Two multibillion-dollar Strip developments less than two miles apart could become victims of the tightening credit markets and rising construction costs.
Wall Street investment house Deutsche Bank last week notified developers of the Cosmopolitan that it will begin foreclosure proceedings on the mixed-use development being built in the shadow of MGM Mirage's massive CityCenter complex.
A little north on the Strip, a potential $6 billion development modeled after the Plaza in New York City that was to be built on the site of the imploded New Frontier may be put on hold because of the current subprime crisis.
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