CityCenter, long thought to be the one bullet proof project in Las Vegas announced that one of the component towers, the Harmon Hotel & Spa will not have any condominiums as originally planned.
Citycenter CEO Robert Baldwin said stated that by removing the condos it removed “the need for substantial redesign…resulting from contractor construction errors.”
That is itself is interesting, given the size of the project, the cost and the fact that CityCenter will be applying for LEED certification to make it the largest green project in the world. Another reason CityCenter needs the LEED certification is of course, money. They are one of just a handful of projects grandfathered into the original Nevada green construction tax break. Coincidentally, the Harmon condos were the last units released for sale. According to MGM Mirage (co-developer of the project with Infinity World Development Corp.) only 88 of the 200 condos had been pre-sold. Those buyers were offered condos in the other buildings and if declined that option, are being given a refund of their deposits. CityCenter is scheduled to open in December 2009.
Other Condo News
Another high rise project is back on track after the original developer defaulted on the construction loan. The Cosmopolitan went into foreclosure in January of 2008, putting the project into limbo. Developer Ian Bruce Eichner defaulted on a $760 million construction loan and Deutsche bank began foreclosure proceedings. In an unexpected move, Nevada Property One, LLC (an affiliate of Deutsche Bank) bought the property and retained the original contractor to complete the project last September. Construction is ongoing and the project is due for completion in 2010.
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