Over the summer I had received many calls from my clients and prospective clients asking me what was going on with Fontaintebleau project across the street from Sky Las Vegas on the world famous Las Vegas strip. I really haven't heard much about the project since they stop construction, other than the developer was trying to fight the banks in court over releasing the rest of the financing for completion of the project. Earlier today I read an article that was emailed to me which was published in the
Miami Herald that discussed some very interesting facts about this case and whats happening. One thing that was mentioned was unhappy Fontainebleau lenders have taken their argument to the next level, asking that their case be moved from a Chapter 11 restructuring to a Chapter 7 liquidation. The unsatisfied Fontainebleau lender have told the courts that after spending $17 million in loan proceeds during bankruptcy, Soffer's team ``has nothing to show for it,". I feel that this move by the bank will be the final nail in the coffin as far as saving the plans for this development meaning being branded as a Fontainebleau property. It is unfortunate that the Fontainebleau project has meet it's fate but there is a positive aspect that no one has talked about and that is the fact that once MGM's City Center development starts to open there will be a need for construction jobs. By the time City Center opens Fontainebleau or the former location of the Fontainebleau will hopefully have new owners who need their newly acquired property completed putting back thousands of people to work. Things are turning around and if you pay close attention to what is happening you will be able to see a ray of sunshine amongst all the clouds, thank you for reading my posts and if you have any further questions about
Las Vegas High Rise Condo Real Estate opportunities please feel free to contact me via
email or by phone 702-542-1883. Don't forget to leave a comment if you would like to share your views about what I have posted here today.
