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  #61  
Old Posted Mar 28, 2006, 8:59 AM
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Oh and about the movie DOMINO.. Horrible movie. I saw it in a free sneak preview, I was just glad that the movie was free. I think the only interesting aspect of the movie was the scene with the Stratosphere because of the special effects.. sorry for the rant..
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  #62  
Old Posted Mar 28, 2006, 3:56 PM
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Yea there hasn't been alot of news lately, but I did find some bad news. The Curve is delayed and is offering refunds on its sales.

http://www.reviewjournal.com/lvrj_ho...s/6546528.html

Quote:

Mar. 28, 2006
Copyright © Las Vegas Review-Journal

Curve taken out of the loop

Sales suspended for condominium development, but exec says project isn't dead

By HUBBLE SMITH
REVIEW-JOURNAL
Letters have been sent to nearly 100 buyers at the Curve high-rise residential project planned in the southwest Las Vegas Valley offering to refund their deposits or extend their contracts by 150 days, an executive with the development said.

Paula James, vice president of the Curve, said sales have been suspended, but the project has not been canceled.

Developers had a 180-day contingency period to reach 75 percent presales required for financing and failed to meet that goal, she said.

Most lenders want to see at least 60 percent in presales before signing off on financing.

"It (presale percentages) kept going up as the media got more negative," James said. "The number kept going up as other properties continued to not be built. It just made lenders nervous."

The first tower at the Curve was 53 percent sold with 97 entities putting 10 percent of the purchase price down on units that sold from $385,000 to more than $1 million.

James said she's received calls from buyers who were saddened by the news and want to come back into the project with the 150-day extension. Their money is still refundable.

"We're looking forward to building the project. We're not interested in selling the land and we're not in a position that we have to sell," she said. "That would be the easy way out. It's tempting to look at the offers coming in for a straight sale. We just need to regroup. We ran out of time."

Sheila and Bob Joseph, business owners from California, bought into the project soon after it was announced last year and canceled their contract in January when they didn't see construction beginning as scheduled at the 45-acre site.

"We were just reading a lot about real estate in that area and taking a look while we were there at what wasn't moving," Sheila Joseph said. "Not only reading, but the gut feeling we got about the project."

Bob Joseph said he liked the looks and location of the Curve, but he didn't like the contract. The deal, he said, allowed the developer to change the floor plan specifications and required the buyer to pay the escrow fee and seller's tax.

"That's when I started to say it's not the right deal," he said. "We were looking at it as a rental. If there's going to be a glut of condos built in Las Vegas, it's not going to be a seller's market."

Bruce Hiatt of Luxury Realty Group said his clients had little interest in the Curve because of its location at Durango Drive and The Las Vegas Beltway.

"It was quite expensive. What could you sell it for later? My clients decided they'd have better appreciation on the Strip. They weren't sold on the suburbia condos, unless they specifically lived in that area. Then it tends to be work-related. But if they're an investor, they want to be in the heart of things," Hiatt said.

It's much tougher to convince developers about projects in the suburban market, Tim Sullivan of the Sullivan Group said at a housing seminar last year.

"My thought is if we had the Curve developed, it would be highly successful," he said. "But they've got to prove it. Right now, there's a lot more hype than reality."

Partners in the Curve include two general contractors -- Mike Dean of M.J. Dean Construction and Bill Richardson Sr., a former Mandalay Resort executive who runs W.A. Richardson. Other partners are Dan Juba of Klai-Juba Architects and local developers Randy Black Jr. and Mike Chernine of Land Baron Investments.

Construction of the $300 million first phase of the Curve, which would include two 18-story luxury condo towers and 12 commercial buildings, was supposed to start late last year.

The project is designed to cater to the growing southwest submarket, which is projected to double in population to 220,000 by 2010. More than 30 percent of the people are 25- to 35-years-old age and their median income is nearly $67,000.

Ron Snyder of Rise Realty, who is marketing the $850 million Pinnacle project on Tropicana Avenue, said although suspension of the Curve's development is unfortunate for stakeholders, at the end of the day, the market rules.

