The April 2026 issue of Western Real Estate Business ran a Las Vegas market highlight by Nellie Day on developers targeting underperforming office assets for retail and mixed-use repositioning. Its centerpiece was The Cliff, which the magazine described as a 100,000-square-foot office-to-retail conversion in Henderson's Green Valley Ranch submarket being co-developed by Steve Neiger, managing principal at CAST Capital Partners. According to the piece, the team (which it said includes Partners Capital) is reworking a vacant, low-density suburban office property along Paseo Verde Parkway into an open-air retail and dining destination. Arhaus, the Taco Stand, Killer Whale Creamery, Lyte House, Barista Botanist and Next Health made up the first round of tenants, with openings targeted for late 2026.
In a Q&A with the magazine, Neiger said Henderson had been underserved for years, and that the property's location inside the Green Valley Ranch master-planned community, along with the surrounding density, suited it better to retail and dining than to office or residential use. He said the city had gone nearly two decades without new Class A retail development. Green Valley Ranch, in his view, already has the retail, hospitality, fitness, office and residential pieces, and its strength shows when it is treated as one mixed-use destination.
Neiger called demographics and density two of the "holy grails" in retail. He told WREB that Henderson's population had grown by roughly 25 to 30 percent since 2014, adding more than 75,000 residents, many from higher-cost markets, and that those newcomers expect concepts once concentrated in Summerlin or on the Strip. He cautioned that not every office property translates to retail and that ground-up development often remains the simpler path, but said adaptive reuse can work where the consumer base is clearly stronger than the local retail and dining options.