Another One Bites the Dust
Speculation over the viability of the celebrity-backed mega-project, Las Ramblas has ended. The Business Press is reporting that the ambitious $3 billion hotel-condo-casino complex is all but dead. Developers appear to be in talks to sell the project’s real estate for an unspecified price. While not confirmed, one likely buyer may be The Edge Group. The Edge Group is currently co-developing the $2.5 billion, 4,000-unit W Hotel, Casino & Residences at the northeast corner of Harmon and Koval, just west of the Las Ramblas site.
Speculation abounds as to why it failed, though the standard high construction costs is being given as the excuse. Others believe that despite an experienced team, the project was just too big and too costly. Additionally, it came at a time when when revival projects were being planned nearby.