High-rise Demise
Author: Diana Heeb Bivona
Financing, developer equity, and hard contracts have resulted in some recent high-rise cancellations. Banks, as a result, will likely scrutinize future projects more closely before providing a construction loan.
“There are 60,000 condominium and 19,000 condo-hotel units currently proposed, planned or under construction in the Las Vegas Valley,” said John Restrepo, principal of Restrepo Consulting Group, a Las Vegas real estate research firm. “But we anticipate that less than 25 percent of those units will actually be built in the next five years.”
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