Michael Jordan’s Las Vegas High Rise – Cancelled
The volatile Las Vegas high rise market has claimed another victim, Aqua Blue. Aqua Blue was to be a 46-story Las Vegas high rise located near the famous Las Vegas Strip, just behind Ballys Casino. World famous NBA superstar Michael Jordan backed the $600 million dollar project with a proposed 65,000 square foot Michael Jordan Athletic Center and planned on expanding his restaurant businesses by adding a Michael Jordan Steak House and Michael Jordan’s 23 to the Aqua Blue High Rise. The project developer cites increased construction costs as the primary reason for the cancellation. The high rise was over 50% sold out and refund checks will be sent back to buyers shortly via Nevada Title.
Michael Jordan’s Las Vegas High Rise – Cancelled
The volatile Las Vegas high rise market has claimed another victim, Aqua Blue. Aqua Blue was to be a 46-story Las Vegas high rise
located near the famous Las Vegas Strip, just behind Ballys Casino. Developer of the
project was Diversified Real Estate Concepts, Inc. out of Chicago, Illinois,
which has successfully developed various commercial projects in Illinois and
Wisconsin. World famous NBA superstar Michael Jordan backed the $600 million
dollar project with a proposed 65,000 square foot Michael Jordan Athletic Center
and planned on expanding his restaurant businesses by adding a Michael Jordan
Steak House and Michael Jordan’s 23 to the Aqua Blue High Rise. The project developer cites increased
construction costs as the primary reason for the cancellation. The high rise was
over 50% sold out and refund checks will be sent back to buyers shortly via
Nevada Title.
The Las Vegas luxury condo
market has been explosive over the past 12 months with over 150 proposed
projects throughout the valley. "Las Vegas is running out of developable land
and is therefore being pushed skyward", explains Las Vegas High Rise Realtor
Beverly Lacey of VerticalVegas.com. The upward growth has caused land prices to
soar and has attracted developers from across the globe. "The skyline will be
reinvented in the next 10 years and Las Vegas will be a completely different
city", Lacey continued.
"With all the projects going up, it’s a number
game. Some will make it, some won’t. Obviously, everything on the drawing board
will not be completed", stated Rob Emerick, the leading Las Vegas High Rise
analyst. "We have seasoned developers and newcomers alike jumping into the Vegas
market. Some of them will simply under price the costs of doing business and
they’ll be caught in a tough squeeze play. Others might simply find an easier
way to cash out their land, like Krystal Sands". Emerick was referring to the
first Las Vegas high rise to go south, Krystal Sands (renamed Krystal Tower
shortly before it was cancelled). The developers of Krystal Sands were over 90%
sold out when the developer sold the land to rival high rise developer Turnberry
Associates for an estimated $70 million. This caused a PR nightmare for the
emerging Vegas high rise market as buyers were caught completely off-guard.
Diversified Real Estate Concepts, Inc., developer of the now defunct
Aqua Blue, is building a neighboring Las Vegas condotel high rise called The
Platinum. While it doesn’t have the superstar backing of Aqua Blue, The Platinum
is already under construction and has been sold out since 2004. The Platinum is
one of few vertical residential developments to actually be in some state of
construction. Already completed are the Turnberry Towers Las Vegas and The District Lofts in Green Valley. Currently under
construction are Panorama Towers, SOHO Lofts, Newport Lofts Las Vegas, Metropolis, and Manhattan.
Manhattanization, Inc
is the first online magazine geared exclusively towards vertical residential
developments happening in the United States. Through connections with
developers, realtors, brokers, and liaisons, Manhattanization, Inc helps buyers
and investors get the information they need to make the right
decisions.
Contact:
Mr. Gunther Gedsl
Manhattanization,
Inc.
702-384-4288
702-543-6984
http://www.manhattanization.com
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Source : http://www.prweb.com/releases/2005/6/prweb256008.htm