daily menu » rate the banner | guess the city | one on oneforums map | privacy policy | DMCA | news magazine | posting guidelines

Go Back   SkyscraperCity > World Development News Forums > Skyscrapers > Proposed Skyscrapers



Global Announcement

As a general reminder, please respect others and respect copyrights. Go here to familiarize yourself with our posting policy.


Reply

 
Thread Tools
Old April 13th, 2015, 01:35 AM   #441
eyeguy
Registered User
 
Join Date: Jul 2007
Posts: 14
Likes (Received): 11

Quote:
Originally Posted by Jim856796 View Post
* If the Fontainebleau has about 4,000 rooms, then will this mean the Las Vegas Strip will just have too many hotel rooms? (currently around 70,000)
People have been asking if Las Vegas has too many rooms or has overgrown since 1955.

There's another instance a long-unfinished hotel in LV: Landmark, which sat unfinished through most of the 60s. Landmark opened in 69, and was never a success, but it's was a novelty building in a bad location.

Six and half years after topping off, Fontainebleau still looks like a modern building, the location is not bad - and will get better with the demolition of Riviera.

Then again, it's new owner could also probably sell the whole thing bit by bit and the land, and make a profit.
eyeguy no está en línea   Reply With Quote

Sponsored Links
Old April 13th, 2015, 12:41 PM   #442
desertpunk
Whiskey Tango Foxtrot
 
desertpunk's Avatar
 
Join Date: Oct 2009
Location: ELP ~ ABQ
Posts: 55,648
Likes (Received): 53453

Carl Icahn owns the Fontainebleau and he has the resources to wait for a buyer offering top dollar. Already Genting has taken the Echelon site so that only leaves this tower as the largest opportunity to quickly enter the Strip. Given the location it could also easily (and preferably) be converted to condos with a smallish casino below. And that may be what Icahn envisions for it. The condo market is still soft so that would require more waiting.


Genting's Resorts World Las Vegas [Echelon] site is just to the far right in this picture:


The Strip by Visual Coyote, on Flickr

Last edited by desertpunk; April 13th, 2015 at 12:48 PM.
desertpunk no está en línea   Reply With Quote
Old April 14th, 2015, 07:52 AM   #443
Jim856796
Registered User
 
Jim856796's Avatar
 
Join Date: Jun 2006
Location: Citizen of the World
Posts: 8,944
Likes (Received): 844

Quote:
Originally Posted by desertpunk View Post
Carl Icahn owns the Fontainebleau and he has the resources to wait for a buyer offering top dollar. Already Genting has taken the Echelon site so that only leaves this tower as the largest opportunity to quickly enter the Strip. Given the location it could also easily (and preferably) be converted to condos with a smallish casino below. And that may be what Icahn envisions for it. The condo market is still soft so that would require more waiting.
The Fontainebleau Resort is way larger than any residential/condominium tower in he Las Vegas area. Also, its parking garage is huge (around 15 floors?), possibly the largest one of the LV area. (Coincidentally, I think the upper floors of the Fontainebleau Resort were initially planned to be condos.)

There is one problem: If the Fontainebleau does get repurposed as condominiums, then it will be difficult to try and fill up its three-story podium.

Also, if the Fontainebleau Resort is brought to use at all, will Carl Icahn still own the property or will it already have been sold to some other entity?
__________________
I honestly think all development projects must be sustainable and futureproof.

You support the good projects... and oppose the bad.
Jim856796 está en línea ahora   Reply With Quote
Old April 14th, 2015, 05:10 PM   #444
desertpunk
Whiskey Tango Foxtrot
 
desertpunk's Avatar
 
Join Date: Oct 2009
Location: ELP ~ ABQ
Posts: 55,648
Likes (Received): 53453

Quote:
Originally Posted by Jim856796 View Post
The Fontainebleau Resort is way larger than any residential/condominium tower in he Las Vegas area. Also, its parking garage is huge (around 15 floors?), possibly the largest one of the LV area. (Coincidentally, I think the upper floors of the Fontainebleau Resort were initially planned to be condos.)

There is one problem: If the Fontainebleau does get repurposed as condominiums, then it will be difficult to try and fill up its three-story podium.

