Developer of Henderson mixed-use project files for bankruptcy

The developer of a mixed-use apartment project on Henderson’s Water Street has filed for bankruptcy.

The development company behind the $50 million Watermark project, DTH 215 Venture LLC, filed for bankruptcy in early June.

DTH 215 Venture is associated with the Strada Development Group, which has been developing Watermark in the Henderson Water Street District. This project was supposed to cost around $50 million and offer 151 apartments, over 25,500 square feet of restaurant space and 12,500 square feet of office space.

In the initial bankruptcy filing, DTH 215 Venture said it had 50 to 99 creditors and its assets and liabilities are both in the $50 to $100 million range.

Strada Development didn’t immediately return a request for comment.

Strada Development’s progress on Watermark has been paused throughout this year and the building was originally supposed to open in 2023. The project has many liens filed against it that add up to more than $14 million.

Tom Wucherer, a co-founder of Strada Development, told the Las Vegas Review-Journal in February that the company was “diligently working” to complete Watermark but hasn’t provided any new updates.

“All projects have their challenges,” Wucherer said in a past emailed statement. “We are addressing our challenges, working on a strategy for occupancy permits and keeping the city apprised of the progress.”

Strada Development’s website now lists the completion of the Watermark for the third quarter of 2024.

This is a developing story. Check back for updates.

Contact Sean Hemmersmeier at shemmersmeier@reviewjournal.com. Follow @seanhemmers34 on X.