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Condo Hotel Center: Property
Alert
November
8, 2006
Coming Soon,
Las Vegas' Next Big Thing
MGM MIRAGE's
CityCenter
 Hello.
Joel Greene here from Condo Hotel Center.
As you know, we thrive on bringing
you the inside scoop on new condo hotel properties
coming on the market. That way you can get in on the
ground floor of these real estate investment opportunities
when prices are at their very lowest and selection
is greatest.
Today's announcement is almost a bit
premature. But I just couldn't delay another day to
let you in on what's in the works, especially since
I personally have been asked to participate in the
Grand Opening event for Preferred Agents, of which
Condo Hotel Center is one. (More on this in a minute.)
Those of you who've been waiting for
the next big opportunity in Las Vegas, the time is
almost here.
MGM MIRAGE's CityCenter will be a
$7 billion mixed-use resort with 1/4 mile of frontage
on the Las Vegas Strip.
An Urban Metropolis
A city within a city. That's how MGM MIRAGE's CityCenter
is already being described. It will be a $7 billion
mixed-use resort right on the Las Vegas Strip. Located
on the site of the now imploded Boardwalk Hotel and
Casino and adjoining land between the Bellagio and
the Monte Carlo, it will be connected to these existing
resorts via a state-of-the-art people mover system.
 CityCenter
will be the largest private development under construction
in the United States. It will be a design collaboration
between MGM MGM MIRAGE and seven internationally acclaimed
architects. It will have a ¼ mile of Strip frontage.
Construction began in April 2006.
This is the first and only condo hotel and residential
project in Las Vegas where construction was initiated
before a single unit was offered to the general public.
We do hear of properties that have a lot of sizzle
and buzz when sales begin, but ultimately do not get
built. This will not be one of them.
Spanning 66 acres, CityCenter will
be its own upscale urban metropolis complete with
a skyline of seven towers with contemporary urban
design, high-end shops, gourmet restaurants, movie
theaters, parks and pedestrian environments.
The focal point of CityCenter will
be a casino with a 4,000-room hotel/casino designed
by world-renowned architect Cesar Pelli. There will
be plenty of glitz in the form of light shows projected
against building facades and plenty of Times Square-style
neon. The project will eventually employ an estimated
12,000 people.
The residential choices will include:
- Vdara
- a free-standing condo hotel
- Veer
- a condominium-only project
- Mandarin
Oriental Hotel - a hotel with condominiums
on top floors Sold out!
- The Harmon
- a hotel with condominiums on top floors
Keep reading for more details on each.
Vdara
Condo Hotel
For those of you interested in a Las Vegas vacation
home that generates rental income to help offset ownership
costs, Vdara condo hotel, the only condo hotel in
CityCenter, is your best bet.
It will contain 1,543 condo hotel
units, ranging in size from 500 square feet to 1,850
square feet. A 50-story ebony tower, it will be built
between the Bellagio and the CityCenter hotel-casino.
No prices are available yet, but of course, we'll
be announcing them to you, just as soon as that information
is released.
Mandarin
Oriental Hotel and Residences
Mandarin Oriental is a name known worldwide for its
first-class luxury service. The CityCenter Mandarin
Oriental will be a mixed-use property combining approximately
400 hotel rooms with 227 condominiums (no rental component).
Several 4,100 square foot penthouses
will also be available sporting the highest prices
of any offering in City Center, approximately $8 million
each. These homes on the top floors of the Mandarin
promise to become some of Las Vegas' most prized trophy
properties.
Update, January
2007: All units at the Mandarin Oriental sold out
within the first few weeks of release.
The
Harmon Hotel and Residences
A second hotel called The Harmon will also be a mixed-use
building. Operated by MGM MGM MIRAGE, it will have
400 hotel rooms and 228 condominiums (no rental component).
It is being developed by the Light Group, known for
Panorama Towers and Spa Lofts.
