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Posted At : March 18, 2008 01:16 PM | Posted By : D McKee
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Current,The Strip
Today's Las Vegas Review-Journal has an excellent rundown on the current state of flux at both the Plaza and Cosmopolitan projects, including the sobering stat that the latter's cost has now ballooned to $3.9 billion -- a 95% cost overrun.
Seems that Deutsche Bank's foreclosure move is primarily aimed at buffaloing developer Ian Bruce Eichner into finalizing the takeout financing that was supposed to have been in place weeks ago. Given Eichner's sorry track record to date, congratulations, Deutsche Bank! You're probably about to become the proud adoptive parent of a Las Vegas condo-casino. Better hope that MGM Mirage's Jim Murren is suddenly feeling charitable and wants to take it off your hands.
As far as the possible meltdown of the Plaza project, Liz Benston finds a possible way out for Elad Group. To wit, that Elad will have to dig deep into its own pockets to keep the Plaza moving forward, contrary to its history of leveraging projects. Benston writes, "the days of putting up 10 percent equity instead of, say, 50 percent ... are over, as are the days of using land as equity to finance a major project."
Having paid a sky-high $43.5 million/acre for the old New Frontier site, Elad's chances of flipping it and making a dignified exit seem slight -- unless it wants to take a bath on what's starting to look like an ill-advised expenditure.
Jean Scott is A-OK. Our most beloved blogger checks in with news that all her blood tests came back negative, meaning that she dodged several bullets from the despicable Endoscopy Center of Southern Nevada. Let's keep our fingers crossed for her upcoming eye surgery, too.
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