It seems every day, a new high rise condo project is being announced in the Las Vegas Valley.
Out of the hundred or so projects on the table, many expert analysts are maintaining only about 30% will ever actually get built. So for whom is that good news? Probably mostly lawyers, since a number of lawsuits have recently been initiated with more and more likely in the future.
For starters, five lawsuits have been already been filed in Clark County District Court pertaining to the demise of the Krystle Sands condo hotel and its developer Freddie Schinz of Destin, Florida. Plans to develop the $400 million Krystle Sands project, a 45-story condo hotel on the 3.6 acre site of the now-demolished Algiers hotel, were canceled last month when Schinz sold the project to Turnberry Associates. The latest scoop says that in addition to allegations of fraud, deceptive trade practices and civil conspiracy, the plaintiffs are seeking at least $70 million in damages and return of escrow money to the buyers.
Another situation worth following involves Lorenzo Doumani of the Majestic high rise condo hotel, who initiated a lawsuit last week against the Related Companies, developers of the ICON high rise condo project. The Related Companies recently obtained approval for two 522-foot towers to be built in close proximity to the Majestic. Doumani's suit claims the ICON would block views and cast shadows on his Majestic project, setting what he called a "horrible precedent" for future projects.
In a town full of gambling and odds-making, one thing you can be sure of: As the high rise market continues to evolve, expect more and more litigation news flashes. Who needs reality TV when you have Las Vegas?
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