According to an article written by Jennifer Forsyth and published in the May 9th edition of the Wall Street Journal, Cosmopolitan "developer" Ian Bruce Eicher and representatives of Deutsche Bank were in discussions that were expected to end with Eichner surrendering all involvement with the Las Vegas high rise condo development.
As many of you know, this wouldn't be the first time this happened to him - as he was forced to give up his empty tower in New York's Times Square sixteen years ago - and most incredibly, probably won't be the last. But you have to hand it to him - It seems Eichner contributes very little of his own money in his deals, so the failure of his projects don't hit him hard in the pocketbook.
Anyway, the article does a good job of chronicling the process and the current state of affairs with respect to the Cosmo project. The good news? According to the article, there's a developer out there who seems very interested in acquiring the project out of foreclosure. The bad news? That developer is Related Cos., who has failed more times to develop high rises in Las Vegas than Charlie Brown has at kicking that football.
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