Green Valley Ranch is getting a new front porch. And it just got the money to finish the job.
On October 21, JLL Capital Markets announced it arranged $48.2 million in financing through Bayview Asset Management for The Cliff. The borrower team is VAC Development and CAST Capital Partners.
The Cliff is a $100 million redevelopment at 2500 Paseo Verde Parkway, Henderson, NV 89074. It turns two obsolete office buildings on 10 acres into a 100,000-square-foot open-air campus of dining, retail, wellness, and entertainment.
The Money Just Landed, and the Cranes Are Already Up
Financing news can be paper talk. This one is not. Construction officially started September 1, right after a VAC Development-led joint venture acquired and recapitalized the property at the end of August.
CAST Capital Partners stayed in the deal as a partner. CAST first acquired the office property in 2023 for $17.2 million.
JLL calls The Cliff Henderson's first high-end lifestyle retail development in over 20 years. The site fronts I-215, visible to over 177,000 vehicles per day.
Here is the part most neighbors miss. This is not new sprawl on empty desert. It is a dead office property getting a second life in the middle of the 1,310-acre Green Valley Ranch master-planned community.
The trade area explains the bet. JLL counts over 300,000 residents and workers within a three-mile radius.
Average household incomes within one mile exceed $147,000. That is the customer base these tenants are building for.
Who Is Already Signed
Arhaus, the home furnishings retailer, anchors the project. The centerpiece for everyone else is a signature 26,000-square-foot covered outdoor dining lounge.
Signed tenants so far:
- Arhaus, the anchor home furnishings store
- The Taco Stand and Killer Whale Creamery for food
- Wine Girl, Lyte House, and Barista Botanist for drinks and wellness
- Visual Comfort for lighting and design
- Pvolve and BODYROK, the project's first two fitness concepts
The plan goes past shopping. Ownership plans live performances by bands and DJs, plus comedy, karaoke, car shows, seasonal markets, and arts and crafts fairs.
What to Watch, and When
Ownership targets delivery to tenants in the second quarter of 2027. That is the date Green Valley Ranch residents should circle.
There is still room at the table. A LoopNet listing for the property, updated November 6, showed 57,631 square feet still available to lease.
So the actionable move splits two ways.
Local brands that want in should make the call now, while space remains and tenant build-outs have not started. Residents should expect an active construction site near Paseo Verde and St. Rose Parkway through the build.
Two office buildings nobody bragged about are becoming the neighborhood hangout. Green Valley Ranch waited over 20 years for a project like this. Now it is funded, signed, and under construction.
