Paxton Walk Las Vegas real estate developer stops construction. Paxton Walk in North Las Vegas, NV is a 30 acre $200 million mixed use development. Avi Ruimi, real estate developer, started assembling the parcels of land for the past 14 years.
The recent market conditions has updated his construction plans and has since stopped the project and return the deposits to the 50 condo buyers.
Similar to other developers in Las Vegas, Ruimi owns the lands free and clear. He plans to continue Paxton Walk during the first three months of 2009. Wanting to steer clear of the escalating construction and debt costs he hopes his wait will to continue until next year will be to everyone’s benefit.
Real estate projects were riding the condo craze in Las Vegas and made difficult decisions or sold the highly valued land for which their project was intended.
Site development costs for the mixed use real estate in Centennial Hills totaled $2 million. The Woodland Hills, California based Blue Marble Development expenses were towards the landscaping and widening of a portion of Centennial Parkway.
Design elements of the North Las Vegas real estate includes 782 condos, residential homes and commercial space within two million square feet development.
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