Check out this slide show of mothballed construction projects in Vegas. (h/t Calculated Risk)
Particularly alarming is the fact that the Fontainebleu, which appears to be a mostly-completed 63 story resort hotel on the strip, sold at bankruptcy for only $150 million! (Wikipedia says it is 70% complete.)
The land alone (prime Las Vegas Strip real estate) was valued at $30 million per acre in 2007, and the project sits on 24.5 acres. That means the land alone was valued at over $700 million at the height of the bubble.
Ouch for those developers-- and whoever lent them the money!
It seems to me that if any developer had any faith at all in an economic recovery within the next 5 to 10 years, the building would be an absolute steal at $150 million.
Some of the other projects in the list are probably eventual tear-downs.
NOTE: I am in no way affiliated with "Slade Development," the company associated with the failed project in the second to last slide.
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