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Water Street boom leading to new projects, increasing property value

Water Street boom
Posted at 11:44 AM, Mar 06, 2024
and last updated 2024-03-06 18:49:29-05

HENDERSON (KTNV) — What was once a quiet corner of town is now experiencing a boom in growth and expansion.

I headed out to Henderson's Water Street District to see the transformation in person.

Fred Johnson tells me the progress in the area is "out of this world."

He moved to Henderson 25 years ago and says Water Street is nothing like what it used to be.

"When I moved here, there was nobody. I thought I was the lone ranger here," Johnson joked. "I would get up in the morning and there was no one. Now look at it."

Water Street now showcases a range of new restaurants and bars with more development on the way. Upcoming projects include the Watermark Apartments, new commercial real estate spaces, the city's first six-story hotel and a series of new townhomes.

"The effort to transform downtown Henderson really started with the vision of city leaders and management back in 1995," said Anthony Molloy, the director of redevelopment for the City of Henderson.

Molloy says the transformation began with the creation of a downtown redevelopment area, but the most growth has come within the past five years.

"The [America First Center], the investment by the Silver Knights and the publicity and the exposure that created," Molloy explained.

This comes as good news for homeowners near Henderson's downtown because Molloy also says the growth is increasing property value.

Downtown Henderson developer Windom Kimsey saw this as an opportunity, recently opening Azzura Cucina Italiana right on Water Street.

"After one year, it has been a parallel success, having a restaurant down here," Kimsey said. "People come down here and they go, 'Oh wow. This is Water Street! I didn't know we had this out here on Water Street.'"

But while growth brings prosperity and change to our community, not everyone is a fan.

Johnson tells me he misses his smaller community.

"I don't like it. I actually don't like it the way it is," Johnson said. "It's too much. I'm a little older and I just can't get around like I used to."

Molloy tells me the Watermark Apartments, the new hotel and the new townhomes will be completed within the next year and more projects are in the works.