Another high rise project canceled

Despite the predictions of many experts, most of the announced high rise projects have broken ground and are going forward. There have been some casualties of rising construction costs (or that what the developers would have you believe).  The latest cancellation is the W Las Vegas.  The project by Edge Group was announced back in 2005.  It was slated to be located next to the canceled Las Ramblas project in the Harmon corridor. The initial 22 acre parcel was purchased for 108 million dollars from D R Horton.  Later, they purchased the Las Ramblas acreage for another 202 million.

According to the Las Vegas Sun, the project had no hard contracts but did have reservation agreements for 750 units. It seems to be the project just didn't generate enough interest to even cover the land purchases. I had called the sales office Friday to confirm what had been a rumor of cancellation at that time, but never received a call back. The rumor was made fact in the Las Vegas Sun the following day.

However, not all developments are having slow sales. Gemstone, the developer of the Manhattan on Las Vegas Boulevard, just announced another Manhattan project.  The official groundbreaking will be on May 22. Project CityCenter has had brisk sales and some of the projects are close to selling out (CityCenter may have had an impact on W sales).

For up to date information about the Las Vegas high rise market, visit me online or contact me directly at 702-493-8033. You may also email me at info@lvrealty.net -cr