Long-stalled mansion project gains steam

Plans announcing Ascaya expected this week

Hong Kong billionaire Henry Cheng blasted away a Henderson mountaintop during the real estate bubble, with plans for mansions overlooking the valley from street names such as Heavens Edge, Stonecutter and Epic View.

He tabled the project after the economy collapsed, leaving dozens of cake-layered pads carved into the mountain without a single house. But now, with the economy on the mend, he wants to finish the job.

Cheng’s group is gearing up again to develop the project, known as Ascaya. After years of silence that led some locals to assume the land was seized through foreclosure, the developers, who spent at least $200 million building the site, recently listed some lots for sale, gave a broker a tour of the property and hired a public relations firm to promote it.

An announcement that Ascaya is open for business is expected this week, but for now, people involved in the project are staying mum on prices, development timelines and other details.

“It’s exciting, I can tell you that,” listing broker Florence Shapiro said.

Marketing materials say the project, more than a square mile in size and almost 1,000 feet above the valley floor in the McCullough Range, will offer sweeping views; big swaths of open space, proving Ascaya is “sensitive to sustainable practices without sacrificing beauty or luxury”; and a clubhouse with concierge service, an artist studio, fitness center, tennis pavilion and spa with private treatment rooms.

“Where stone rises up to meet the sky, there is a place called Ascaya,” marketing materials