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  #81  
Old Posted Mar 29, 2006, 11:54 PM
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You would think a company as experienced as Related would have anticipated the differences in the Vegas market. Maybe it was a case of nepotism and someone inexperienced got put in charge of their Las Vegas division. Do they still own the land for Icon? Are they going to build something new on there?

I had to go downtown today and had look around whie I was there. It's been mentioned before, but Club Renniasance in not under construction. There are still some of those old houses on the site and zero activity.

Juhl on the other hand looks to be progressing. The whole site has a construction fence around it and it seems that everything existing on the site has been demolished. When I drove by they were starting to clear out the big trash pile from the demolitions. Hopefully they should start construction soon.
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  #82  
Old Posted Mar 30, 2006, 2:21 AM
GeorgeLV GeorgeLV is offline
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Quote:
Originally Posted by vegasrain84
I have decided that Related Sucks.. Seriously.. I mean they have built many a skyscraper, and they have completely failed Las Vegas..
There's 3 million sq ft of showrooms at the World Market Center that say different...
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  #83  
Old Posted Mar 30, 2006, 3:41 AM
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I think it is the case that everything that Related has proposed for Florida is getting built or is highly likely to be built. Out of their scores of Florida projects, I can't think of a one that has been cancelled.
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  #84  
Old Posted Mar 30, 2006, 6:31 AM
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Stanhi

Look for renderings to be released in a few weeks for Stanhi. We are the first brokerage to have access to it by private invitation by Sam Cherry. His vision for that area is bang on and he really understands the downtown high rise market.
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  #85  
Old Posted Mar 30, 2006, 6:41 AM
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Cool Club Ren

Can't understand how these projects start taking reservations when they haven't finalized their construction costs?. They told us two weeks ago they still haven't finalized their construction contractor and are still interviewing them. How can a high rise set their reservation prices when they have not finalized construction costs, available labor pools, timeline to build etc? We're passing on such projects as the odds are too high they won't make it. If they do that's great because architecturally it's a cool project.
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  #86  
Old Posted Mar 30, 2006, 6:45 AM
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Sky is starting the 33rd Floor

Can't wait to see Sky top out in June. Will be something to see it when driving Las Vegas Blvd!!

Pictures were taken this week from the 24th floor - scroll thru pics on the link:

http://www.luxuryrealtygroup.com/condo.asp?CBID=48
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  #87  
Old Posted Mar 30, 2006, 9:06 PM
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Colony Capital, owners of the LV Hilton, is making a play for the Tropicana. Personally, I would rather see the Trop in the hands of Pinnacle. Colony likes to buy properties in depressed conditions, that certainly describes the Trop, but they also like depressed markets. Does this describe Las Vegas?
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  #88  
Old Posted Mar 31, 2006, 3:09 AM
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Quote:
Originally Posted by GeorgeLV
There's 3 million sq ft of showrooms at the World Market Center that say different...
Ok, not "completely".. But they are 1 for 4.. WMC doesnt require a lot of effort to complete a project such as that since its a commercial venture, with high demand for showroom space. Residential Development is something that I thought Related was good at understanding based on their projects across the East Coast. They were able to pull off Time Warner Center, a huge undertaking, but it just seems to me that someone was asleep at the wheel when it came to Vegas. They assumed that they could waltz in on the vegas high rise wave without having to do the research and the work, and they failed miserably with that approach. They didn't anticipate the future costs, and it was a simple fact of poor planning. Again, they assumed that the high rise wave would simply do the work for them, and they didn't realize that that same wave carried a heavy cost. Contruction material costs, land costs, labor costs have soared, and they didn't anticipate that, and they failed. Its as simple as that. I think it makes the Vegas market look like its not as robust as it really is, when it is not the case at all. Its just the poor planning of developers. I would say the same thing about other companies who fail to deliver.. But this company of all companies with their background, and level of expertise was shocking to see them with not one, but three failed attempts in Las Vegas.. Thats all I am saying..
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  #89  
Old Posted Mar 31, 2006, 11:53 PM
SpeedyFarrar SpeedyFarrar is offline
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Cool

