Jump-Starting Stalled Projects Could Revive Development
By Alex Girda, Associate Editor
Las Vegas is searching far and wide for its development future—including in its recent development past. As VegasINC magazine reported recently, a number of large-scale projects that have been stalled for years by the Great Recession may be getting a new lease on life.
Projects like General Growth Properties Inc.’s Shops at Summerlin in the retail sector and Vantage Lofts and Manhattan West on the residential side are among the most recent examples. Although the visibility of these and other projects that were halted in midstream has long been a sore point, their incompleteness could finally be an advantage. If properly preserved, the developments have a head start on construction, thus reducing the time and money necessary for completion compared to a ground-up project. However, hurdles can still crop up, including the determination of whether permitting is up to date and, in some cases, who rightfully owns the property.
Meanwhile, some other high-profile projects await attention.Topping the list are the Echelon, the partially built hotel, casino, retail and convention center complex that has been delayed for four years; and the Fontainebleau, a $2.9 billion, 3,889-key hotel and casino. At 68 stories tall, the property would make a mark on the city’s skyline.
A number of multi-family developments have also lost traction over the years, but the improving residential market could soon start rekindling interest in those projects as well.
Image courtesy of user Lasvegaslover via Wikimedia Commons