Vicki Pullen and Koko Darakjian, developers of the Pinnacle and Meridian, respectively, have invested in Henderson redevelopment. Photo by Ronda Churchill
Downtown Henderson may not be evolving at the same pace as its big-city neighbor Las Vegas, but the look and feel of the Water Street District have changed noticeably over the past few years.
Modern office buildings such as Water Street South and the Pinnacle have popped up at key intersections along the city's main drag. The Meridian, which will have apartments for rent above office and retail space, is under construction. The city recently opened Henderson Events Plaza between the new City Hall and renovated convention center.
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The Henderson Redevelopment Agency, formed in 1995, has $310 million in projects that are planned, completed or under construction in the 1,400-acre redevelopment district, redevelopment project manager Michelle Romero said.
Sam Cherry, developer of SoHo Lofts in downtown Las Vegas, is proposing 500 condominium units with 35,000 square feet of retail in two 12-story towers with a parking structure at Water Street and Victory Road. He's in final negotiations with the redevelopment agency and still must go before the board for approval, Romero said.
Arik Raiter, whose family built several commercial and residential projects in Las Vegas since moving here from Israel 10 years ago, plans to build the $90 million City Towers at Water Street and Lake Mead Parkway, formerly the site of a gasoline station and motorcycle shop.
The first phase consists of a 13-story office and retail building with six levels of parking, while the second phase would be 137 condo units on top of parking. Entitlements are approved and the development deal is going before the board.
The redevelopment agency is striving for diversity in downtown Henderson, but it also wants the architectural design of new buildings to tie into the 1950s theme from when the city was founded, redevelopment manager Rob Ryan said.
"We're focusing on trying to build on the fact that it's the only traditional downtown in all of Las Vegas Valley," he said. "North Las Vegas doesn't have a traditional downtown. You have downtown Las Vegas, but it's not Water Street."
Once known as "Hooterville" because it was so far removed from the glitz of Las Vegas and the Strip, Henderson has emerged from a World War II manufacturing town to a thriving midsize city that ranks among the fastest-growing in the nation with a population of about 250,000.
Henderson is more than a 20-mile drive away for most people in the valley, but that hasn't stopped them from coming to events such as ArtFest, Super Run Classic Car Show and Farmers Market, Ryan said.
"Every event, people say they can't believe how much it's changed down here. There's enough going on now so people can see what it can become," he said.
The agency is unveiling its new logo for the Water Street District during the Fine Arts Festival Oct. 28 at the Henderson Events Plaza.
Ryan said he wants to bring more people to downtown Henderson to support the arts, culture and specialty boutique shops along Water Street. The daytime employment population within a 1-mile radius of the Water Street District is about 8,000, he said.
"We're trying to tap into that Water Street base to get it revved up and going," Ryan said.
With 30,000 square feet, Water Street South at Basic Avenue is home to Nevada State College, Clark County Credit Union and It's a Grind Coffee House. Developer John Simmons plans a second phase of 28,500 square feet of office space on two levels with surface parking. Nevada State College intends to occupy the entire building, creating 105 jobs and an economic impact of $25.1 million.
Pinnacle, completed in February, has 11,000 square feet of executive suites and a Mexican restaurant on the ground floor at Water Street and Atlantic Avenue. The redevelopment agency sold the land to developer Vicki Pullen at market value and provided a $650,000 deferred loan to be fully paid off in five years.
Pullen said she wanted to develop in downtown Henderson because she likes the "small-town feel" and because her husband was born and raised there.
"I can see the redevelopment vision, what they're projecting here. I can see it happening here and I want to be part of it," she said. "I have a prime corner."
Meridian, across from the Pinnacle, is a 20,000-square-foot mixed-use project with commercial retail on the first floor, professional offices on the second floor and residential apartments on the third floor. Completion was scheduled for July. The agency provided a $775,000 deferred loan to developer Koko Darakjian.
The Water Street improvement project is providing amenities such as stamped concrete sidewalks, new trees and landscaping and enhanced street furnishings. Three public parking lots along Pacific Avenue and Market Street were completed in November 2005 at a cost of $280,000.
The redevelopment agency provides incentives in the form of grants, low-interest loans and take-out financing, or permanent financing. Programs that helped new and existing businesses succeed were the facade improvement program, which is no longer available, and the revolving loan fund.
These programs provide financial assistance to business and property owners for improvements, startup capital, equipment and other business expenses. The agency also administers the homeowner assistance program, which provides grants and low-interest loans to residents living within the Downtown Henderson Redevelopment Area.
