LAS VEGAS (KLAS) – For a year, representatives for The Watermark have not revealed much information regarding the once abandoned, $50 million project. Now, the developer is going on the record—starting with an apology.
“I’d like to apologize for not being the most communicative person in the world,” Tom Wucherer, a Strada Development Group co-founder, said. “We didn’t know what to say, so we didn’t say a whole lot along the way. I apologize for that.”
Wucherer acknowledged mistakes as his shadow cast down the steps from the city hall plaza toward his soon-to-be-completed high rise, The Watermark. The project has experienced a bankruptcy, lawsuits, and millions of dollars’ worth of liens. However now, the developer wants to explain what happened.
“There were some material shortages, there was some price increases, there’s some interest expenses, all of those things had some tough challenges on the project,” he said. “We looked at it, took a step back. Ultimately, we’ve come up with a plan that was approved by the court.”
On Friday, a U.S. Bankruptcy Court decision showed a $27,880,000 loan would be approved to complete work on The Watermark. Strada Development said they are a 50/50 owner with 60 West, which is the controlling financial partner. The decision follows a Dec. 2024 halt of the project when construction workers walked off the job. Over $16 million worth of liens were filed against the owner over the course of a year, according to records obtained by 8 News Now.
Ultimately, the company connected to the property, DTH 215 LLC, declared bankruptcy. Lawsuits filed in district court revealed allegations of unpaid construction workers and disputes connected to access to the property. The City of Henderson told 8 News Now they followed the proceedings of the project. The city attorney even intervened in bankruptcy court.
“We appreciate the city’s patience and the community at large and their patience with us,” Wucherer said. “We will be more communicative as this moves forward.”
Wucherer said they are looking forward to finishing the property and moving in the commercial tenants.
“We have one lease that is still intact, and that’s for a soda shop, which we’re looking forward to moving forward with that,” he said. “We apologize to those people that moved on to other places.”
However, The Watermark is not the only project on the books for Strada Development Group. Wucherer said The Waterfalls, a 22-story tall structure pitched for Lake Mead Boulevard and Water Street, was on his desk this morning.
“Our focus is on this project right now, our focus is getting [The Watermark] done and fulfilling our commitment to get it done,” he said. “The other projects are always kind of the next thing and where we’re going with the pipeline. There will be more stuff coming from us, that is for sure.”
Gillette Construction, the builder, told 8 News Now the property is expected to be completed in April.
More Henderson high rises?
Strada Development Group lists several projects on their website, including The Waterfalls and The Atlantic—in total over $200 million worth of construction in downtown Henderson.
City of Henderson Councilman Jim Seebock, who represents the ward which contains downtown Henderson, said he would like to see the development group finish what it started first.
“My thought, my support is, let’s just get Watermark opened one step at a time before we look ahead on what’s planned here in the City of Henderson,” he said. “I’m always for projects that are going to benefit the city, and specifically the Water Street district area and the community around it, but as far as this goes, I’m more one step at a time.”
Seebock said city staff found The Waterfalls process has since expired and explained if any further work was to be completed, it would have to go back through city hall.
“They can’t move forward at this point with that,” Seebock said.
The development on Water Street paired with the protection of Water Street’s distinctive culture is a balancing act, according to Seebock.
“It’s a place where you can come and your kids can go to hockey, you can get dinner, you can go to a bar, you can get ice cream, and you go to all those entertainment options,” he said. “It still has that small-town charm and small-town feel. It’s still unique. We have a commitment to this area and to redeveloping it, and we do it with that in mind.”
