Gemstone Development who developed the Manhattan condos community on south Las Vegas boulevard has lost funding for the $350 million dollar project and is uncertain when new financing will (can) be secured, according to their CEO Alex Edelstein.

Manhattan West planned for 12 buildings, including a nine story tower that has already been topped off and was a mixed use project. The company is trying to finish the project for buyers that have already purchased condos and are still under contract for them. Another hurdle for Gemstone to complete the project is allegedly improperly built sections of the project need to be rebuild. That combined with the increased construction costs make the project’s future uncertain.

Hopefully they will be able to secure new funding and complete the project. Manhattan West had some of the most unique floorplans available in Las Vegas. Currently their sales center is closed, but I’m guessing it will be re-opened if new financing is secured.

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Another project in the works for the Sands corporation was the St. Regis condominium tower in Las Vegas. Originally the tower was going to contain condos for sale on the Las Vegas strip. Sands’ president Bill Weidner stated that the company would indefinitely suspend development of its St. Regis condominium tower in Las Vegas.

The condos were going to be some of the pricest per square foot available in Las Vegas.

Post from: Las Vegas Condos - Las Vegas Condominiums