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March 9, 2006

In Vegas, lofty development dreams dashed by soaring construction costs

  • The skyrocketing costs of materials and labor have toppled some high-profile luxury condominium projects, turning the market skittish.
    • By KATHLEEN HENNESSEY
    Associated Press Writer

    LAS VEGAS — The glossy brochures promised rooftop gardens and posh European spas. Private basketball courts and butler service. The Las Vegas Strip and billions of dollars of hedonism just past your uniformed doorman.


    "We do a labor forecast, we work on it on a daily basis. It's the hardest challenge... It feels like you're in a bidding war for your own people."

    -- Jim Manning
    Interstate Plumbing and Air Conditioning

    Such is the stuff of high-rise living in the imagined vertical Las Vegas — billed as the next sexy center of condominium living, a 21st century Manhattan or Miami, and an antidote to the sprawl plaguing lesser Western cities.


     
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