Also, if the Fontainebleau Resort is brought to use at all, will Carl Icahn still own the property or will it already have been sold to some other entity?
Icahn will likely sell but he may be open to a co-developer deal if the financials are right.
__________________
We are floating in space...

ChuckScraperMiami#1 liked this post
desertpunk no está en línea   Reply With Quote
Old April 14th, 2015, 07:02 PM   #445
eyeguy
Registered User
 
Join Date: Jul 2007
Posts: 14
Likes (Received): 11

anyone seen the video of the guy who sneaks to the top of the fontainbleau? surprising that the video was made and posted by a commercial shoe brand, but they clearly did the whole thing guerrilla style
eyeguy no está en línea   Reply With Quote
Old May 19th, 2015, 06:49 PM   #446
eyeguy
Registered User
 
Join Date: Jul 2007
Posts: 14
Likes (Received): 11

Quote:
Originally Posted by desertpunk View Post
Icahn will likely sell but he may be open to a co-developer deal if the financials are right.
We don't know Icahn's plan. What do we do know is that Icahn also bought the Stratosphere at a bargain price when no one wanted it, and sold it 11 years later for a large profit.
eyeguy no está en línea   Reply With Quote
Old June 28th, 2015, 10:19 PM   #447
eyeguy
Registered User
 
Join Date: Jul 2007
Posts: 14
Likes (Received): 11

view from the top:

__________________
eyeguy no está en línea   Reply With Quote
Old July 1st, 2015, 10:29 PM   #448
desertpunk
Whiskey Tango Foxtrot
 
desertpunk's Avatar
 
Join Date: Oct 2009
Location: ELP ~ ABQ
Posts: 55,648
Likes (Received): 53453

Quote:
Originally Posted by eyeguy View Post
We don't know Icahn's plan. What do we do know is that Icahn also bought the Stratosphere at a bargain price when no one wanted it, and sold it 11 years later for a large profit.
Yep, that's how Icahn makes his money and he'd sell Fontainebleau in a heartbeat if a decent offer came his way but given the ongoing sluggishness of gaming in Vegas this one might not catch a bid for years to come. Meanwhile Clark County regularly visits to inspect the structure and assure it's still safe to keep standing. At some point Icahn may need to shore things up or risk losing it to the imploders.
desertpunk no está en línea   Reply With Quote
Old September 1st, 2017, 04:45 AM   #449
Jordan de California
is a Mormon!
 
Jordan de California's Avatar
 
Join Date: Sep 2015
Location: Moorpark, California
Posts: 17
Likes (Received): 32

Whattaya know:

Quote:
Fontainebleau on Las Vegas Strip sells for $600M

By Eli Segall Las Vegas Review-Journal
August 29, 2017 - 1:37 pm


Updated August 29, 2017 - 6:37 pm
The Fontainebleau, Las Vegas’ towering monument to the recession, has been sold again.

Billionaire Carl Icahn announced Tuesday that he sold the partially built, mothballed hotel tower on the north Strip for $600 million to real estate investment firms Witkoff and New Valley.

At the very least, the sale is a windfall for Icahn. He bought the property for around $150 million during the recession — and, according to a former listing broker for the hotel, Icahn bought it sight unseen and didn’t know what he’d do with it.

The sale is also a sign that investors haven’t given up on the north Strip, which has lagged other areas of the resort corridor with lighter foot traffic, unfinished projects and big, vacant lots.

But for now, it doesn’t seem to answer a question that many people in Las Vegas have been asking for years: What will happen to the Fontainebleau?
New name?

In a news release, New York-based Witkoff, led by founder Steven Witkoff, called the never-finished project “significantly undervalued” and said the new ownership paid a “substantial discount” to the cost of building it from scratch.

The firm added that it has “identified numerous ways to unlock the significant underlying value of the property,” but it did not provide any details.

It also said the hotel was “formerly known” as the Fontainebleau but did not say what the new name might be, and referred to it by its address.

“2755 Las Vegas Blvd. South is one of the best physical assets in the country, which is one of the reasons we were attracted to it,” Steven Witkoff said in the statement.


A Witkoff representative said the firm declined additional comment.

