City expected to sign off land sale near airport
The city of Henderson is expected to see new development as three investors work together to purchase a parcel of land near the Henderson Executive Airport.
The 150 acres of land are slated to house a 2 million-square-foot industrial park next to the airport at 3500 Executive Terminal Drive.
Bob Cooper, economic development manager with the city of Henderson, said the land sell agreement should be finalized at the City Council meeting Dec. 18.
"Our hope is that we are going to see something ASAP," Cooper said. "There aren't going to be any delays (in development) once they take ownership of the land."
Panattoni Development, M.J. Dean Construction and New West Co. were approved at the Oct. 16 City Council meeting to make an offer on the land for $13.6 million. The project would be known as the South15 Airport Center.
"It is a prime location," said Terry Manley, owner of New West Co.
The developers are looking to break ground in the first quarter of 2013. Manley said this deal is happening at the right time.
"We like the way the market is moving," Manley said.
The city and the developers are finalizing the last parts of the agreement, Manley said.
Manley added that it is likely the space would attract businesses looking to house something in the realm of a distribution center.
Cooper said this deal is about three years in the making.
When looking to fill that space, the city of Henderson didn't want someone who would just buy the property, then turn around and sell it for a profit.
"We wanted someone to develop," Cooper said.
Cooper added that the city didn't want the parcel of land to be turned into a residential development.
The property was originally owned by the Bureau of Land Management, but the city was able to acquire the land through a congressional bill. Because it was a smaller bill, Cooper said it took a while for it to be presented in Congress.
The money received from the sale would go back to the BLM through the Southern Nevada Public Land Management Act of 1998.
At the height of Henderson's growth, Cooper said the city's business parks, in particular those that appealed to industrial space, were filling up. When bigger companies would scope out Henderson to see if it was an ideal place for a headquarters or expansion, the lack of industrial space was a hindrance.
"That hurt us a few times," Cooper said.
The city's vision was to have a premier business park.
"It wouldn't compete with the traditional business parks we have," Cooper said. "It would be set apart with design standards."
Cooper said the city was approached by design firm Panattoni about the area, potentially negotiating a deal to put Amazon.com in at that location.
Even after that deal fell through - the company chose a California development instead -- Panattoni was still interested in developing the land.
Cooper said the city and the developers took about six months to negotiate expectations for the space.
Contact Henderson/Anthem View reporter Michael Lyle at mlyle@viewnews.com or 702-387-5201.