I found another new rendering of Project City Center:

http://media.corporate-ir.net/media_...2/Wynn3_21.pdf

It's page 20 of that PDF. With all these different PCC renders, it's hard to figure out which one is accurate to what will be built
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  #90  
Old Posted Apr 1, 2006, 2:05 AM
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I'm so tired of redrawing City Center millions of times, I'm not drawing City Center until its under construction or built!
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  #91  
Old Posted Apr 1, 2006, 3:08 AM
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I wish more people would do that, Pat. lol
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  #92  
Old Posted Apr 1, 2006, 4:58 AM
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i dont know if i like that 'frank gehry' thing in the center- i like the model design the best. these new renderings are makin me question how dense this project actualy will be...=/
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  #93  
Old Posted Apr 1, 2006, 5:27 AM
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does anyone watch the show LAS VEGAS on nbc? i do not- i get enough of this city as it is, but im tuned to it right now and i just saw a shot of the fake reosrt the show takes place in, its an interesting design- large building too. the internet only has this picture:



(see the excalibur in the back ground & is that a water fall in the middle- i like the LCD screen on top the building)

im wondering if theres more pictures of this. i like seein renderings of buildings with las vegas incorporated. i know CSI had some fake resort downtown they showed alot, its comical to see these - ovbiously- fake designs on the strip. make you wish vegas actually had some of these buildings. (like ivana) - the tower that is
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  #94  
Old Posted Apr 1, 2006, 6:21 AM
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Gotta love the MGM Macau; on page 32.
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  #95  
Old Posted Apr 3, 2006, 4:11 AM
SpeedyFarrar SpeedyFarrar is offline
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A bit OT, but those of you with Google Earth (or without), they just updated their Vegas strip & downtown data to March 06 imagery, so you can get a good look at alot of the latest stuff being built. You can get GE free at http://earth.google.com
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  #96  
Old Posted Apr 4, 2006, 3:56 AM
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lets not forget some good news comes out every now and then

.........

4/02/06 Wynn Inflates Encore Plans

The price tag for the upcoming Encore at Wynn Las Vegas has bees increased to $1.74 billion. The new plans increase the room count to 2054, move the employee parking (see my projection below), and build an employee pedestrian bridge over Sands Ave. Stay tuned for more as this project nears its planned April 28th ground breaking.

.......

april 28th ground breaking?!

(its good encore is getting bigger)


AND

.....

4/02/06 Harrah's Plans a $1 Billion Expansion of Caesars
With the success of the Augustus Tower and the increase of foot traffic it has spurred, Harrah's Entertainment is planning to raise the stakes again with a $1 billion expansion and upgrade to the famed resort, in an attempt to reel in more high-rollers. At this point, We can only guess what this might entail. A formal announcement will be made in a few months.
......

wow caesars should be around 4 billion by the end of this expansion...looks like that site will always have some new project goin up!


(all this came from vegastodayandtomorrow.com [of course ])
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  #97  
Old Posted Apr 4, 2006, 7:28 PM
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Which bidder will win the Tropicana? Taking bets?

Las Vegas Review-Journal

Aztar draws Ameristar as newest suitor

$2.25 billion bid is third buyout proposal for owner of Tropicana

By HOWARD STUTZ
GAMING WIRE

An aging lady that couldn't get a date for more than a year now has a full dance card.


Las Vegas-based Ameristar Casinos on Monday became the third gaming company submitting a proposal to acquire Aztar Corp., bidding $42 a share, or $2.25 billion, for the owner of the timeworn Tropicana.

Ameristar, which doesn't own a casino in Las Vegas, offered $1 more per share than Las Vegas Hilton owner Colony Capital, which reportedly submitted a bid for Phoenix-based Aztar last week.

On March 13, Pinnacle Entertainment entered an agreement with Aztar's board of directors to buy the five-casino company for $38 a share, or $2.1 billion. If that deal falls through, Aztar would have to pay Pinnacle $42 million as a breakup fee and cover up to $13 million of the company's expenses.

