The Cornerstone Development Partnership was established with the goal of reclaiming, entitling, planning, financing, and developing a 300-acre, 40- year old de-activated aggregate quarry to convert this strategically located surplus property into a commercial and mixed-use project consisting of an approximately 160 net acre master-planned office/ retail/housing development located at the northwest quadrant of Interstate 215 and Stephanie Street in the City of Henderson, Nevada, and also included a 100- acre passive use park for the City of Henderson which also was designed and built to serve as a flood control basin for Clark County Flood Control District.
Cornerstone 1, LLC, a Nevada limited liability company (“Cornerstone”) owner of the Property, was a partnership between Hanson Aggregates West PLC and Griffin Structures. Hanson engaged Griffin as its joint venture developer partner to manage the transition from mining operations through project development. In turn, Cornerstone engaged the City of Henderson and Clark County in a Public Private Partnership to co-develop the private and public sector components of the overall 300-acre development.
In its capacity as Master Developer, Griffin’s responsibilities included entitlements, infrastructure design and construction (site grading and fill, wet/ dry utilities, roadways, box culverts, etc ), securing financing for the onsite/offsite improvements (utilizing an L.I.D structure), oversite and management of planning, architecture, engineering, negotiations and of the cessation of the operations of the continuous-use gravel/asphalt batch plant.
Griffin, as Master Developer, was also responsible for the marketing and successful disposition of the entitled parcels to third party developers in accordance with the strategic business plan. Griffin’s responsibilities also included the creation of the second Redevelopment Area in Las Vegas as well as extensive and collaborative negotiations with the Bureau of Land Management, UPRR, City of Henderson, Clark County and the Clark County School District.