As predicted, reservations are on hold for the $3 billion Las Ramblas luxury condo hotel project located on 25 acres along the Harmon Avenue corridor, basically signifying the death of the much-hyped George Clooney project. By pulling the plug on Las Ramblas, the Related Group completed their "tri-fecta" of failed real estate developments in Las Vegas.
First, they cancelled their Icon high rise project and unbelieveably tried to move their Icon buyers into Las Ramblas. Then, they pulled out of a proposal to develop a 61-acre parcel in downtown Las Vegas which got tremendously bad press. Now after the Las Ramblas announcement, you get the feeling that Related and Las Vegas is probably not a good mix.
The 11 tower Las Ramblas project was supposed to be designed by Miami-based Arquitectonica, with a mix of 2,764 luxury condos, 1,326 condo hotel units, a 300-room boutique hotel and 19 bungalows along with a spa and health club, nightclub, dining, shopping and an upscale casino.
Actor George Clooney and nightclub owner Rande Gerber where principals in the deal. But notice that nowhere in the previous sentence are the words "real estate developer". This project was ridiculously over hyped-up from the start. Does this project's fate really surprise anyone? Remember when basketball player Michael Jordan announced his failed project? Or when fashion designer Ivana Trump tauted the ridiculous "Ivana" project? Funny... I don't see "real estate developer" in those sentences either.
Get the point?
Meanwhile, real estate developer Donald Trump is building. Turnberry and MGM development are moving vertical. Progress on Allure and Sky (projects completely unassociated with celebrities) are on display every day. Rumors indicate the developers in the newly announced "W Residences" project will soon be buying the Las Ramblas land. Their project will be the one to get into on the Harmor corridor instead. Click here to get a great deal on that one. No George Clooneys need apply.
Subscribe to:
Post Comments (Atom)
Posts
3 comments:
hello, ive been following the high rise market in vegas and reading your blog for a little while now. one thing that i noticed is that you do mention most of the good project being built currently but seem to always neglect the one that im most interested in, which is the Cosmopolitan. The Cosmo seems to be one of if not the best project going up presently. why is it that its always left out when you mention other good projects around town. Am i missing something? If so please enlighten me because i will be interested in purchasing a unit in the near future.
Regards
I've still heard funding rumors in regard to the construction of the property and until they break ground, you have to stick with the ones who are "Definitely" going to get built I feel the MGM and Trump are and the Cosmo still has a shot to fold....Way too scary to invest and then miss the boat in a sure thing
Thanks for your comments. I've responded with a whole new post found here
Post a Comment