LAS VEGAS | Boom Project Rundown! 2.0

[BruceH]

Look for renderings to be released in a few weeks for Stanhi. We are the first brokerage to have access to it by private invitation by Sam Cherry. His vision for that area is bang on and he really understands the downtown high rise market.

[BruceH]

Can't understand how these projects start taking reservations when they haven't finalized their construction costs?. They told us two weeks ago they still haven't finalized their construction contractor and are still interviewing them. How can a high rise set their reservation prices when they have not finalized construction costs, available labor pools, timeline to build etc? We're passing on such projects as the odds are too high they won't make it. If they do that's great because architecturally it's a cool project.

[sky-of-webs]

Originally Posted by BruceH

Look for renderings to be released in a few weeks for Stanhi. We are the first brokerage to have access to it by private invitation by Sam Cherry. His vision for that area is bang on and he really understands the downtown high rise market.

POSTED ON 3-29-06
HI BRUCE, ANY NEWS OF LATE?

[WonderlandPark]

You're right, got Hard Rock mixed up with Wall st, they are twin 600 footers. Sorta suprised they got cancelled. Last time I looked at the US master list of buildings started in 2006, the Hard Rock towers were in there.

[Patrick]

WOW, W looks great!!

[Ho-Dog]

It seem that the "Curve" is on the ropes...

Anyway, that is a great diagram of the W VegasRain, awesome.

[vegasrain84]

With regard to The Curve, I have to agree with what was said about the location (if it were planned downtown, I believe it would have succeeded) and just the general idea that the market weeds out projects. I expect at least 40% of the projects that are already proposed to bite the dust. You never really know for sure which ones will and which ones wont, but it greatly depends on location, financing, and experience of the developers. You cant expect that a company who hasn't done high rise development before is going to succeed unless they are really wise or lucky. Although that being said, I am suprised by the large failure of Related Co. with Icon. That was a shock to most.

[dryheat]

Does any one have any idea as to the status of Las Ramblas????

[Big Sands]

Originally Posted by dryheat

Does any one have any idea as to the status of Las Ramblas????

Not much, other than what is in the reviewjournal. They have stopped taking reservations and may be selling the land.

http://www.reviewjournal.com/lvrj_home/2006/Mar-29-Wed-2006/business/6596239.html

The article mentions the Edge Group, which is already developing the W next door to Las Ramblas, as a potential buyer. I was hoping that the two projects would complement each other by offering two distinct visions.

With Hard Rock expansion on hold and Las Ramblas in serious doubt, that only leaves the W, which maybe is not a bad thing. All of the proposed development along Harmon might just have been too much, too soon for the market. But if, and that's a big IF, the W is completed, then future projects along Harmon might be developed along a more reasonable time frame, instead of all at once.

[Ho-Dog]

News to me about Las Ramblas, Related has to put some kind of condo project in the air. They seem to be beat at every turn (excluding WMC) lets see what happens.

Yeah, Cherry seems to be able to get things done, hopefully he will continue revitalize DT well into the future.

[SpeedyFarrar]

I found another new rendering of Project City Center:

http://media.corporate-ir.net/media_...2/Wynn3_21.pdf

It's page 20 of that PDF. With all these different PCC renders, it's hard to figure out which one is accurate to what will be built

[vegasrain84]

Does anyone know any more information on this new tower called ELITE Tower??

City of Las Vegas
PLANNING COMMISSION MEETING
FEBRUARY 23, 2006

54. SUP-11245 - SPECIAL USE PERMIT - PUBLIC HEARING - APPLICANT/OWNER: ELITE
TOWER, LLC, ET AL - Request for a Special Use Permit FOR A PROPOSED MIXED-USE
DEVELOPMENT at 801, 805, 809 and 815 South Casino Center Boulevard (APNs 139-34-410-066
through 069), C-2 (General Commercial) Zone and R-4 (High Density Residential) Zone under Resolution
of Intent to C-2 (General Commercial) Zone, Ward 1 (Tarkanian).

55. SUP-11249 - SPECIAL USE PERMIT RELATED TO SUP-11245 - PUBLIC HEARING -
APPLICANT/OWNER: ELITE TOWER, LLC, ET AL - Request for a Special Use Permit FOR A
PROPOSED 538-FOOT TALL BUILDING WITHIN THE NORTH LAS VEGAS AIRPORT
OVERLAY DISTRICT at 801, 805, 809 and 815 South Casino Center Boulevard (APNs 139-34-410-066
through 069), C-2 (General Commercial) Zone and R-4 (High Density Residential) Zone under Resolution
of Intent to C-2 (General Commercial) Zone, Ward 1 (Tarkanian).

