Summerlin Centre real estate developer halts construction progress for at least a year. Construction delays on the Las Vegas Strip, including Echelon resort, are sending a ripple effect throughout the valley. The recent delay involving General Growth Properties’ shopping center, named High Street at Echelon, extends to their retail property in Summerlin.
Echelon Las Vegas $4.8 Billion hotel on the Strip stops construction progress. Today Boyd Gaming Corp. said the challenging credit markets and difficult economic conditions will delay construction until mid 2009.
Market and credit analysts were hoping the megaresorts expected to open in Las Vegas, Nevada during 2009 and hiring of employees could help raise home prices and sales of residential real estate in a year. This resort will not help the local economy in the upcoming year. There are only hopes the Echelon Place will continue.
Upfront condos in North Las Vegas real estate sit unfinished due to a developer foreclosure. The mid rise condos along Centennial Parkway look abandoned with half completed buildings, broken windows and an empty pool.
World Market Center furniture mart in Las Vegas real estate delays construction start date. The unstable credit and real estate markets have added second thought for developers with new construction across America.
The 12 million square feet mega project downtown Las Vegas says its investors are still committed to building the $3 billion development. The markets are making it very difficult for the immediate continuation of the next phase.