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Another One Bites The Dust: Icon Las Vegas Condos Cancelled

By Chuckmonster on Friday, 6th January 2006 7:08pm
  » filed under Las Vegas  comments: 0

   

The Las Vegas Sun is reporting that the ICON condo project has hit the skids. This is interesting for three main reasons:

1) Another condo project is cancelled, and we like that
2) ICON's acerage was tucked in behind the Strip mall just north of Wynn's encore
3) The Developers "Related Las Vegas" are partners in George Clooney's 'Las Ramblas' project. No word on whether Las Ramblas has been shuttered as well, but if they don't break ground in the next 6-9 months, it probably will be.



From the Las Vegas Sun:

A high-profile developer is scrapping plans to build a 502-unit luxury condominium complex on 4.5 acres just off the Las Vegas Strip, the latest sign the city's high-rise craze is losing steam.

"It's a very painful decision for us to make," Related Las Vegas President Marty Burger told The Associated Press on Friday. Company executives blamed the high cost of construction for Icon's demise. They said legal disputes with a local landowner delayed the project while construction costs skyrocketed.

"Basically we got delayed in construction," Burger said. "The incredibly escalating costs made it impossible to build Icon based on original pricing without seriously impacting the integrity of the development."



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