Cornerstone, A Joint Venture Of Griffin And Nuquest

• Partnered with Hanson, plc to entitle and sell a 235-acre surplus aggregate mine in Henderson, NV.


• Created a public/partnership with the City of Henderson to finance a drainage detention basin and 100-acre regional park by forming a redevelopment territory with 100% of the tax increment paying for the regional park and providing the remaining fill material for the 235-acre site. Ultimately the RDA tax increment value will approach over $300M for the City of Henderson.


• The 100-acre park was designed, financed and currently under construction.


• Obtained entitlement for a mix of commercial and residential uses on the site, creating substantial value over the base profroma projections for the surplus property.


• Successfully mitigated issues related to perchlorate contaminates in the exposed water and soils of the property resulting from an explosion at the neighboring Timet plant in the early 1990s.


• Implemented an entitled land disposition strategy resulting in over $50M in revenue to the partnership reversing a potential $15M reclamation cost exposure to Hanson.


• The project included entitlement (Nevada versions of environmental review and specific plan), Owner Participation Agreement (OPA), Tax Increment financed Notes with the RDA, subdivision mapping, Local Improvement District (LID) bond financing, Series A and B bond instruments used to combine TIF with the LID, land sales to residential builders, apartment builders, commercial tenants (deals with WalMart, Home Depot and Target) and a hospital tenant.