Miami-based New Valley is a subsidiary of the Vector Group, which, besides buying real estate, says it’s the fourth-largest cigarette manufacturer in the country, with such brands as Pyramid, Grand Prix and Liggett Select.

A New Valley representative did not return a call seeking comment.

The end of an era

Las Vegas was dotted with abandoned real estate projects after the recession hit, but it seems most were eventually acquired — typically for cents on the dollar — and completed.

The Fontainebleau sold for a steep discount to Icahn, but unlike other failed projects in town, it has sat unfinished for years as a constant reminder of Southern Nevada’s bloated real estate boom and devastating crash.

John Knott, global head of gaming for brokerage CBRE Group and a former listing broker for the Fontainebleau, said he does not know what the new owners plan to do with the property.

But, he added, anyone who pays $600 million for it “needs to have a plan and finish it” as a hotel-casino. He said it would cost $900 million to $1.6 billion to complete, depending on the vision for the property.


Icahn, the 81-year-old chairman of New York-based Icahn Enterprises, listed the hotel in 2015 with CBRE for $650 million. According to Knott, Icahn bought the Fontainebleau before he personally visited it and didn’t know what he would do with it.

Now, with the economy out of the trash heap, he’s quadrupled his purchase price.

Icahn could not be reached for comment.

Original plans

The sale is a “very positive development” for the north Strip, said Mike Mixer, executive managing director of brokerage Colliers International’s Las Vegas office.

Witkoff is an experienced “major-market developer” and has “great relationships with many of the big hotel chains,” said Mixer, who expects the property to be rebranded.

The Fontainebleau was originally envisioned as a $2.8 billion, 3,815-room project on 24.5 acres. Amenities were slated to include 24 restaurants and lounges, a 60,000-square-foot spa, a 3,300-seat performance hall and a vast retail center.

A 95,000-square-foot casino was planned — relatively small by Las Vegas megaresort standards — along with a seven-story parking garage with two floors underground.

Its development group was led by Jeffrey Soffer, co-owner of Florida-based Turnberry, and Glenn Schaeffer, former president and chief financial officer of the Mandalay Resort Group.

Project plans were announced in May 2005, and construction began in February 2007. In April 2007, Australian mogul James Packer bought a 19.6 percent stake in the development company for $250 million.

The hotel had been slated to open in 2009. But the project went bankrupt in 2009, and Icahn acquired it in 2010.

The Plaza, in downtown Las Vegas, bought furniture, bathroom fixtures and wall safes that were supposed to be used in the Fontainebleau, and Clark County this year issued a permit to wrap part of the stalled hotel with a cloth covering.

Contact Eli Segall at [email protected] or 702-383-0342. Follow @eli_segall on Twitter. Review-Journal writer Richard N. Velotta contributed to this report.
__________________

spectre000, sgollis, Munwon liked this post
Jordan de California no está en línea   Reply With Quote
Old September 1st, 2017, 05:01 AM   #450
spectre000
Moderator
 
spectre000's Avatar
 
Join Date: Jul 2008
Location: St. Paul
Posts: 7,906
Likes (Received): 5172

Quote:
Originally Posted by Jordan de California View Post
Whattaya know:
About time. Looked like Icahn was never gonna sell. I can't wait for construction to restart.
__________________

prageethSL liked this post
spectre000 no está en línea   Reply With Quote


Reply

Tags
fontainebleau, las vegas

Thread Tools

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off

Related topics on SkyscraperCity


All times are GMT +2. The time now is 05:30 AM.


Powered by vBulletin® Version 3.8.11 Beta 4
Copyright ©2000 - 2017, vBulletin Solutions Inc.
Feedback Buttons provided by Advanced Post Thanks / Like (Pro) - vBulletin Mods & Addons Copyright © 2017 DragonByte Technologies Ltd.

vBulletin Optimisation provided by vB Optimise (Pro) - vBulletin Mods & Addons Copyright © 2017 DragonByte Technologies Ltd.

SkyscraperCity ☆ In Urbanity We trust ☆ about us | privacy policy | DMCA policy

Hosted by Blacksun, dedicated to this site too!
Forum server management by DaiTengu