Veer
Leaning Towers
A traditional condominium, the two Veer Towers will
soar 36 stories above Las Vegas Boulevard. They will
be considered the gateway to MGM CityCenter. The creation
of German architect Helmut Jahn, known for his sleek,
ultramodern exteriors and unusual shapes, they will
contain 702 loft-style condominiums.
Distinctively created as two glass
towers angled in opposite directions, the cutting
edge leaning design will challenge engineers but benefit
residents because their views will be less obstructed
than would be in a conventional high rise.
Construction on Veer is expected to
begin this month, November 2006, and to be complete
by 2010.
MGM MIRAGE's CityCenter will be located
on Las Vegas Boulevard, between the Bellagio and Monte
Carlo.
A
Top Development Team
 MGM
MIRAGE is one of the world's leading hotel and gaming
companies. It owns and operates 23 properties located
in Nevada, Mississippi and Michigan, and has investments
in three other properties in Nevada, New Jersey and
Illinois.
For CityCenter, it has gathered some
of the world's top design, architectural and construction
partners. Every building will be an icon of superb
contemporary design, and together, they will create
an unparalleled skyline that will define a new Las
Vegas.
The architectural "dream team"
includes Pelli Clarke Pelli, Rockwell Group, Studio
Daniel Libeskind, KPF, Helmut Jahn, RV Architecture
LLC, and Foster and Partners.
The Perini Building Company is lead
contractor on the project, with Tishman Construction
Corporation serving as the executive construction
manager.
The retail district, including a large
shopping mall called SoBella, is being planned by
Bloomfield Hills, Michigan-based Taubman Centers,
Inc., a high-end retail developer.
A
Massive Undertaking
The budget for CityCenter is estimated at $7 billion,
up from original estimates two years ago of $5 billion
due to design modifications and increased construction
costs.
Because of the project's scale, MGM
MIRAGE has built its own concrete plant at the site.
At the height of construction in mid-2008, it expects
to have 7,000 workers swarming the site.
By early next year, 20 cranes will
be in use there. MGM MIRAGE executives say they have
locked in prices for items like steel, elevator shafts
and are shopping globally for items like copper piping.
The multi-use project is being designed
with green technologies to make it one of the world's
largest environmentally sustainable urban communities.
Plans include garden roofs, the use of reclaimed water,
and even an on-site power plant. MGM Mirage has reached
a $100 million agreement with Siemens to design and
build a central energy plant to help power and cool
CityCenter.
When complete, the total number of
buildings in City Center will be between 40 and 50,
with the tallest soaring just over 600 feet above
Las Vegas Boulevard. Construction began in April 2006.
The first phases of CityCenter are expected to open
in 2009, with the entire project scheduled to open
in 2010.
 
An urban village, CityCenter will
ultimately have 40 to 50 buildings when completed
in 2010.
The
Grand Opening Event for Preferred Agents
Approximately 100 top-performing real estate brokers
from around the country have been selected to attend
a Grand Opening event at the Bellagio Hotel in Las
Vegas to officially learn the details of CityCenter.
Those "preferred brokers" will have an advance
opportunity to begin selling the condo hotel units
and condos prior to the public launch scheduled for
January 2007.
I am proud to tell you that not only
was Condo Hotel Center selected to be one of the preferred
brokers, but I was personally asked to be one of three
keynote speakers to participate in the event. I'll
be talking about condo hotels, of course, and about
marketing CityCenter. I will be joined by Maria Lopez,
another Condo Hotel Center associate and specially
selected preferred agent.
Those of you who have met me know
I'm not shy, but I also don't typically do speaking
engagements. However, this project, which I've been
closely following for a couple of years now, is something
I am genuinely enthused about, and I was honored to
be asked to participate in the Grand Opening event.
How is all this relevant to you? Very
simply, if CityCenter is a property you're considering
for purchase, Condo Hotel Center will be able to get
you all the information you need to make an informed
decision. Best of all, you'll get that information
and have an opportunity to reserve a unit long before
the general public.
If
You Know You Want to Buy in CityCenter…
Here's my plan. When I return from speaking at the
Grand Opening event later this month, I will send
out a Property Alert to all our subscribers with details
about CityCenter. Again, the general public won't
be getting this information or have an opportunity
to reserve a unit until early 2007.
