HENDERSON (KTNV — The Watermark building, once considered a beacon of downtown Henderson’s revitalization, now faces an uncertain future. The multi-use complex that promised to breathe new life and more foot traffic into the neighborhood has become a symbol of frustration and stagnation after an unexpected halt in construction late last year.

Originally announced in 2021, the Watermark building was intended to be a vibrant residential neighborhood that would attract both residents and visitors to downtown Henderson. Developers and city officials had high hopes that the new complex would invigorate local businesses, contribute to economic growth, and increase the overall appeal of the neighborhood.

However, those optimistic projections took a sharp turn in December 2023, when construction on the Watermark building was abruptly halted, according to nearby business owners.

“What worries me is that it’s an eyesore when developments like this one on Water Street stagnate for a long period of time,” says Mikel Conrad, who owns a photography studio less than a block from the construction site.

“I thought maybe it was a money issue with the investors, maybe someone just didn’t get everything together. I thought it would only take a few months, but now we’re almost at a year,” Conrad continued.

Channel 13 was able to contact the Strada Development Group, which owns the complex. This was their response to our questions:

Reason for the stop: What was the reason for the sudden cessation of construction activities?
Due to cost and schedule overruns on the part of the contractor, construction work was stopped.

Current status: What is the current status of the project and what are the immediate next steps?
Due to these cost and schedule overruns, the project, owned by DTH 215 Venture, LLC, has been placed into Chapter 11 reorganization proceedings. A plan is currently being developed to complete the project as scheduled.

Schedule impact: What impact will this disruption have on the overall project schedule and estimated completion date?
All we can say at this point is that the project schedule has obviously been impacted, but we are not yet ready to speculate on an estimated completion date.

Solution plan: What actions will be taken to resolve the problem and resume construction?
As we develop the plan, we continue to engage in discussions with the contractor and other stakeholders regarding the completion of the project.

I would appreciate receiving detailed information as soon as possible and, if possible, an estimated timetable for the resumption of construction work.
As soon as the details are finalized, we will be happy to provide you with more detailed information.

Henderson city officials sent Channel 13 a statement on the status of the project, saying:

“We are aware of the current status of the project and will continue to monitor it. We remain optimistic about the completion of the Water Street project.”

In the meantime, many local business owners and residents hope a solution will be found soon so the Watermark building can serve its original purpose and make a positive contribution to downtown Henderson.

“We want everything to be clean. We want Water Street to be alive. We want Water Street to be livable. I’m confident we can do that,” Conrad said.