LAS VEGAS (KLAS) – The Watermark has been long referred to as “Henderson’s Fontainebleau,” a reference to the length of inactivity for the nearly finished high-rise, but city officials are pointing out carpenters and plumbers are returning after walking off the job one year ago.
In Dec. 2023, unpaid construction workers streamed out of the 151-unit apartment project site as all work halted. Strada Development Group, the original owner, said they were working to complete the $50 million property, but the over $16 million in liens from contractors told a different story. Seven months later, the property’s company declared bankruptcy.
“Our entire team has monitored the progress of this project the whole time,” City of Henderson Mayor Michelle Romero said.
The Watermark has been long referred to as “Henderson’s Fontainebleau,” a reference to the length of inactivity for the nearly finished high-rise, but city officials are pointing out carpenters and plumbers are returning after walking off the job one year ago. (KLAS)
Built across the street from Henderson City Hall, the shuttered property is seen every day by city staff commuting to work, including Mayor Romero.
However, workers and inspectors were spotted on the loft balconies Wednesday following a court decision that will inflow a maximum of $27,880,000 back to completing the job.
“[We are] working with the developer and the financer to make sure that we have a schedule in place for inspections and plan approvals and things like that so that we can keep their schedule moving forward,” Romero said. “It’s going to be very quick, and we wanted to make sure we were responsive to that as well.”
Built across the street from Henderson City Hall, the shuttered property is seen every day by city staff commuting to work, including Mayor Romero. (KLAS)
City staff said The Watermark is expected to open in four months, an ambitious goal according to Jeremy Day, owner of Freak’s Tattoo Emporium, who works next to the unoccupied tower.
“I would be thrilled to death if it would be open in a few months,” Day said. “Is it going to happen? We’ll see. It was supposed to be open well over a year ago, and it’s still not. Who knows, but that’d be awesome.”
Day said the completion of The Watermark would finally link the south and north ends of Water Street, adding foot traffic is restricted due to the construction site’s scattered fencing on the sidewalk.
Jeremy Day, owner of Freak’s Tattoo Emporium, works next to the unoccupied tower. (KLAS)
“All the sidewalk blockages and all that people come down the street, they don’t come any further,” he said. “It’s just been a dead end.”
Henderson Councilman Jim Seebock said he has heard many concerns from business owners, like Day, who have asked for an update and city action.
“We understand that it’s private sector, but we did have a stake in all of this because of where it sits,” Seebock said.
The Henderson Redevelopment Agency worked with the developer as the city attorney-assisted and even participated in some of the bankruptcy proceedings—interjecting with the city’s viewpoint—according to Seebock.
“We didn’t want to sit idly by,” he said. “Collaboratively, I think we are right where we want to be.”
Henderson Councilman Jim Seebock said he has heard many concerns from business owners, like Day, who have asked for an update and city action. (KLAS)
Finishing the job
Darren Gillett, managing member of Gillett Construction, toured the units and said the building was still in good condition—paving the way for an April opening.
“The project is about 90% completed,” he said. “Everything behind [S. Texas Ave] and the parking garage is substantially complete and looking really good right now.”
Multiple sources told 8 News Now a code enforcement tour found several issues with the property including a problematic extinguisher system and a flooded stairwell, but Gillett said the stairwell was only water stained and the extinguisher system was an easier fix.
“We have people on site verifying systems, cleaning things up,” Gillett said. “The subcontractors have been great, coming back out, helping us out, trying to ensure that the projects ready to move forward. When funding hits, hopefully, next week, all hell will break loose, and hopefully will be done in about four months.”
According to court records, a decision will be made on Friday regarding the multi-million-dollar influx of funds under the property’s new owner, 60 West.
Darren Gillett, managing member of Gillett Construction, toured the units and said the building was still in good condition—paving the way for an April opening. (KLAS)
“We’ve got the liquidity to let us provide the [debtor-in-possession] financing,” Gillett said. “Everything came together, and everybody’s working hard to get this thing across the finish line.”
Acres Loan Organization, a Delaware-based lender, has also paid back the utility costs for the property, which means this month The Watermark’s marquee will be relit—a sign of hope for Water Street.
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