Developers scrap luxury Las Vegas condos
The Icon Las Vegas was supposed to be a classic luxury condominium building, featuring valet parking, a pool with cabanas and views of the Vegas Strip. Reggie Jackson, the Hall of Fame slugger, bought a three-bedroom unit listed for $800,000. But last week the project, which would have included two towers with 48 stories each, was scrapped before construction could begin. The developers, a joint venture of East Coast real-estate tycoons Stephen M. Ross and Jorge Perez, are returning deposits to about 350 buyers. The Icon isn’t the only Las Vegas luxury high-rise encountering trouble. The fates of five condo projects are uncertain and three have been canceled in the past year, according to Applied Analysis, a Las Vegas real-estate research firm.
(Source: Investors.com)