Work stops on mixed-use condo project

Smith, Hubble
December 2008
Las Vegas Business Press (10712186);12/29/2008, Vol. 25 Issue 52, pP15
The article reports on the suspension of the construction of the Manhattan West mixed-use condominium development in Las Vegas, Nevada. According to Gemstone Development chief executive officer Alex Edelstein, the $350 million project fund is no longer available and the new financing is uncertain. It is inferred that the cause of the mismatch between the cost of the building and the capability of people to pay for condominiums and office spaces. It is also cited that the recent economic events made a difficult environment for real estate development.


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