Del American, the Florida-based developer of high-rise project Vegas 888, reportedly closed down its sales office last month due to project difficulties. Rising construction costs and lack of sales due to pricing are the reasons that were reported.

The 10-acre lot originally purchased for approximately $50 million is situated on Flamingo Road at Valley View Boulevard and now is up for sale.

It’s worth noting that Del American ran into financial problems with its first project, Vegas Grand (currently in litigation), when rising construction costs and other delays drove the cancellation of reservation contracts and the increase of unit prices.

Del American reportedly said that in today’s Las Vegas real estate market, the best use for the land formerly planned for Vegas 888 is for a mixed-use luxury casino-hotel resort. Leaving that project behind, Del American decided to refocus its efforts on Vegas Grand, currently under construction at Flamingo Road and Swenson Street.