Developer of Henderson mixed-use project files 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.

DTH 215 Venture filed for bankruptcy due to “cost and schedule overruns,” said Tom Wucherer, a co-founder of Strada Development. He said the company is in conversations with the general contractor, Gillett Construction, overseeing the build of the Watermark and Henderson city officials about the status of the project.

“We look forward to the completion of the project and remain steadfast in the belief that The Watermark will make a great impact on Water Street upon its completion,” Wucherer said in an emailed statement.

Gillett Construction filed a lawsuit against DTH 215 Venture for breach of contract in Clark County District Court. Gillett Construction said in its court filing it first entered into a contract for the Watermark in March 2021 and by May 2023 DTH 215 Venture stopped making payments and by January Gillett Construction stopped work on the Watermark.

Gillett Construction said in court documents it owed over $11.4 million for work on the project and that it loaned $2 million to DTH 215 Venture for 14 percent interest which it hasn’t been paid back at all.

Gillett Construction 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.

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

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