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Condo Hotel Center: Property
Alert
October
17, 2005
THE COSMOPOLITAN
RESORT & CASINO, LAS VEGAS
Phase II Goes on Sale This Week!
Hello. Joel Greene here with information on a property
that many of you have been asking about. Last February
we told you about The Cosmopolitan Resort & Casino,
a condo hotel that will redefine the Las Vegas Strip
with its stunning design. Those of you who reacted
quickly were able to scoop up units before they sold
out within weeks of coming on the market.
Well the rest of you
who wanted a unit but hesitated or found out about
the project too late have another chance to buy into
this exciting project. The Cosmopolitan Resort &
Casino, Phase II is available NOW!
Cosmopolitan
in Every Sense of the Word
Look up the word "cosmopolitan" in the dictionary
and it means sophisticated and internationally important.
I believe that's exactly what the developers had in
mind when they drew up the plans for a $1.5 billion
resort-style, condo hotel where owners can take an
elevator ride down from their residence to the casino,
retail shops, restaurants, theater, meeting rooms
and clubs.
The $1.5 billion Cosmopolitan Resort
& Casino will consist of two glass towers on the Vegas
Strip.
Named The Cosmopolitan
Resort & Casino, it will be built on an 8.5-acre
site right on the Las Vegas Strip. It will have two
glass towers, one 61 stories and the other 50  stories,
that consist of the following:
- Over 4 million sq. ft.
- A total of 2,200 rooms comprised
of condo hotel units & hotel rooms
- Over 150,000 sq. ft. of convention
& meeting space
- A 70,000 sq. ft. casino
- Over 300,000 sq. ft. of retail,
restaurant & entertainment space
- A 50,000 sq. ft. fitness center
& spa
- 1,800 seat theater
- 400 feet of Strip frontage
- A four-level parking garage
The Cosmopolitan is intended to have
a four-star rating. It will have a fantastic location.
It will be built on Las Vegas Boulevard between the
Bellagio and MGM Mirage's recently announced Project
CityCenter.
Project CityCenter
Permit me to go off on a tangent and give you a little
background on the Project CityCenter development on
the Las Vegas Strip, since it will most certainly
contribute to The Cosmopolitan's success, not to mention
that of all Las Vegas.
 
Renderings of Project CityCenter,
a $7.8 billion master-planned metropolis in the heart
of the Strip.
Project CityCenter will be a $7.8-billion,
76-acre complex of hotels, shops, casinos and residences
being built by MGM Mirage. It will be roughly the
size of Rockefeller Center, New York's SoHo, and Times
Square combined. It is the largest privately financed
construction project in U.S. history, and just a few
steps from where The Cosmopolitan will be located.
MGM Mirage has recruited a who's-who
list of celebrity architects. Design of the project
is underway. It's anticipated to make its Strip debut
in November of 2009.
Sunset view of proposed Project CityCenter
which will be located next to The Cosmopolitan.
Project CityCenter will be a multi-billion
dollar, master-planned metropolis in the heart of
the Strip. The Cosmopolitan will be located between
the Bellagio and Project CityCenter.
The first phase of Project CityCenter
will include the development of 18-million square
feet of space consisting of:
- A 4,000-room hotel/casino
- Three 400-room boutique hotels
to be operated by world-famous hoteliers
- Approximately 550,000 sq. ft.
of retail, dining and entertainment venues
- 1,650 luxury condominiums
Remember, that's just Phase One!
Further phases are envisioned over time on contiguous
company-owned land.
More on Vegas
Every indication is that Las Vegas is heating up in
a big way. The Las Vegas Convention
and Visitors Authority announced plans to spend nearly
$1.3 billion in advertising within the next five years
to attract a total of 43 million visitors to the city
annually by 2009, ensuring its place as one of the
world's top tourist destinations.
