The Las Vegas High Rise Market is truely in its infancy.
The strongest players have been in the market for 5 years and their current projects are steaming ahead. Turnberry Towers are close to being 4 stories strong and truely have set the bar for all other to reach for.
The causualties thus far have been due to lack of experience and dollars and cents. Construction costs and lack of labor are the biggest factors plaguing current projects on deck.
Related Cos. is one of the largest developers in the United States. They have projects running in all of the major cities including Las Vegas. Three weeks ago they pulled out of Union Park, the 61 acre parcel of land Mayor Goodman is promoting full time. Over this weekend, Related pulled the plug on ICON Towers due to contruction costs.
What kind of message does that send to the market?
Most saavy investors are waiting to see.
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