Aztar spent almost 18 months starting and stopping on plans to redevelop the 34-acre Tropicana site. Most analysts believed Aztar was seeking either a joint-venture partner or a sale of its assets, but neither solution ever appeared until last month.

Ameristar's emergence as third bidder for Aztar surprised most gaming industry observers.

"Was this out of the blue? Absolutely," CRT Capital Group analyst Steve Ruggiero said.

Late Monday, Aztar issued a statement saying the company would enter discussions with both Colony Capital and Ameristar about their proposals.

Ruggiero said it was unclear if the bidding war will lead to a company overpaying for Aztar.

"It really depends on who the buyer is," Ruggiero said. "Colony has the flexibility of being a private firm and they're not worried about answering Wall Street analyst questions on a conference call. That gives them an advantage. Certainly, Pinnacle has an edge because it already has a signed agreement, but the question is who can put together best financing package and who wants it the most."

Ameristar Chairman Craig Neilsen sent a letter Sunday to Aztar Chairman Robert Haddock, explaining his company's intentions. Neilsen said that Ameristar's proposal was "clearly superior" to the offer submitted by Colony Capital and the signed deal with Pinnacle Entertainment.

"I placed a courtesy call to Bob (Haddock) last night, but he wasn't home," Neilsen said Monday following a conference call with analysts and investors to discuss the proposal. "We've looked at Aztar for sometime, but we stepped up our efforts once it went into play. There's a widely divergent view of what the assets are worth. I guess we'll stand by and see what happens."

The next move is up to Aztar's board of directors. The company's management will have to evaluate the proposals to see whether they are superior to the Pinnacle Entertainment deal.

If Aztar accepts the higher offer from Ameristar, Pinnacle Entertainment would have a right to increase its offer or accept the breakup fees. Colony Capital, a privately held real estate investment firm that owns six casinos through Resorts International, could also make another bid.

"We believe that higher bids could be likely from both Colony and Pinnacle," Deutsche Bank gaming analyst Marc Falcone said in a note to investors.

Ruggiero questioned whether Pinnacle would increase its bid; a higher offer would result in a higher leverage and financing costs to the company, he said.

Wall Street's reaction Monday seemed to lean toward a higher bid. Aztar closed up $2.61 in heavy trading on the New York Stock Exchange, finishing at $44.60, a 6.22 percent increase. Almost 5.5 million shares were traded, the third straight session Aztar volume topped 3.7 million.

Ameristar shares closed at $24.01 on the Nasdaq National Market, off $1.78, or 6.9 percent. Pinnacle Entertainment shares closed at $28.76 on the Nasdaq, up 59 cents, or 2.09 percent.

Neilsen has built Ameristar from two small casinos near the Nevada-Idaho border to a company that reported $961 million in revenue in 2005 from seven casinos, properties in St. Louis, Kansas City, Mo., and just outside Denver.

Ameristar built The Reserve hotel-casino in Henderson (now known as Fiesta Henderson), but sold it to Station Casinos. The deal brought Ameristar company its Missouri gambling halls. Ameristar is spending almost $600 million to expand Ameristar St. Charles, Ameristar Black Hawk (Colo.) and Ameristar Vicksburg (Miss.).

The key to the Aztar transaction, Neilsen said, is the 34-acre site for the Tropicana. Although Colony has not said what it would do with the deteriorating 1,880-room hotel-casino, Pinnacle Entertainment said its would invest some capital into the Tropicana and operate the property for two years before demolishing the buildings in favor of an estimated $3 billion to $4 billion rebuilding project.

"It's a great site, one of the best, if not the best site available," Neilsen said. "We obviously will evaluate it in much greater detail. At some point we would plan to tear it down, but it would be at least two, 2 1/2 years minimum to plan a new facility and come up with a concept."

Purchasing Aztar would broaden Ameristar's national footprint, giving the company casinos in the major gaming capitals of Las Vegas and Atlantic City, and in America's heartland.

The transaction would jump Ameristar from the ninth in revenue among gaming companies to fifth. It would have 12 casinos in seven states, encompassing 774,000 square feet of casino space. In 2005, Ameristar and Aztar had a combined net revenue of more than $1.87 billion.