"Enlightened developers invest in understanding the market, not just who the buyers are, but what motivates them, and are designing product to meet their needs," he said. "Being a high-rise condominium developer in Las Vegas today requires that you research and analyze, target and stay focused, and be a realist, meaning that you approach a development with an optimist's heart and a pessimist's antennae."

Luxury Realty's Hiatt said he thought the Curve was a "cute" project overall, but its location was a challenge. Had it been closer to the Strip or even downtown, it might have done well, he said.

With projects such as the Curve and the Hard Rock Hotel expansion being suspended and others such as Icon, Krystal Sands and Aqua Blue being canceled, Las Vegas is coming into a "perfect storm" with dwindling supply and continued demand, Hiatt said. That has raised entry-level pricing for most of these luxury high-rises to $600,000 and $700,000 a unit, he said.


Last edited by Bender13; Mar 28, 2006 at 4:05 PM.
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  #63  
Old Posted Mar 29, 2006, 1:22 AM
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The Curve huh? I was told by them that they were moving onsite... There are so many lies going around in this industry. I guess it makes sense that they stopped sales of tower 2 2 months ago. EIther way, they are fairly close to that 60% threshold. Perhaps, they may be able to find a couple of investors and sell off those units at a discounted rate... Just a thought.
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  #64  
Old Posted Mar 29, 2006, 1:41 AM
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Hard Rock was cancelled? Those twin 750ft towers?
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  #65  
Old Posted Mar 29, 2006, 2:10 AM
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Quote:
Originally Posted by WonderlandPark
Hard Rock was cancelled? Those twin 750ft towers?
yes Hard Rock was cancelled, but they were not 750 foot twin towers. I believe you are thinking of Wall Street Towers, those are the only 750 foot twin towers I am aware of, and they are not cancelled.
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  #66  
Old Posted Mar 29, 2006, 2:12 AM
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I finished the W Hotel. What do you guys think?

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  #67  
Old Posted Mar 29, 2006, 2:18 AM
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This is awesome!
I love the Flatiron Vegas, as well as the Renzi and the Stanhi.
Vegas is great I cant wait to stay in the new W hotel.
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  #68  
Old Posted Mar 29, 2006, 2:31 AM
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You're right, got Hard Rock mixed up with Wall st, they are twin 600 footers. Sorta suprised they got cancelled. Last time I looked at the US master list of buildings started in 2006, the Hard Rock towers were in there.
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  #69  
Old Posted Mar 29, 2006, 2:47 AM
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WOW, W looks great!!
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  #70  
Old Posted Mar 29, 2006, 3:29 AM
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Quote:
Originally Posted by dcmcgov
This is awesome!
I love the Flatiron Vegas, as well as the Renzi and the Stanhi.
Vegas is great I cant wait to stay in the new W hotel.
W is one of the more interesting designs in Vegas just because of the alternating black white clad glass, and multiple layers.

I also love Flatiron, and I hope she gets built, it would be a great segway into downtown. Renzi will be spectacular and so will Stanhi, although I hear rumors she may be reduced in size to 50 floors, which is still impressive. Of those three projects, the one with the best chances of being built is Stanhi because Cherry already has 2 building under construction, and gaining name recognition. Look for more Sam Cherry buildings in the future! Can't wait!
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  #71  
Old Posted Mar 29, 2006, 3:37 AM
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It seem that the "Curve" is on the ropes...

Anyway, that is a great diagram of the W VegasRain, awesome.
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  #72  
Old Posted Mar 29, 2006, 4:52 AM
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With regard to The Curve, I have to agree with what was said about the location (if it were planned downtown, I believe it would have succeeded) and just the general idea that the market weeds out projects. I expect at least 40% of the projects that are already proposed to bite the dust. You never really know for sure which ones will and which ones wont, but it greatly depends on location, financing, and experience of the developers. You cant expect that a company who hasn't done high rise development before is going to succeed unless they are really wise or lucky. Although that being said, I am suprised by the large failure of Related Co. with Icon. That was a shock to most.
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  #73  
Old Posted Mar 29, 2006, 5:48 AM
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Does any one have any idea as to the status of Las Ramblas????
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  #74  
Old Posted Mar 29, 2006, 3:51 PM
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Quote:
Originally Posted by dryheat
Does any one have any idea as to the status of Las Ramblas????
Not much, other than what is in the reviewjournal. They have stopped taking reservations and may be selling the land.

http://www.reviewjournal.com/lvrj_home/2006/Mar-29-Wed-2006/business/6596239.html

The article mentions the Edge Group, which is already developing the W next door to Las Ramblas, as a potential buyer. I was hoping that the two projects would complement each other by offering two distinct visions.

