Developers celebrate as Lake Mead Crossing fills up

By Dave Clark

Thursday, Oct. 30, 2008 | midnight

Developers hosted a grand opening celebration Oct. 21 at the Lake Mead Crossing Shopping Center, a 51-building project officials billed as the largest retail complex ever built in downtown Henderson.

A Target store opened this summer at the site near Water Street and Lake Mead Parkway. Occupants such as Staples, PetSmart and Marshalls are scheduled to open in early 2009, said John Stewart, a principal with developer Juliet Companies.

With the economic downturn, however, the expected completion of the entire $130 million project has been pushed back a year to 2011.

"A number of retailers are putting their expansion plans on hold," Stewart said. "They're bracing for a slow holiday season. It's taken quite a bit more time and effort with leases."

Stewart also said the project's timing was fortunate, citing lenders' present skittishness.

"Had we started the project 12 to 18 months after this, it would've looked a lot different," he said.

He pointed to the project's location as another positive, contrasting it with other sites on the edges of developing areas.

"Downtown Henderson was basically under-served from a retail perspective," he said. "Tenants are looking at this as infill."

Of the 260,000 square feet completed so far, Stewart said, about 220,000 square feet are occupied.

Phase II, which is now under construction, will add 125,000 square feet, with stores opening in January, February and March 2009.

Stewart said Phase III will add 100,000 to 150,000 square feet with of office and retail space on the east and west ends of the 73.5-acre property, much of it along the Water Street Redevelopment Corridor.

While the developer is not as far along on Phase III as originally envisioned, a number of prospective tenants have been lined up, Stewart said. He could not disclose them.

Phases IV and V will consist of smaller expansions throughout the shopping center to be completed within the next few years.

Prior to the ribbon-cutting, Stewart praised the city of Henderson and financial institutions for their commitment to the project.

"We feel very good about the decisions we made — the quality of the shopping and the tenants," he said. "Everything is what we envisioned."

Stewart projected the center would create 1,200 construction jobs during the course of the building, along with 1,500 operations jobs. He said the center would generate about $16 million in taxes annually.

Henderson Mayor Jim Gibson praised the development's impact. "This has changed the entire complexion of the downtown area for us," he said. "I know it's successful. All I have to do is look at my wife's credit card bill."

Dave Clark can be reached at 990-2677 or [email protected].