A Deep Underground Science and Engineering Laboratory (DUSEL) in the US would provide a unique facility for a broad range of investigations in physics, geoscience, biology, and mining engineering. In spring 2004 the National Science Foundation announced plans for a series of three proposal solicitations that would "provide the underpinnings" for a decision on the development of a DUSEL, along with an initial suite of experiments. Seven US groups submitted proposals in response to the second of these solicitations, which called for the development of a site-specific conceptual design. In July 2005, NSF announced that a proposal by the Henderson Underground Science and Engineering Project (HUSEP) collaboration was one of the two selected. A conceptual design report and proposal for the anticipated third solicitation is due in June 2006. I will provide an overview of the science opportunities, present the current conceptual design, and address the benefits and challenges for a national underground laboratory at the Henderson Mine, Colorado.