The Las Vegas Strip is bustling with development action!
It appears the the Pinnacle will never peak. The dual tower condo project 1 mile west of the Strip on Tropicana has been called off. Look for this zoned high-rise ground to be looked at by casino developers. It is located across from the Orleans and is just down the street from the Wild Wild West which is slated for Major redevelopment by Stations Group. Once Stations starts its new facility this real estate will catch the eye of other gaming developers.
Vantage Lofts in Henderson, an upscale mid-rise project with wonderful views of the valley has temporarily suspended construction while the deal with their uncooperative mezzanine lender. This project is in various phases of development but will definitely finish as the first phase of its 3 phases is 90% completed now.
The Cosmopolitan has found it cash infusion with needed new partners. This project located between the MGM’s giant City Center and Bellagio never missed a beat in its construction schedule but found itself in a financial crisis as have many high-rise builders in Las Vegas with softer markets and tougher financing.
Speaking of financing and high rises. It appears that it may be a lot tougher to get that condo you put your money on 2 years ago closed if you need to in the next 6 months or so as many major lenders have instigated much more stringent financing guide lines to invest in Las Vegas high rises. A few have quit lending on this product altogether. Get started early if your contract will require you to close soon.
For the Latest in Las Vegas real estate call Max at 702-334-2200. Or email me at:Max@MaxSellsVegas. com. Your comments and questions are welcome.