Onyx Condominiums in Las Vegas Were Placed Into Chapter 11 Bankruptcy

Onyx CondosOnyx Condominiums in Las Vegas were placed into Chapter 11 bankruptcy.  The mid rise development near MGM Grand had been placed into involuntary bankruptcy by Precision Concrete, Alpine Steel and Perlman Architects of California.

The real estate developer, Crestone Co. was building the 63 unit condos on the 2 acre site, formerly the Tropicana Inn motel.

Three years ago the $28 million project was announced.  It included stone flooring, GE appliances, granite counter and 10 foot ceilings priced from $400,000s to $900,000s.

Units ranged from 740 to 2,300 square feet.  Comparable units today are priced less.  The developer was charging for amenities of a fitness center with a pool, covered parking and within minutes of McCarran Airport.

There is a possible buyer for Onyx Las Vegas.  It is rumored they made an offer of $35 million, but no verification if they can actually have the financial ability to finish the deal.

Tropicana Inn Investments consented to the beginning process of bankruptcy.  Several steps to bankruptcy are filing of proofs of claim and the deadline to file a plan that will take place next.

U.S. Bankruptcy Court Judge Mike Nakagawa has been assigned the court case.

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Onyx condominiums in Las Vegas were placed into chapter 11 bankruptcy.

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