Las Vegas, NV-based Plise Development & Construction broke ground on the $2 billion City Crossing in Nov. 2007. The first and second phases of the mixed-use project were scheduled for completion third quarter 2009. However, City Crossing, LLC, the business entity developing the project that is controlled by Plise, filed Chapter 11 bankruptcy in June. Reportedly, Plise was unsuccessful in refinancing a $30 million debt agreement, blamed on credit market turmoil. The filing should give Plise some time to refinance $180 million in debt. Surprisingly, Plise is expected to continue progress on City Crossing, saying it has sufficient cash to continue. The mixed-use project is located on 126 acres at a gateway to Las Vegas - the affluent suburb of Henderson, which, according to Plise, is now considered the second largest city in Nevada. Specifically, City Crossing is located at the northwest corner of Bruner Ave and Henderson Executive Airport Drive, on Las Vegas' "South Strip". Described as a "pedestrian-centric neighborhood", City Crossing will eventually include 1 million square feet of Class A office space, 1 million square feet of lifestyle retail, dining and entertainment space, two hotels and 2,500 luxury residences. In addition, Plise is creating a park, walking trail, community center space and fitness facility upon 25 acres central to the development. City Crossing's Phase I includes four nine-story office buildings, a 100-room hotel and 62,000 square feet of retail and restaurant space. Phase II includes a 5.5-acre central park, 154,000 square feet of retail and restaurant space, and a large section of residences. Completion on phase one and phase two are scheduled for third quarter 2009. Plise estimates it will take approximately eight years to complete City Crossing in its entirety.