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Old 08-14-2008, 09:39 PM
 
289 posts, read 1,039,489 times
Reputation: 85

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Aug. 06, 2008

Summerlin Centre mall to be delayed by one year

The sudden halt of the $4.8 billion Echelon resort on the Strip isn't the only major Las Vegas delay facing mall developer General Growth Properties.

The company will also delay development by at least 12 months of its Summerlin Centre project, a mixed-use development that was to open in 2009 with Crate & Barrel and Nordstrom as anchor tenants.


full article: ReviewJournal.com - Business - Summerlin Centre mall to be delayed by one year
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Old 08-14-2008, 10:26 PM
 
Location: Beautiful Upstate NY!
13,814 posts, read 28,488,891 times
Reputation: 7615
I guess it's tough to fill mall space when so many retailers are filing chapter 11 these days.
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Old 08-15-2008, 07:15 AM
 
Location: South Strip, NV --> Philly (Fall 2009)
2,404 posts, read 10,683,662 times
Reputation: 637
next would be the great mall...don't expect some of these places to open very soon, i knew that some of them probably won't get built or some will just be built a lot differently...
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Old 08-15-2008, 07:35 AM
 
253 posts, read 1,332,133 times
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Quote:
Originally Posted by jfkIII View Post
I guess it's tough to fill mall space when so many retailers are filing chapter 11 these days.
It has been estimated that there is a ten year supply of retail space available right now, meaning that any mall project is guaranteed to lose money for many years to come unless it can cannibalize tenants from other properties and convince them to pay rents high enough to cover the new project's construction debt payments.
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Old 08-15-2008, 09:14 AM
 
Location: Las Vegas
3,728 posts, read 9,471,089 times
Reputation: 1323
Quote:
Originally Posted by dude66 View Post
Aug. 06, 2008

Summerlin Centre mall to be delayed by one year

The sudden halt of the $4.8 billion Echelon resort on the Strip isn't the only major Las Vegas delay facing mall developer General Growth Properties.

The company will also delay development by at least 12 months of its Summerlin Centre project, a mixed-use development that was to open in 2009 with Crate & Barrel and Nordstrom as anchor tenants.


full article: ReviewJournal.com - Business - Summerlin Centre mall to be delayed by one year
The West Charleston Lofts by Christopher Stumher (Christopher Homes) are being delayed as well....
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Old 08-15-2008, 12:11 PM
 
289 posts, read 1,039,489 times
Reputation: 85
There are some pretty severe dislocations starting to develop in credit markets, so I wouldn't be surprised to hear about more delays of projects that are on the drawing boards or only half built. The "credit crunch" is nowhere near over, and in fact will get worse in the coming months as credit continues to contract. Nobody is much interested in buying debt right now. Who can blame them with the mess of the housing crash still unfolding. Much of that debt (bad mortgages) is all garbage.

For those interested, some of it is discussed here:

http://market-ticker.denninger.net/a...he-Kaboom.html
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Old 08-17-2008, 04:26 PM
 
Location: Sitting on a park bench...
2,753 posts, read 6,663,267 times
Reputation: 741
Who cares if a mall is delayed in Summerlin? They have enough stuff as it is. I want a Borders or Barnes and Nobles in Centennial Hills now, dag' gummit!!!
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Old 08-17-2008, 07:11 PM
 
Location: Here and there, you decide.
12,908 posts, read 27,982,887 times
Reputation: 5056
i'll second that mr. aqua...
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Old 08-17-2008, 07:45 PM
 
253 posts, read 1,332,133 times
Reputation: 139
Quote:
Originally Posted by dude66 View Post
The sudden halt of the $4.8 billion Echelon resort on the Strip isn't the only major Las Vegas delay facing mall developer General Growth Properties.
General Growth Properties is in big financial trouble and staring down the barrel of bankruptcy. Any project they were involved in is likely to be delayed or canceled.
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Old 08-17-2008, 09:34 PM
 
Location: Sitting on a park bench...
2,753 posts, read 6,663,267 times
Reputation: 741
It has regularly been moved and seconded that Summerlin has too much stuff. Therefore I decree that a flight of Raptors from Nellis be dispatched as a strike wing. All those in favor? AYE!!!

City-Data Control to Raptor flight..

Raptor flight: We copy.


Your target is Summerlin, confirm smoke is green...

Roger, City-Data, smoke is green...

BOOM!!!

Did you decide on Centennial Hills, airics?
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