Related Las Vegas recently sold the site of its proposed Las Ramblas resort. The Las Ramblas resort is a project backed by actor George Clooney, ending the developer's foray into the city's once-booming condo market.

Related Las Vegas and its partners -- Las Vegas-based Centra Properties and Clooney's business partner, nightclub owner Rande Gerber -- said to The Associated Press that they have plans to build the "vintage Vegas" resort and plan to return condominium reservation deposits to buyers next week.

Related and its partners were paid by Edge Group, developers of the adjacent W Las Vegas condominium-hotel project, $202 million for the 25-acre site. This is more than twice what Related paid a year ago for the plot just off the Las Vegas Strip.

Related Las Vegas President Marty Burger said rising construction costs and slowed sales forced the group to rethink its 4,400-unit complex. Related Las Vegas -- the local development arm of The Related Companies in New York and The Related Group of Florida -- made a splash in the Las Vegas market last year, announcing plans for the 11-tower Las Ramblas, the two-tower Icon condominium complex and a master plan for the heart of the city's urban renewal effort.

By M. Sese
http://realestatepress.org