Meridian breaks ground downtown

RLK Investments, LLC and the Henderson Redevelopment Agency recently celebrated a groundbreaking ceremony for Meridian, the Water Street District's first fully mixed-use development.

The $5.2 million three-story building, located across from the Henderson Convention Center at 155 Water St., will include retail, office and residential space.

"It is truly mixed use. You can actually work and live in the same location," said Koko Darakjian, a partner at RLK Investments.

Lisa Sich, accountant II for the city of Henderson and the city's project manager for the Meridian building said the city provided the group with a deferred loan for $775,000 with interest bearing. Sich said partners at RLK Investments are required to pay the loan off in five years.

Sich said the city already has given initial approval for more mixed-use projects, mostly located near Victory Road and Water Street.

"We think it'll be great to have people living where they work," Sich said. "And those people can also go out and support the businesses down there. It's a win-win situation for everyone in Henderson."

Darakjian said RLK Investments first purchased land at Atlantic Avenue and Water last March, then became interested in an adjoining parcel owned by the redevelopment agency. The company approached the agency about purchasing the land and using it, along with the parcel already owned by RLK, for a mixed-use project in-line with the redevelopment agency's goals for the downtown area.

"Our project will be beneficial because of the mixed-use aspect," Darakjian said. "It's great to redevelop something, but you can't just do retail -- you need to have people downtown to shop at retail stores."

In keeping with the redevelopment agency's move toward an art deco look in downtown, Darakjian said Meridian will have a very modern looking exterior.

Because the Meridian development has been fast tracked, construction should begin in January, and the project should be complete in June. The first floor will be dedicated to retail space, including AZO's Cafe, a Mediterranean restaurant, while the second floor will house office space and the third floor will contain five apartments.

Each floor will be approximately 7,000 square feet.

Darakjian said the company decided to rent the apartments rather than sell them because it wouldn't make sense to sell just five apartments in a mixed-use building like Meridian's. Each of the apartments will be about 1,000 square feet, and will include marble counters, 10-foot ceilings, Juliet balconies, all major appliances and access controlled elevators, and three of the apartments also will include city views.

The company will not start considering renters for the apartments until the basic steel structure is complete, but Darakjian said they are hoping to gear them toward professionals that work in the downtown Henderson area and could walk to work from the Meridian building.

In addition to AZO's Cafe, Darakjian said he is hoping to see a selection of retail businesses that are not currently represented in the downtown area.

"We're trying to work on a pizza establishment -- that's something that is needed in downtown Henderson," he said. "We want to add businesses the area needs."

Vegas Valley Commercial is serving as broker for the Meridian project. For more information, visit www.vegasvalleycommercial.com.