Las Vegas developers already drafting new projects

Southern Nevada housing market is in a slump, a description that is widely accepted throughout the community. It started with the residential sector and has now spread over to the commercial and resort sides as well. There are some cautious signs that the residential real estate market is beginning to make some noise as resales, specifically in the lower end of the price scale, are attracting homeowner-candidates and long-term investors. To some it's a welcome indication that a turnaround is already visible on the horizon and they are busy making plans for future developments.

GSG Development is one of them, a local firm with a solid background in commercial real estate. It has set its sights on a Henderson parcel near the Galleria at Sunset mall where it proposes to build a mixed-use project that can be called ambitious. The around 1,600 residences that will be included in Park Heights come in many flavors; mid- and high-rise condominiums, garden homes, townhouses and live-work spaces. Some of these units will be housed in two 30-story towers. Besides residential, as expected, the draft calls for large amounts of office and retail space, a hotel and a civic building. The project still needs an approval from Henderson's Planning Commission before the first dusty shovelful of dirt is turned over.