Crystal Bay Advisors LLC is bringing its proposed 45-unit townhome development before the Henderson Redevelopment Agency on Feb. 17.
Crystal Bay Advisors LLC and its affiliate CBay LLC are the developers. Knit Studios is the architect.
The development will consist of two- and three-bedroom units. The conceptual site plan shows 11 separate buildings, each of which will have three-to-six units. Each unit will be eligible for individual sale to third parties.
The conceptual floor plan shows four separate unit styles. Two styles are entirely single-story units; one is two stories with a side entrance, and the final unit type is also two stories with a front entrance. Each unit will feature a garage.
The conceptual elevation plan shows the attached townhomes will have neutral tan tones with blue/green accents. Construction costs are estimated at $13.3M.
The 2.46-acre site is currently owned by the Redevelopment Agency. If the project is approved, Crystal Bay will purchase the vacant site from the Agency.
The site is located east of Center Street on Bruce and Randy ways. It is currently zoned Low-Density Residential with a Redevelopment Overlay.
Two independent appraisals were conducted on the property. The first valued it at nearly $1.7M, while the second valued it at slightly more than $1.5M. Staff proposed selling the land for a rough average of $1.6M.
A public comment session surrounding the potential sale of the property was held on Jan. 20. The agenda summary page says, “This development supports the City’s strategic goals by promoting infill residential growth, enhancing the quality and visual character of East Henderson neighborhoods, and contributing to housing affordability and diversity. It also advances the guiding principles of the Henderson Housing and Community Development Strategy by providing a range of housing options for residents with varied backgrounds and income levels.”
The summary page goes on to list a tentative development schedule. If everything goes to plan, the closing of escrow and the submission of all civil improvement plans will occur no later than Aug. 17, 2027. The record final map will be completed by Nov. 17, 2027.
Grading is expected to commence no later than Feb. 17, 2028, which would result in a targeted completion of Aug. 17, 2030. Redevelopment Agency staff recommended approval of the land purchase and sale agreement.
As the project is still in its conceptual phase, it is subject to a variety of changes.
