had high hopes that the new complex would invigorate local businesses, contribute to economic growth, and enhance the neighborhood's overall appeal.
However, these optimistic projections took a sharp turn in December 2023 when nearby business owners say construction on the Watermark building abruptly stopped.
“The thing that worries me is that when you have developments like this that stay stagnant for a long time on Water Street, it becomes a black eye," said Mikel Conrad, who owns a photography studio less than a block away from the site.
“I thought maybe, you know, the investors, it’s a money issue, it’s just someone who maybe didn’t have their ducks in a row. I thought it would be only a couple of months but now we're hitting pretty close to a year," Conrad continued.
Channel 13 was able to get in contact with the Strada Development Group, which owns the complex. This was their response to our questions:
Reason for the Halt: What prompted the sudden pause in construction activities?
Construction activities were stopped due to cost and schedule overruns by the contractor.
Current Status: What is the current status of the project, and what are the immediate next steps?
The project, which is owned by DTH 215 Venture, LLC was placed into Chapter 11 reorganization due to those cost and schedule overruns and a plan is being formulated to complete the project as planned.
Timeline Impact: How will this disruption affect the overall project timeline and anticipated completion date?
We can only offer up at this point that the project timeline has obviously been impacted but we are not yet prepared to speculate on an anticipated completion date.
Resolution Plan: What measures are being taken to address the issue and resume construction?
We continue to have discussions with the contractor and other stakeholders about completing the project as we formulate the plan.
I would appreciate a detailed update at your earliest convenience, and if possible, a projected timeline for when construction might recommence.
We will be happy to share more detailed information with you once details have been finalized.
Officials with the City of Henderson sent Channel 13 a statement regarding the status of the project, saying:
"We are aware of the current status of the project and will continue to monitor. We remain optimistic for the project’s completion on Water Street."
In the meantime, many local businesses owners and residents are hopeful that a resolution will come soon, allowing the Watermark building to fulfill its original promise and contribute positively to downtown Henderson.
“We want it cleaned up. We want Water Street to be vibrant. We want Water Street to be livable. I'm hopeful it will get done," Conrad said.
