Cancelled

Pinnacle calls it quits

In a not so surprising move, Pinnacle calls it quits. The project had been floundering for some time, despite their claims otherwise. Requirements for pre-construction sales are being blamed for the cancellation. The land was cleared last year (former Falconi honda dealership site, Falconi is also a principal in the project) in preparation for construction that never started. The developer has stated that deposits will be repaid to purchasers plus interest, but nothing has happened yet. Last month Pinnacle was sued by a group of buyers wanting their deposits back.

Sadly this project offered some unique features not available in other communities. I think it can chalked up to bad timing and the change in the market. The good news for the buyers that did put in a deposit, there are plenty of other high rise condos in Las Vegas up for sale. Several projects will be completing their initial phases in the next two to three months. Here is the short list:

If you would like to include resales in your search, then there are several more high rises to choose from:

Call me at 702-493-8033 and I'll give you the rundown on each project, availability and my personal picks.

Speedway condos get the black flag

trophy towersAnother condo project has been canceled, but this time it's not what you think. The Las Vegas Motor Speedway had plans to add a 126 unit condo project out by the speedway. The project called Trophy Towers, had been approved by county planning commission in November and was modeled on similar projects at other speedways.

Opposition came from an unlikely source, Nellis AFB. Unfortunately for the speedway, the project would have been located just 1.3 miles from the end of a runway. Lawyers for the speedway tried a head in the sand tactic by sending a letter stating the hearing was invalid and then didn't show up. In true Las Vegas fashion, the hearing went on anyway for a little over two hours and the project was killed.  Truthfully, it probably wouldn't have mattered if the attorneys did show up, even the governor testified on behalf of Nellis. Even in this town, you couldn't get odds on that.

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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