A noted builder backs down in Las Vegas as construction costs wipe out margins. Is it smart business, or the start of something bigger?
"Related Las Vegas cancelled groundbreaking and announced plans to return deposits to hundreds of investors in Icon Las Vegas, two residential high rise condos it planned to build just off the Strip. Related's reasoning: construction costs have rocketed since it pre-sold the units, eliminating its profit.
...This is the second time Related has scrapped plans to build big in Vegas. In the fall, the company abandoned a $5 billion plan to build high-rise condos, a medical building, a performing arts center and a new city hall building on 61 acres of railyards near the city's downtown. Perez says he grew increasingly concerned at the unchecked rise in construction costs there as well. (The city was also dragging its feet on its commitment to the deal, he says.)
...It could be the first domino of many to fall in the desert city. Literally thousands of condo units in more than 100 projects are in various stages of planning, permitting, development and sales as builders race to meet demand that many observers say is fueled not by potential residents but rather by speculators. When a well-regarded, superbly funded national player like Related makes a misstep that has buyers fuming, investors may think even harder about placing their money into buildings built by those with less experience and lesser credentials."
Thanks to Peter Slatin
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