City, developer fine-tune college land deal

Valerie Miller

Monday, March 20, 2000 | 11:12 a.m.

Henderson may be trading close to 135 acres of city-owned land to acquire the site proposed for the Nevada State College, the owner of the property said Friday.

Dan Stewart, president of the LandWell Co., said that while the final details are still being worked out, the most likely agreement would have the developer getting about 135 acres to be added to LandWell's 2,000-acre Provenance master-planned community.

In exchange, the city would receive 260 to 280 acres of LandWell's property along Boulder Highway just north of the intersection of Boulder Highway and Lake Mead Drive.

Stewart's comments came after a meeting Friday of the Advisory Committee to Examine Locating a Four-Year State College in Henderson.

The exchange would include more property than previously estimated. John Rinaldi, Henderson's city property manager, last week said three city-owned sites totaling close to 91 acres were designated for the exchange, but Stewart said Friday that although various parcels were looked at, LandWell has now narrowed it down to three that would encompass close to 135 acres.

Among the sites to be included in the exchange is an unappraised 65-acre parcel near Warm Springs Road and McCormick Street, north of the college site.

The other parcels the city and LandWell have now tentatively agreed to trade are 55 acres at the north end of the Provenance development area and a 12-acre parcel on Lake Mead Drive just south of Warm Springs and south of the college site. The 12-acre parcel, zoned for apartments, will likely be used in Provenance for apartments.

"These will most likely be the pieces of land LandWell will receive from the city, but the details are still being worked out, so it is always subject to change," Stewart said.

The committee voted to recommend the proposed site to the university Board of Regents, which will vote on the matter April 6-7.

The Legislature will still have to approve capital and operating funds for the state college during its 2001 session.

"This is an extraordinary and unprecedented gift," Henderson Mayor Jim Gibson said of the land that will be provided at no cost to the University and Community College System of Nevada if the state college becomes a reality.

The value of the college site is estimated at about $40 million, Gibson said.

LandWell considers the deal with the city a combination of a land exchange and a gift, since the college site is likely worth more than the property LandWell is acquiring from the city, Stewart said.

Provenance, which has been in the planning stage for four years, will include 7,000 housing units of all types and take eight to 10 years to complete, Stewart said. The community of 18,000 to 20,000 people will be adjacent to the college.

The city and LandWell, the real estate arm of Black Mountain Industries, first talked about the site for the college last fall, Stewart said.

"First and foremost, we feel it will be wonderful for Southern Nevada and have a positive effect on the community," he said.

The exchange agreement should be done in 90 to 120 days, Stewart said. The agreement is conditional upon the college being built on the site.

Other action taken by the Advisory Committee Friday included recommendations to approve the mission statement for the college as well as its master plan, a preliminary enrollment plan and a capital funding list of $63 million for the first three buildings to be built on the campus.

Valerie Miller is a reporter for the Sun. She can be reached at (702) 259-2319 or by e-mail at valerie@lasvegassun.com.