Henderson redevelopment project gets extension for ‘fine-tuning’

Valerie Miller

Thursday, April 6, 2000 | 10:21 a.m.

The proposed $100 million Fountain Plaza, part of downtown Henderson's redevelopment, has received another extension to facilitate negotiations with the city.

The Phyllis E. Thompson Co. received the 90-day extension Tuesday on its right to negotiate the project from Henderson's Redevelopment Agency.

Thompson already received a 45-day contract extension in February to try to work out details, including financing of the project. Financing, design and the pace of development are the key issues still to be worked out, according to Henderson planner Bob Wilson.

"They're fine-tuning the project," he said.

Thompson is proposing a three-phase development along Water Street, downtown's main street, between Basic Road and Ocean Street.

Three buildings are planned for the first phase -- a three-story, 105,000-square-foot office tower, a two-story, 23,500 square-foot building with retail space and offices, and a two-story retail complex along Water Street.

Victor Vincent, vice president of the Thompson Co., said future phases include a five-story parking structure, a two-story retail structure, 65,000 square feet of retail space and a five-story, 200-room business hotel with on-site parking. The Henderson Convention Center, currently 14,000 square feet, could move into the 65,000 square feet of retail space as part of a future expansion, Thompson officials said.

The developer estimated that the first phase of the Fountain Plaza project would cost about one-third of the overall $100 million cost.

Projects included in the redevelopment area can receive up to $1 of public redevelopment funds for every $10 of private funds invested in the development.

Phyllis Thompson said after the meeting that she was pleased to receive the extension.

"The project is coming along fine, and right now we have good communication with the city," she said.

Thompson has maintained that communication problems with the city have slowed her project. "We still hope to break ground on the project by the end of the year."

"Some project will eventually go on that corner," Wilson said, "and Phyllis Thompson is working very hard to be that project."

Thompson is slated to meet with the Redevelopment Agency again in July.