Vegas Development Comes Up Short
A Las Vegas hotel-condo project's height is nearly cut in half--not due to budget cuts, but faulty rebar installation. Experts are reportedly unable to recall "such a drastic midconstruction downscaling."
"'This is not the way we had expected things to play out,' said an MGM Mirage spokesman, Gordon Absher. 'But we want to build safe buildings whose structural integrity everyone has confidence in.'
County inspectors discovered the defect — improper installation of critical steel reinforcements known as rebar — after 15 stories of the building, the Harmon, had been erected.
The Harmon is one of several structures that make up CityCenter, an $8.6 billion, 67-acre development at the heart of the Strip that includes two other hotel-condominiums, two residential towers, a 4,000-room hotel-casino and a 500,000-square-foot shopping center. Those involved in the effort promote it as the largest privately financed construction project in United States history. Besides Mr. Foster, other prestigious architects working on CityCenter buildings are Cesar Pelli, Daniel Libeskind and Helmut Jahn."
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CityCenter
That was just an excuse to cut costs. They had sold some units but not all of them and they are running out of money. CityCenter is over budget and the condo market is in a huge slump.
I work as a Las Vegas Real Estate webmaster in Southern Nevada.