Strada Development Group faces more than $14 million in liens while struggling to complete an urban retail village outside Las Vegas.
The locally based developer has run into financial difficulties as it falls six months late for the scheduled opening of its Watermark development at 215 South Water Street, in Henderson, the Las Vegas Review-Journal reported.
The $50 million apartment, office and retail project across from the America First Center ice rink was supposed to open in the third quarter, according to Strada’s website.
Plans call for 151 apartments, 25,500 square feet of restaurants and 12,500 square feet of offices.The five- and six-story complexes, clad in white with gray, salmon and slate-blue trim, have inset and exterior balconies, with ground-floor dining, according to renderings.
The 200,000-square-foot Water Street District development was supposed to create an upscale “hub for interactions (that) echoes the world’s most renowned downtown districts.”
Instead, there are fences surrounding the project site and work on the facade of the building is incomplete, according to the Review-Journal. The developer also faces several liens adding up to more than $14 million slapped onto the project, according to Clark County records.
Tom Wucherer, co-founder of Strada, said the company is still “diligently working” to complete Watermark, according to an email sent to the newspaper. But he wouldn’t disclose its expected opening or how the developer plans to address the liens.
“All projects have their challenges,” Wucherer said in an emailed statement. “We are addressing our challenges, working on a strategy for occupancy permits and keeping the city apprised of the progress.”
The City of Henderson didn’t respond to questions from the Review-Journal about the project.
Strada Development, founded in 2017, builds mixed-use, hospitality, food and beverage, casino and entertainment environments, according to its website. Past projects from its founders include the Bellagio, The Playboy Nightclub and TopGolf ranges.
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