56. SDR-11240 - SITE DEVELOPMENT PLAN REVIEW RELATED TO SUP-11245 AND SUP 11249
- PUBLIC HEARING - APPLICANT/OWNER: ELITE TOWER, LLC, ET AL - Request for a Site
Development Plan Review FOR A PROPOSED 45-STORY MIXED USE DEVELOPMENT,
CONSISTING OF 451 RESIDENTIAL UNITS AND 7,940 SQUARE FEET OF RETAIL FLOOR
SPACE; AND WAIVERS OF THE STEPBACK AND BUILD-TO-LINE STANDARDS OF THE
DOWNTOWN CENTENNIAL PLAN on 0.80 acres at 801, 805, 809 and 815 South Casino Center
Boulevard (APNs 139-34-410-066 through 069), C-2 (General Commercial) Zone and R-4 (High Density
Residential) Zone under Resolution of Intent to C-2 (General Commercial) Zone, Ward 1 (Tarkanian).

[dryheat]

well, I just called las ramblas since I have a deposit with them and I was informed that they are going to email me the cancellation since it does appear that they are about to sell the land to someone with the W group. He said an announcement should be happening soon, he did not have many other details. He said in his opinion it is a done deal.

[vegasrain84]

I have decided that Related Sucks.. Seriously.. I mean they have built many a skyscraper, and they have completely failed Las Vegas.. The management of Related must be incompetent at the very least.. We had Union Park, that was a bust (although now, Dan Van Epp has taken over) then Icon, and now Las Ramblas.. I don't think its a lack of demand, its a lack of ability of Related Co. Cosmo is going up in the Air, Project CityCenter will break ground in the next few months, Westgate is U/C, MGM Signature, Marriott Grand Chateau, and soon W hotel and Condo.. The Harmon corridor is Hot, and perhaps W is the best one to buy up that land, because perhaps they will actually do something with it, maybe not this year, but perhaps in a few years..

[GeorgeLV]

Originally Posted by vegasrain84

I have decided that Related Sucks.. Seriously.. I mean they have built many a skyscraper, and they have completely failed Las Vegas..

There's 3 million sq ft of showrooms at the World Market Center that say different...

[vegasrain84]

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..

[dave8721]

Why do you think it is that Related has had such trouble in LV when they seem to have no trouble building in NY and Florida, with some projects in Atlanta as well? I know one of their New York buildings failed recently but that was because they couldn't get a permit for a Cirque du Soliel theater that was to be part of the project. I assume that have a person in charge of development for each city, so I guess the guy they put in charge in LV is getting fired.

[highriseLV]

The only thing I can put together is that Related has come into the LV market not understanding that construction costs are totally different here than they are in FL, or any other part of the country - because of the labor shortages and casinos. They start selling the buildings at prices they think they can get it built for, and then once they get the bids for construction, they see that they'll either lose money or profits will be minimal. It ends up making more sense for them to just scrap the project and sell the land. Why else would they not build a project (such as Icon) that is for the most part sold out?

[alequevedo]

[QUOTE=dave8721]Why do you think it is that Related has had such trouble in LV when they seem to have no trouble building in NY and Florida, with some projects in Atlanta as well? I know one of their New York buildings failed recently but that was because they couldn't get a permit for a Cirque du Soliel theater that was to be part of the project. I assume that have a person in charge of development for each city, so I guess the guy they put in charge in LV is getting fired.[/QUOTE

Do you know who is the person in charge? Do you have some more information about Las Ramblas?

[Bender13]

You would think a company as experienced as Related would have anticipated the differences in the Vegas market. Maybe it was a case of nepotism and someone inexperienced got put in charge of their Las Vegas division. Do they still own the land for Icon? Are they going to build something new on there?

I had to go downtown today and had look around whie I was there. It's been mentioned before, but Club Renniasance in not under construction. There are still some of those old houses on the site and zero activity.

Juhl on the other hand looks to be progressing. The whole site has a construction fence around it and it seems that everything existing on the site has been demolished. When I drove by they were starting to clear out the big trash pile from the demolitions. Hopefully they should start construction soon.