The Watermark, Henderson Mixed-Use Apartment Complex Mired in Bankruptcy, Finally Resumes Construction
LAS VEGAS, NV – A mixed-use apartment complex in downtown Henderson that was aborted mix-construction and has since sat dormant while its developers were mired in bankruptcy proceedings has ben given a new lease on life in the form of new funding, and is now expected to be completed by the end of 2025.
The Watermark, located at 212 South Water Street, will resume construction after its project developer, Strada Development Group, received nearly $28 million in new funding, with the revised completion date now slated for the end of May.
The $65 million complex, located across from the America First Center ice rink, will take the form of a 151-unit apartment complex that will also incorporate 30,000 square feet of commercial and retail space.
The resurrection of The Watermark comes after construction was halted last year due to lawsuits and, ultimately, a declaration of bankruptcy. However, after the developers managed to close on a $27.9 million loan – as per a filing with the U.S. Bankruptcy Court in Las Vegas – lead contractor Gillett Construction issued a press release earlier this week announcing that the project will now be “officially moving forward.”
The Watermark is a vital project for Henderson, and we are thrilled to see it moving forward again,” Gillett owner Darren Gillett said.
An owner’s representative has been appointed to ensure oversight of the project and to make sure that all project timelines are adhered to; construction is anticipated to be finished in late spring to early summer, according to the release.
The 1.2-acre plot of land for the project was originally purchased from the city of Henderson’s Redevelopment Agency in 2020 and later broke ground in 2021. However, cost increases and supply-chain shortages drove up development costs by over 20 percent, and lawsuits filed by the contractor – alleging non-payment of more than $11 million – as well as one of their lenders ultimately drove the project into bankruptcy until now.
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