Icon Las Vegas
Related Group has announced that it will not be completing its Icon Las Vegas condo project.
The Icon cancellation comes as a big surprise, in part because its developer is a partnership of two giants.
The Related Group of Florida, which is considered by some to be the nation’s leading condo developer and Related Companies, which is headed by Stephen M. Ross. Ross is the developer of the Time Warner Center in Manhattan, while Jorge Perez heads Related Group.
Icon was planning to release its two 48 story towers in 2007 and 2008. Local experts say that Related made mistakes when the company relied to heavily on its own reputation in marketing the building.
Related released a report that attributed canceling the project to rising construction costs.
However, David Ezra, owner of Ezra International Realty, says that is a rookie mistake, not an excuse and that it will not work for Related.
Ezra says it is a bit of a sore spot for him because he sold some 60 units in the building.
Representatives for Related could not be reached to offer explanations, but one thing is for sure, Icon Las Vegas will not bask in the glory of Las Vegas.