However, I'm willing to go one step
further. If you already know you want a condo
hotel unit or a straight condo in CityCenter, don't
wait until you get that Property Alert.
Register your interest with me
today!
I'll make sure you get the CityCenter
reservation forms even before we can prepare and mail
out a formal Property Alert, which could take several
days.
On Nov. 17 or Nov. 18, 2006, possibly
while I'm still in Las Vegas, I'll email you the information
you'll need to send in your reservation and fully-refundable
deposit and to get your name at the top of the priority
list. Although you won't be able to select your actual
unit until sometime in early 2007, before the end
of this year, there will be a cut off in this pre-selection
stage.
If there's one thing I've learned
in this business, it's that time is of the essence.
Getting your reservation in sooner rather than later
can potentially save you tens of thousands of dollars
and help ensure that you get the unit that you want!
With 100 of the nation's top real
estate brokers attending the Grand Opening event,
you can be sure that buyer competition for the best
units will be fierce. Even just a couple of days could
make a difference.
By providing us with your information,
rest assured that there is no obligation to buy, and
your contact details will not be sold or misused in
any way. However, you will be registered with the
developer as a client of Condo Hotel Center.
So, if you know you want to buy a
condo hotel unit or condo in CityCenter, please email
us your name, address and phone number here and expect
to hear from me on or around Nov. 18, 2006.
Submit
your name/contact data here for more information on
CityCenter.
Condo Hotel
Symposium for Developers, Las Vegas
MGM MIRAGE's CityCenter isn't the
only thing going on in Las Vegas. Coming up later
this month is the Las Vegas conference sponsored by
Condo Hotel Center, The Symposium on Financing,
Developing and Operating Condo Hotels.
It will be held November 30, 2006
- December 1, 2006 at the Mirage Hotel in Las Vegas,
just a stone's throw from the CityCenter site. There's
still time to register.
This event is ideal for developers,
hotel owners, lenders and hospitality industry service
providers. Condo Hotel Center is pleased to offer
our Property Alert subscribers a $150 discount off
the registration price.
To receive an agenda for the event
and a Discount Registration Form from Condo Hotel
Center, please submit your name, company name, address
and phone number here.
Request
Condo Hotel Symposium information here.
Encourage
Friends to Subscribe
As always, we appreciate your taking the time to read
our Condo Hotel Property Alerts. Please feel free
to pass them along to friends and family, and they
can subscribe
here to receive their own copies.
Meanwhile, I'm off to Las Vegas to
get you the details about MGM MIRAGE's CityCenter.
This is one time when what happens in Vegas won't
stay in Vegas. I'll be back soon to tell you all about
it!
Thank you for making Condo Hotel Center
your primary source for condo hotel information. Have
a great day!
Joel Greene, Broker-Associate
Condo Hotel Center
A Division of Sheldon Greene & Assoc., Inc.
Licensed Real Estate Broker
13499 Biscayne Blvd., Ste. 210
N. Miami, FL 33181
PH: (954) 450-1929
FX: (954) 450-1321
Joel@CondoHotelCenter.com
www.CondoHotelCenter.com
www.CondoHotelsDubai.com
www.CondoHotelsBahamas.com
* Copyright infringement is taken
seriously by Condo Hotel Center and will be prosecuted.
© Copyright 2006 Condo Hotel
Center.
*All rights reserved. No portion of this Property
Alert may be reproduced, exhibited or distributed
without the express written permission of Condo Hotel
Center. Although Condo Hotel Center believes the information
contained in this Property Alert to be accurate and
complete, Condo Hotel Center can make no such guarantee.
* CityCenter
is a trademark of Project CC, LLC. Scens and improvements
are not within the project, are proposed, artist's
renderings only and need not be built. Plans, architectural
renderings, specifications, pricing and locations
are subject to change without notice ©, LLC. Unauthorized
use of the images, artist renderings, plans or other
depictions of CityCenter is strictly prohibited.
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