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What’s the latest on Watermark, a mixed-use Water Street apartment project?

Updated February 26, 2024 - 4:53 pm

The future of the Watermark, a mixed-use apartment project in the Water Street District of Henderson, is unclear as it missed its scheduled opening and is facing financial difficulties.

The apartment, office and retail project — located across the street from the America First Center ice rink — was supposed to open in the third quarter of 2023, according to the website of the developer, Strada Development Group. On Friday, there were fences surrounding the project site and work on the facade of the building was incomplete.

The Watermark is facing financial difficulties as several liens adding up to more than $14 million have been placed on the project, according to Clark County records.

Strada Development Group co-founder Tom Wucherer said in an email to the Las Vegas Review-Journal that the company is still “diligently working” to complete the Watermark project. But Wucherer didn’t comment on when the opening of the Watermark could happen or about a plan 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 Watermark was estimated to cost around $50 million and was supposed to offer 151 apartments, over 25,500 square feet of restaurant space and 12,500 square feet of office space to the Water Street District.

The city of Henderson didn’t respond to questions on the project and if Strada Development Group had provided any updated information on the delay.

Contact Sean Hemmersmeier at shemmersmeier@reviewjournal.com. Follow @seanhemmers34 on X.

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