The interest in Aztar perplexed some casino watchers. There are differing opinions on whether acquiring Aztar would be good for Ameristar, which lost out to Harrah's Entertainment in 2004 in an attempt to buy rival Horseshoe Gaming.

"Aztar is an attractive acquisition. This would take the company where it wants to go," Jefferies & Co. gaming analyst Larry Klatzkin said.

Bear Stearns gaming analyst Joe Greff said Ameristar may run into trouble trying to redevelop the Tropicana site.

"(It) poses a potential risk as the company has had little experience designing and executing on a project of this size," Greff said.

Greff also said the 2,129-room Tropicana Atlantic City, which reported revenue of $490 million in 2005, could also face tough competition over the next few years.

"Slot play at Harrah's, Borgata and Caesars, as well as the introduction of alternative slot destinations in New York and Pennsylvania could stunt growth at the Atlantic City Tropicana," Greff said.




Find this article at:
http://www.reviewjournal.com/lvrj_ho...s/6682242.html
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  #98  
Old Posted Apr 6, 2006, 1:12 AM
MsuMix MsuMix is offline
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Quote:
Originally Posted by SpeedyFarrar
A bit OT, but those of you with Google Earth (or without), they just updated their Vegas strip & downtown data to March 06 imagery, so you can get a good look at alot of the latest stuff being built. You can get GE free at http://earth.google.com
Yeah looks like Sitework has begun on Project CityCenter.. I can't wait to get out there and start working.
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  #99  
Old Posted Apr 6, 2006, 1:43 AM
alequevedo alequevedo is offline
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[QUOTE=dave8721]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.[/QUOTE

Do you know who is the person in charge? Do you have some more information about Las Ramblas?
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  #100  
Old Posted Apr 6, 2006, 6:51 AM
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Does anyone know any more information on this new tower called ELITE Tower??

City of Las Vegas
PLANNING COMMISSION MEETING
FEBRUARY 23, 2006

54. SUP-11245 - SPECIAL USE PERMIT - PUBLIC HEARING - APPLICANT/OWNER: ELITE
TOWER, LLC, ET AL - Request for a Special Use Permit FOR A PROPOSED MIXED-USE
DEVELOPMENT at 801, 805, 809 and 815 South Casino Center Boulevard (APNs 139-34-410-066
through 069), C-2 (General Commercial) Zone and R-4 (High Density Residential) Zone under Resolution
of Intent to C-2 (General Commercial) Zone, Ward 1 (Tarkanian).

55. SUP-11249 - SPECIAL USE PERMIT RELATED TO SUP-11245 - PUBLIC HEARING -
APPLICANT/OWNER: ELITE TOWER, LLC, ET AL - Request for a Special Use Permit FOR A
PROPOSED 538-FOOT TALL BUILDING WITHIN THE NORTH LAS VEGAS AIRPORT
OVERLAY DISTRICT at 801, 805, 809 and 815 South Casino Center Boulevard (APNs 139-34-410-066
through 069), C-2 (General Commercial) Zone and R-4 (High Density Residential) Zone under Resolution
of Intent to C-2 (General Commercial) Zone, Ward 1 (Tarkanian).

56. SDR-11240 - SITE DEVELOPMENT PLAN REVIEW RELATED TO SUP-11245 AND SUP 11249
- PUBLIC HEARING - APPLICANT/OWNER: ELITE TOWER, LLC, ET AL - Request for a Site
Development Plan Review FOR A PROPOSED 45-STORY MIXED USE DEVELOPMENT,
CONSISTING OF 451 RESIDENTIAL UNITS AND 7,940 SQUARE FEET OF RETAIL FLOOR
SPACE; AND WAIVERS OF THE STEPBACK AND BUILD-TO-LINE STANDARDS OF THE
DOWNTOWN CENTENNIAL PLAN on 0.80 acres at 801, 805, 809 and 815 South Casino Center
Boulevard (APNs 139-34-410-066 through 069), C-2 (General Commercial) Zone and R-4 (High Density
Residential) Zone under Resolution of Intent to C-2 (General Commercial) Zone, Ward 1 (Tarkanian).
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