KLAS-TV Channel 8 News Las VegasLas Vegas Condo Project Not Taking Reservations
Another high-rise condo project in Las Vegas has hit a bump in the road.
Las Ramblas, a $3 billion luxury condo project backed by actor George Clooney, is no longer taking reservations. Yesterday, the same thing happened with the Curve Las Vegas. Real estate experts believe only 20 to 50-percent of the 100 projects announced in Las Vegas will get built.
One of the major reasons why is due to rising construction costs.
"If you think it's going to cost 80 and you sell it for 100, and it ends up costing 120," said John Riordan, senior vice president of turnberry. "That's a problem. So you're not going to build. And that's what happened in probably 80 percent or more of these developments that have not gone forward."
Curve Las Vegas says the project is not cancelled, they're just taking time to regroup and Las Ramblas officials say the sales office is not closed.
Email anchor Denise Valdez at dvaldez@klastv.com
