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Old Posted Mar 31, 2006, 3:09 AM
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vegasrain84 vegasrain84 is offline
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Join Date: Jan 2006
Location: Ohio
Posts: 118
Originally Posted by GeorgeLV
There's 3 million sq ft of showrooms at the World Market Center that say different...
Ok, not "completely".. But they are 1 for 4.. WMC doesnt require a lot of effort to complete a project such as that since its a commercial venture, with high demand for showroom space. Residential Development is something that I thought Related was good at understanding based on their projects across the East Coast. They were able to pull off Time Warner Center, a huge undertaking, but it just seems to me that someone was asleep at the wheel when it came to Vegas. They assumed that they could waltz in on the vegas high rise wave without having to do the research and the work, and they failed miserably with that approach. They didn't anticipate the future costs, and it was a simple fact of poor planning. Again, they assumed that the high rise wave would simply do the work for them, and they didn't realize that that same wave carried a heavy cost. Contruction material costs, land costs, labor costs have soared, and they didn't anticipate that, and they failed. Its as simple as that. I think it makes the Vegas market look like its not as robust as it really is, when it is not the case at all. Its just the poor planning of developers. I would say the same thing about other companies who fail to deliver.. But this company of all companies with their background, and level of expertise was shocking to see them with not one, but three failed attempts in Las Vegas.. Thats all I am saying..
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