Water Street, a once sleepy corridor now lined with restaurants, breweries and other businesses, may have a skyscraper in its future.
Strada Development Group has filed plans with the City of Henderson for a 22-story project at the southeast corner of Lake Mead Parkway and Water Street. The tower would occupy just over 2 acres of land and include 110 hotel rooms and 225 apartments.
His project, The Waterfalls, would also include meeting rooms, offices and other commercial spaces, as well as a restaurant and sky lounge on the upper floors.
Strada hopes to innovate in mid-2023, co-founder Tom Wucherer said this week.
The tower would mark a dramatic entrance to a commercial corridor that city officials had long sought to revitalize. It would also sit across the street from The Watermark, a seven-story mixed-use project by Strada that is nearing completion.
Wucherer said the new tower would leave the company “tight in the books” on Water Street, and because The Waterfalls would be closer to Lake Mead Parkway and busy highways, it made sense to build taller.
Southern Nevada has a long history of developers making big plans and never following through, especially for high-rise buildings. The Waterfalls site itself was earmarked years ago for City Tower, a never-built project that was supposed to have condos and commercial space, according to city information and records.
Wucherer declined to say how much it would cost to develop The Waterfalls. He noted that it’s not on the Strip and his company won’t spend Strip prices on it. Still, he thinks the skyscraper is the “right size for the market.”
Water Street used to be a quiet place with limited foot traffic, but more food and drink outlets have opened lately, and more people are heading there.
Some larger real estate developments have also taken shape, including Lifeguard Arena, the practice rink for the Silver Knights minor league hockey team, and The Watermark.
Las Vegas-based Strada opened The Watermark, a $53 million project last year that will include 151 apartments and two levels of retail space.
The company is looking to complete the building by the end of this year or early next year, Wucherer said.
This year, Wucherer’s group isn’t the only one looking to bring new hotel rooms to Water Street. Developer Joe DeSimone has also filed plans to build a hotel in the parking lot of his downtown Henderson casino, The Pass.
There is also one less competitor nearby.
Station Casinos’ parent company, Red Rock Resorts, announced in July that it would demolish the shuttered Fiesta Henderson, along with two north Las Vegas hotels that have also been closed since the pandemic began, and sell all three locations. .
The 224-room Fiesta Henderson is about a mile and a half from The Waterfalls site.
Of course, building a skyscraper is not an easy task. But if one takes shape on Water Street, it would bring a towering project to an area that in the not-too-distant past had little to look at.