Is the Spanish View Towers Las Vegas High Rise Condo Project in Danger?

According to an article published in the Las Vegas Business Press, funding issues have caused the construction on the Spanish View Towers high rise condo project to come to a halt and companies are filing millions in liens against the project for work already completed.

The 15 acre suburban high-rise condominium project broke ground earlier this year at its south-west valley location along the 215 Beltway and Buffalo Road, and is being underwritten by private investors as opposed to institutional ones. The $475 million, 2.38 million square-foot development called for three, 18-story buildings with 4-story parking garages and 444 total residences priced from $795K to over $6.6 million.

Spanish View Towers developer Rod Yanke expects to resolve their funding problems with the next few weeks. But you'd never even know any problems even existed if you read their "Views News" newsletter dated July 5th, 2006 which contains the following text:

"If you have driven by the construction site recently, you probably noticed a slow down in progress. This came about due to some financial paperwork issues in the last few weeks. Your sales team has been informed that all the difficulties are being handled and the onsite activity should be moving full steam ahead... The second construction crane should be put in place around the middle of this month. Once the crane is up, “fast track” mode will kick in to make up for some of the delays... With the first tower reaching close to sell out, you will soon see the price sheet for Tower A disappear from our website and the price sheet for Tower B will take its place. At that time we will officially be writing reservations for Tower B."

So is this project really in danger? The Spanish View marketing team certainly doesn't think so. But that probably doesn't console those who have filed liens and are waiting for their money. We'll have to wait this out and see what happens in the next 60 days.