Redevelopment agency adopts intent to sell 14 East Henderson parcels to Crystal Bay Advisors

Chair Romero called the Henderson Redevelopment Agency to order and the board adopted a resolution declaring the agency’s intent to sell 14 parcels totaling approximately 2.46 acres in the East Henderson redevelopment area to Crystal Bay Advisors and CB Bay LLC.

Anthony Malloy, Director of Redevelopment, told the board the agency acquired the parcels in 2007–2008 to address physical blight and demolished older fourplexes on the sites. “Crystal Bay Advisors is proposing the investment of $13,300,000 in a townhome development that will consist of approximately 45 residential units on the entire 2.46 acre site,” Malloy said. He described the product as two‑ and three‑bedroom, for‑sale townhomes ranging from about 806 to 1,625 square feet with anticipated pricing “no more than in the mid 300,000 price range.”

Malloy said the proposal grew out of the East Henderson investment strategy adopted in April 2020 and neighborhood outreach in the Bruce and Ramsey Way area that indicated residents wanted for‑sale housing to stabilize the neighborhood. He said the purchase-and-sale framework being advanced would tie the close of escrow to developer progress: the developer must receive entitlements, civil-plan approvals and have building permits ready before the agency will close escrow. “Only when that happens will we be prepared to close escrow,” Malloy said, explaining that approach is intended both to protect the agency and to demonstrate developer commitment.

A board member asked about the agency’s ability to “claw back” property when developers fail to perform. Malloy outlined the agency’s approach to performance objectives and timelines, and said the agency also engages a third‑party reviewer for financial due diligence. “For more than 20 years, the redevelopment agency has used the services of Grow America, formerly the National Development Council,” he said, describing that firm’s role in assessing financial capacity and project feasibility while keeping proprietary developer information confidential.

The board voted to move the item forward. The clerk recorded that the motion made by member Stewart was carried with all members voting in favor; the transcript did not include an itemized roll call or numeric vote tally. If approved at the forthcoming public hearing, the purchase-and-sale agreement will return to the agency board for formal approval at its Feb. 17 meeting; the agency would open escrow after that approval and require the developer to meet entitlements and permit milestones before close. After close of escrow, the developer would have six months to commence construction and 24 months to complete it, per the timeline Malloy described.

There were no public commenters in the first or final public-comment periods. The agency also approved the agenda and the minutes from the Nov. 18, 2025 meeting earlier on the docket.

Votes at a glance: the board recorded unanimous support for the agenda, the minutes and the resolution intent to consider the sale; the transcript did not record individual roll-call votes or numeric tallies.