Tuesday, January 24, 2006

Only Few Will Survive:

Developers of the ICON project finally pulled the plug on the project. It is officially dead.
Many experienced developers have found it tough in the high-rise market as they understimated the cost of building in Las Vegas. Related the developer behind ICON is one such. Developer of Time Warner Center in New York and severla thousand luxury condos in Florida they could make the ICON work in Las Vegas though they are going ahead with $3.5 billion Las Ramblas project on Harmon Avenue.

Reasons being given are the decrease in the market for high-rise condo sales, several lawsuits, rising construction costs, shortgage of workers. After settling the several lawsuits Related found that project was no longer financially viable without seriously imapcting the integrity of the project so they let it go. They explored several options to make the project work but it simply did not work out in the end.

Doubts are now being expressed about whether the Las Ramblas project will go ahead. Experts say only a few will survive in the tough Las Vegas real estate market. Allure, Turnberry Towers, Panorama, Sky Las Vegas are the few that will get built. Reason is their strong financial backing and understanding of the Las Vegas market. Metropolis is other success story. It is already built and completely sold.

posted by Diane @ 2:20 AM