With Hard Rock expansion on hold and Las Ramblas in serious doubt, that only leaves the W, which maybe is not a bad thing. All of the proposed development along Harmon might just have been too much, too soon for the market. But if, and that's a big IF, the W is completed, then future projects along Harmon might be developed along a more reasonable time frame, instead of all at once.
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  #75  
Old Posted Mar 29, 2006, 7:09 PM
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[QUOTE=vegasrain84

Of those three projects, the one with the best chances of being built is Stanhi because Cherry already has 2 building under construction, and gaining name recognition. Look for more Sam Cherry buildings in the future! Can't wait![/QUOTE]


Why is it that Sam Cherry is able to get these projects off of the ground when so many other projects (many by big companies or big names behind them) are having so much trouble? I was in downtown the other day and it looks like Soho is almost done and Newport looks like the elevator shaft is already about 12-15 floors up! I couldn't believe how much downtown is changing - although there is still a ways to go. I guess that is also the exciting part about any redevelopment; seeing it actually start to change! Any idea when new Stanhi renderings will be released? I also can't wait for this one - because you have to figure Cherry will find a way to get it built!

Too bad to see the Curve fall apart - but never really understood why they'd want to put a high rise out in the burbs?

What's the status of Las Ramblas?

Last edited by highriseLV; Mar 29, 2006 at 7:16 PM.
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  #76  
Old Posted Mar 29, 2006, 7:28 PM
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News to me about Las Ramblas, Related has to put some kind of condo project in the air. They seem to be beat at every turn (excluding WMC) lets see what happens.

Yeah, Cherry seems to be able to get things done, hopefully he will continue revitalize DT well into the future.
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  #77  
Old Posted Mar 29, 2006, 8:30 PM
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well, I just called las ramblas since I have a deposit with them and I was informed that they are going to email me the cancellation since it does appear that they are about to sell the land to someone with the W group. He said an announcement should be happening soon, he did not have many other details. He said in his opinion it is a done deal.
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  #78  
Old Posted Mar 29, 2006, 9:10 PM
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I have decided that Related Sucks.. Seriously.. I mean they have built many a skyscraper, and they have completely failed Las Vegas.. The management of Related must be incompetent at the very least.. We had Union Park, that was a bust (although now, Dan Van Epp has taken over) then Icon, and now Las Ramblas.. I don't think its a lack of demand, its a lack of ability of Related Co. Cosmo is going up in the Air, Project CityCenter will break ground in the next few months, Westgate is U/C, MGM Signature, Marriott Grand Chateau, and soon W hotel and Condo.. The Harmon corridor is Hot, and perhaps W is the best one to buy up that land, because perhaps they will actually do something with it, maybe not this year, but perhaps in a few years..
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  #79  
Old Posted Mar 29, 2006, 9:34 PM
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Why do you think it is that Related has had such trouble in LV when they seem to have no trouble building in NY and Florida, with some projects in Atlanta as well? I know one of their New York buildings failed recently but that was because they couldn't get a permit for a Cirque du Soliel theater that was to be part of the project. I assume that have a person in charge of development for each city, so I guess the guy they put in charge in LV is getting fired.
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  #80  
Old Posted Mar 29, 2006, 9:53 PM
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The only thing I can put together is that Related has come into the LV market not understanding that construction costs are totally different here than they are in FL, or any other part of the country - because of the labor shortages and casinos. They start selling the buildings at prices they think they can get it built for, and then once they get the bids for construction, they see that they'll either lose money or profits will be minimal. It ends up making more sense for them to just scrap the project and sell the land. Why else would they not build a project (such as Icon) that is for the most part sold out?
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