Saturday, September 09, 2006

The MGM City Center Condos are Coming!

The exciting new MGM Project City Center, a $7 billion 66 acre mixed-use resort between the Bellagio and Monte Carlo resorts, is one of two major development projects transforming the center Strip area around Las Vegas Boulevard and Flamingo Road. The other is the five star Cosmopolitan Resort Hotel and Casino, a smaller $2 billion condo hotel and mixed use project already under construction between the Bellagio and the City Center, whose opening day sales in 2005 shattered local records.

In June MGM Mirage began pouring the foundation of the MGM City Center, the largest private development under construction in the United States. The City Center will be an upscale urban residential district complete with high end shops, gourmet restaurants, cinemas, parks and unique pedestrian environments.At the rear of the seven tower project will be a 60 story resort hotel and casino featuring two massive curved hotel towers with 4,000 rooms plus an ebony condo hotel tower with 1,543 units. At the north and south ends of the project will be two small boutique hotels including the 215 room Mandarin Oriental Hotel and Residences, which is expected to draw sophisticated overseas guests. The project’s centerpiece will be two glass residential towers with a total of 810 lofts and over 500,000 square feet of retail space.
Over the next 15 years, all new projects will have different, unique elements and mixed-use profit centers.

"This is the catalyst for our next wave of development," said Richard Lee, real estate analyst for First American Title Company. "Over the next 15 years, all new projects will have different, unique elements and mixed-use profit centers."

A perfect example of this new wave is another exciting project on the new "South Strip" which broke ground last week, Urban Village. Urban Village will be a 50-acre, $1.5 billion project of brownstones, lofts, condo hotel units, and flats at the corner of Las Vegas Blvd. South and Pyle Ave. This project will have over 2900 total residences starting in the high $300s for 800 square foot condos and a full array of commercial services and amenities in its own self contained neighborhood. Urban Village will be located between the new South Coast Hotel and Casino and the upcoming Station Casino development, and offer an affordable alternative to the higher priced center Strip developments.

MGM said their project will create 7,000 construction jobs. And when it opens in 2009, Project City Center will create 12,000 full-time positions - the largest single infusion of jobs in Las Vegas history. Next door, the Cosmopolitan condo hotel project will generate approximately 3,000 construction jobs and upon opening in mid-2008 will create approximately 5,000 jobs. Urban Village will add substantially to these totals, making Las Vegas an employment mecca in the immediate future, and luring thousands of new working residents in addition to the retiring baby boomers.

Based on these projections, Las Vegas real estate may be facing another wave of massive growth and appreciation in the next few years.The official sales center for MGM City Center is scheduled to open in January 2007. More details, floor plans and estimated pricing should be available by late July to mid August. Please call 702-985-7654 or go to our web site to be placed on the interest list for updated information and priority reservations which will start later this fall.

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