"I believe Pinnacle is a great project and would like to see it built," Schwartz tells GlobeSt.com. "But the construction delays have led to a feeling in most of us that we have waited long enough and there are better uses for our money. We are seeking the return of our deposits and the opportunity loss associated with the anticipated failure of the project."
The attorney representing the defendants--Pinnacle Las Vegas LLC, 4645 Tropicana Partners LLC, Falconi Group, Dick Pacific Construction Co., Elysium Enterprises Inc. and Praxis Resources--says the complaint is baseless. "Generally my clients do not comment on litigation when it is pending; however, we have done a review of this and do not think it has any merit," attorney Cynthia LeVasseur tells GlobeSt.com. "We will be filing a motion to dismiss the action with the court this week."
Pinnacle Las Vegas, an estimated $740-million project, was first announced in 2005. Three years and three general contractors later, the 12-acre site has been cleared but construction has yet to begin. Located across from the Orleans hotel, casino and arena, the project was originally scheduled to be complete in June 2009. Since that time construction and completion dates have been pushed back twice. The last time line announced by the developer called for construction to begin in mid-2008 and be complete in mid-2010.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.