Developer misses another Henderson project deadline

Jeffrey Libby

Friday, Feb. 16, 2001 | 10:24 a.m.

Developer Phyllis Thompson missed another deadline Thursday for her $100 million redevelopment project in downtown Henderson.

Thompson said last week she was confident that final design plans for the first phase of the project would be complete on time. The plans would build three office and retail buildings totalling 159,000 square feet at the corner of Water Street and Basic Road.

But Thursday her architect never showed.

Bob Wilson, manager of the city's Redevelopment Agency, wasn't pleased.

"They've reached about the end of their rope," Wilson said.

Fountain Plaza would be the first public-private partnership to break ground in the old downtown area and the first significant step toward revitalizing 1,307 acres the City Council designated as blighted in 1995. In the planning stages for three years, the project has seen the usual delays for a project of its size. But keeping Wilson happy will continue to be important for Thompson.

Wilson is charged with doling out $3.8 million in city assistance Thompson stands to gain if she can secure $25.8 million of her own money to get the project started.

Thompson would also earn a cut of city tax revenues generated by the project over the next 25 years.

But she is behind on several other deadlines as well.

Thompson has yet to acquire all the homes necessary to build the 6.5-acre development, something she was supposed to achieve no later than Jan. 15, according to her agreement with the city.

Thompson also missed a deadline in December for putting financing in place for construction. She is still in the negotiating stages with three banks.

Some have speculated that Thompson's relatively recent arrival to developing has contributed to delays. Fountain Plaza is her first project as head of her own company.

As recently as last week, Wilson said the deadlines could be caught up easily. Thompson spoke of breaking ground next month.

But Thompson could also risk losing her exclusive agreement with the city to develop the 17 house lots owned by the city if she is unable to make up for lost time quickly.