This summer a four-year expansion
project began on the already massive Las Vegas Convention
Center at a cost of $400 million. In 2004 the Convention
Center hosted over 24,000 meetings and conventions,
proving that the demand is definitely there.
Other recent developments include
the $2.5 billion Wynn Las Vegas hotel which opened
last April as planned. Its 50 stories rise 613 feet
above Las Vegas Boulevard, with 2,800 luxurious rooms
and 200,000 sq. ft. of meeting space.
Facing the Wynn Las Vegas will be
The Trump International Hotel & Tower, a 64-story,
1,282-unit condo hotel (sold out) which broke ground
in July and is expected to cost $500 million.
 Aside
from the hotel developments, the big news in 2004
was the launch of the Las Vegas Monorail, a $650 million
driverless urban transit system running along the
east side of the Strip and transporting 30,000 riders
per day.
The Las Vegas housing market saw
home prices rise 50% in the span of less than a year,
according to The Wall Street Journal.
The general consensus among experts
regarding Las Vegas is that the market is big, deep
and growing. Las Vegas clearly appeals to people from
all over the world. A condominium or condo hotel unit
gives them an opportunity to own a piece of this dynamic
city.
Meeting the Mixed-use
Challenge
Now that you have a picture of all the exciting projects
going on in Las Vegas on and around the Strip, let
me get back to the details on the Cosmopolitan.
A unique pool area overlooking the
Las Vegas Strip will be just one of the many incredible
amenities at the Cosmopolitan.
The developer is a group called 3700
Associates. Ian Bruce Eichner, CEO of 3700 Associates,
will bring his trademark style of high-rise development
to the Strip. Eichner is one of the nation's premier
developers of luxury time share/condominium properties,
including The Manhattan Club in New York and the Continuum
development in Miami's South Beach district.
"The challenge was to find a
prime location at the center of the Strip where we
could create a mixed-use, urban high-rise property,"
Eichner said. "I wanted to merge the concept
of a luxury condo hotel with an equally luxurious
hotel, retail, gaming and meeting space development
as well as the existing Las Vegas business model that
is trending toward non-gaming attractions and facilities."
 You
Can Own Property Right on the Strip
Eichner said the Cosmopolitan will offer investors
the ability to have it all in the middle of it all.
"The Cosmopolitan will be the
very first opportunity for a buyer to own property
right on the Strip. They will be able to take an elevator
from their condo hotel unit directly to the casino
floor. There's no other development on the Strip that
provides condo unit owners that type of 'one-button'
accessibility to the casino," Eichner said.
"Many regard our site as one
of the last remaining prime locations anywhere on
the famed Las Vegas Strip. And, the new CityCenter
project further accelerates visitor counts to our
city and creates a critical mass of attractions to
experience or, in the case of our condo hotel, to
own."
The Cosmopolitan towers will occupy the last remaining
prime location on The Strip.
Amazing Views
The panoramic views of the Strip will be unmatched.
You'll be able to peer out one window to see the Bellagio
fountains, Las Vegas' #1 tourist attraction, another
to see what will one day be MGM Mirage's CityCenter,
and then look across to the Eiffel Tower and Planet
Hollywood. Guests and condo hotel owners will be literally
surrounded by the icons that make Las Vegas exciting.
As Eichner said, "You'll be in the middle of
it all."
The Cosmopolitan (blue towers) will be a unique opportunity
for an individual buyer to own property on the Las
Vegas Strip. The thin blue tower on the right represents
Phase II.
Luxury
Amenities in a Super-sized Property
The condo hotel will feature luxurious appointments,
fine furnishings and state-of-the-art amenities such
as flat screen televisions. Guests will have VIP access
to the rooftop Beach Club, as well as fantastic restaurants
and nightclubs. Floor plans will include 600 sq. ft.
studios and 1,200 sq. ft. one-bedroom condo-hotel
units.
A
Big League Team for This Big League Property
The developers have assembled what they're calling
a "dream team" of innovative designers with
international and local experience who collectively
can provide a new perspective on luxury and urban
architecture in the Las Vegas valley.
