One thing is certain in the high rise market, never count a project completely down and out. The Las Vegas Central project has been around for years. Originally the project was going to be two 47 story towers located close to the convention center. The FAA nixed the original design, citing safety concerns due to the tower's height and forcing a redesign. That combined with a slowing in the market, the developer went into bankruptcy last year.
Play the long odds
Despite that, the project is not dead. The convention center is spending over a billion dollars in a redesign that will move the main entrance to within 300 feet of the central site. The developer has been approached by several large hotel operators to build a hotel on the site instead. The new plans now call for the top couple of floors to hold penthouse condos of about 3,500 sf. This is exactly why Vegas is a gambling town. No word yet on what brand the hotel will be or pricing on the penthouses.- Charles
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