Nothing more than a foundation for the past year, Parkline Lofts, on the southeast corner of Basic Road and Pacific Ave., has been sold to a new developer.
Thursday, Aug. 28, 2008 | midnight
Parkline Lofts has been sold to a new developer. The city of Henderson is working with the new developer to get the project back on track.
A long-stalled housing development that was to go up along a block of Basic Road in downtown Henderson may get a second chance from new owners.
Parkline Lofts, a 65-unit loft-style condominium project on the corner of Pacific Avenue and Basic Road, was approved in 2004 and broke ground in 2005 after 11 homes on the block were purchased and torn down.
The project came to a halt a short time later, leaving nothing but concrete pads with plumbing pipes sticking out of them while the owners went through bankruptcy proceedings.
Now, another party has stepped in and rescued the property, and is in the process of deciding what to do with the land, Henderson Redevelopment Manager Michelle Romero said. She would not identify the buyer.
"The foreclosure and bankruptcy have been taken care of," Romero said. She said she could not comment further because the party has not decided what it will do with the land and has submitted no applications to the city.
The Clark County assessor's office still shows that the 2.14-acre site still belongs to Parkline Properties, the original developer. A phone number for the property's original developer and owner, Jack Webb, was not in service.
The failed project has delivered a financial blow to the Henderson Redevelopment Agency, which purchased nine of the 11 lots that were combined for Parkline Lofts from the city, then resold them to Parkline Properties. The arrangement was for Parkline Properties to repay the Redevelopment Agency as it sold the condominiums, and then for the agency to repay the city.
When the project went bankrupt, the Redevelopment Agency was left holding an empty bag.
"As part of the bankruptcy and foreclosure process, we lost, just like the bank did," Romero said.
On Aug. 19, the Henderson City Council voted 4-0 to give the agency three additional years to pay off the $792,000 loan, which was originally due in September 2009. The agency will have to repay $170,000 that it borrowed from the Parks Fund by the original date in 2009, but will have until 2012 to repay the remaining $622,000 that it borrowed from the city's Land Fund.
Jeremy Twitchell is a reporter for the Home News. He can be reached at 990-8928 or [email protected].
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