According to Eichner,
"We envision a project far beyond the traditional
horizontal approach to architecture. It will have
a style and design that's befitting the 22nd century."
Members
of the "dream team" include:
- Arquitectonica, one of the world's
top architectural firms whose projects include Hong
Kong's famous Le Meridien hotel
- Dougall Design, a theme retail
and interior design firm that worked on the Forum
Shops at Caesars and The Hotel at Mandalay Bay
- Friedmutter Group, a national
architectural firm specializing in hotel-casinos
whose portfolio includes MGM Grand and The Venetian
- Paul Duesing Partners, the custom
interior designer behind many celebrity residences
and exclusive hotels around the world
Construction Has
Begun on Phase I
Ground was broken on The Cosmopolitan, Phase I (the
first tower), this past August. Construction is expected
to be done in 2008. The second tower is expected to be completed in late 2009s.
Prices & Availability
There will be total of 716 condo hotel units in The
Cosmopolitan's second tower.  They
will be a mix of studios, 600 sq. ft., and one bedrooms,
1,200 sq. ft. Prices for the studios will range from
$559,000 - $800,000s. Prices for the one-bedroom units
will range from $1.2 million to $1.8 million.
Reserving a Unit
Buyers of condo hotel units in The Cosmopolitan's
second tower will go straight to contract. Upon filling
out a buyer information form and sending it to Condo
Hotel Center, you will be called by our Cosmopolitan
on-site sales representative who will help you to
choose your unit.
Once you've made your selection, the
contract will be sent to you via overnight mail. You
will then have five days to return the signed contract
with a check for 10%. (If your contact and deposit
are not received within five days, the unit is put
back on the market.) An additional 10% deposit will
be required 90 days after signing a contract.
Why You Should Move
Quickly If You Want a Unit
The Cosmopolitan is one of the hottest projects to
be built in Las Vegas. The first tower sold out within
weeks (the best units all were gone in the first few
days). The second tower is much anticipated and could
sell out equally fast.
Our goal is to provide you with enough
information to make a decision. We want you to have an opportunity to select
your unit when availability is greatest and prices
are at first tier.
Request
a Detailed Data Sheet
I've put together a data sheet on The Cosmopolitan,
Phase II that will give you more information on the
property. It can be emailed to you immediately. In
accordance with developer requirements, we ask that
you first provide your name and contact information.
While there is no cost to you for
this data sheet or for Condo Hotel Center's services,
please understand that if you request this data sheet,
you will be registered with The Cosmopolitan as a
client of Condo Hotel Center, a licensed real estate
broker.
Request
The Cosmopolitan, Phase II data sheet here.
Condo Hotel Symposium
Coming to Las Vegas
In keeping with this Property Alert's Las Vegas theme,
I just wanted to take a quick moment to mention a
two-day seminar that Condo Hotel Center is sponsoring
in Las Vegas. "The Symposium on Financing, Developing
& Operating Condo Hotels" will be held in
Las Vegas at the Mirage Hotel on Nov. 30 and Dec.
1, 2006.
Targeted at developers and hotel owners,
it promises to be an information-packed event ideal
for learning and networking with industry professionals.
Condo Hotel Center is offering a $150 discount on
ticket prices. Early registration (an additional $200
discount) ends Nov. 3, 2006, so don't delay!
See
the sessions being offered and symposium pricing here.
Wrap-up
As always, thank you for your interest in news from
Condo Hotel Center. It's our pleasure to keep you
abreast of the condo hotel market, from coast to coast.
If you enjoy reading our Property
Alerts, please feel free to share them with a friend.
They can sign up to receive our Alerts on our website,
www.CondoHotelCenter.com.
We are always trying to grow our community of Condo
Hotel Property Alert readers.
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
Info@CondoHotelCenter.com
www.CondoHotelCenter.com
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