Henderson high-rise declares bankruptcy

LAS VEGAS (KLAS) – The status of a Henderson high-rise has a new stumbling block as the property’s company has declared bankruptcy, and downtown business owners and elected officials are expressing hope for a solution.

Construction on “The Watermark” stalled in December when contractors walked off the job , as 8 News Now first reported nearly $16 million worth of liens against the property.

Seven months after initial concerns the company associated with the property, DTH 215 Venture LLC, declared bankruptcy. The company is associated with the developer Strada Development Group.

Documents obtained by 8 News Now show the seven-story, 151-unit mixed-use apartment building is about 95% complete.

Representatives for the property developer and the construction company contracted to complete the site, Gilett Construction , have been embroiled in a legal battle disputing work, pay, and even ownership of the building.

The bankruptcy filing from June 5, indicates approximately 50 to 99 creditors are seeking payment from the company associated with the high-rise on Water Street.

Yvonne Wallace, owner of Pacific Diner, is one of the creditors listed in the bankruptcy filing and said she wished the update came from the developer, not the news.

“I guess we’re glad that we’re listed on there as a creditor,” Wallace said. “But it saddens me that again we find out information from the news and not from the developer that we have a lease agreement with.”

Behind Wallace Pacific Diner was bustling from the recently chartered “Henderson After Dark Rotary Club” and she said the restaurant is still serving food and standing as a standard for the community.

“We love getting those new customers, the ones that come from different parts of the U.S.,’” she said. “We just want to keep doing it and we want to do it on Water Street.”

However, the regulars coming for the homemade corned beef hash and eggs have asked Wallace what the plan is for the move, for which they signed a lease agreement.

“I got to the point where I was like, in God’s time, because you know, what else are we going to say,” Wallace said. “And here we are in July and nothing and that’s just disheartening that the communication isn’t there.”

Wallace made clear she wants to move into The Watermark when it opens but they have been the lucky ones as several other businesses connected to the property have moved on or lost the equity to open.

World of Wings moved on from the property and opened a location in Inspirada, where owners said they look forward to rubbing elbows with Las Vegas Aces players .

Charles Braun, SWF Modern Barbecue’s executive pitmaster, told 8 News Now following a property tour that didn’t match up with the documents provided and the stalling of the property, they were forced to move on with plans to open in Henderson.

Soda Oasis and Parkway Tavern’s parent company have not responded to 8 News Now on whether they are still connected to the property.

Wallace said the update today reminded her of another closing not too far away in Boulder City, and the challenge facing small businesses in Southern Nevada.

“I heard the news of another business small business closing in Boulder City, one of the breweries, you know, it just makes my heart sad,” she said. “We still want to be [at The Watermark] we just want it to be finished. We want it to be completed. We want it to be what we know it can be.”

Henderson City Councilman Jim Seebock spoke with 8 News Now during his “Morning Meet Ups” with residents, where he provided a reaction to the news of the property’s bankruptcy.

“I definitely want to see it open,” Seebock said. “I am hoping an investor will come in and complete it in a timely manner. We would be willing to assist with discussions.”

Seebock acknowledged he was aware of mediation between companies associated with the property and noted the potential of the property for small businesses’ success in downtown Henderson.

8 News Now reached out to Strada Development Group on Monday and the company has not provided a statement regarding the status of the property, yet.

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