Another Las Vegas project cancelled

Another Las Vegas project has joined the ranks of those projects that will never be built. The Light Group's Spa Lofts has been cancelled. The project's website now redirects you to the main Light Group site. The project was going to be located on South Rainbow Boulevard, just a minutes from the I215 beltway.

In an interesting twist, another developer gave their opinion to the Las Vegas Review Journal. "Spa Lofts is getting canned because it doesn't have any buyers and it doesn't have any buyers because ManhattanWest is taking all of them," said Gemstone Chief Executive Officer Alex Edelstein (Gemstone is the developer of Manhattan and Manhattan West). "ManhattanWest came to the market with a tremendously superior offering at a dramatically lower price. We drove SpaLofts out of business."

The gauntlet has been thrown down. The Light Group still has a property they are promoting in CityCenter, the Harmon Residences. It will be interesting to see if Mr. Sasson will respond in the press to Mr. Edelstein's comments.

**Update

Manhattan West has been unable to get continued financing and looks like it will not be completed....at least not by Gemstone.

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