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Condo Hotel Center: Property
Alert
March
16, 2005
Viva
Las Vegas
Pre-Construction, First Tier Pricing
THE SIGNATURE AT MGM GRAND, TOWER C
 Hello,
Joel Greene here from Condo Hotel Center. All this
week I've been singing a little tune in my head as
I researched today's feature property. You're lucky
these Property Alerts don't come with audio, or you'd
have to listen to my rendition of Viva Las Vegas.
And let's just say, I'm definitely not the next American
Idol.
Today I'm writing about The Signature
at MGM Grand, Tower C. Those of you who've been reading
my Alerts for a while may remember my mention of this
Las Vegas condo hotel before when Towers A and then
B went on sale.
Tower A set a condo hotel sales record
when back in Dec. 2003 all of its 576 units sold in
less than eight weeks, something most condo hotels
of that size take a year or two to do. Tower B went
on sale last March and has sold all but a very few
units.
Well they say the third time is the
charm. And so now, I have the pleasure of offering
you a third and final chance to get in on what will
likely be the last of the Signature at MGM Grand residences
-- Tower C. Best of all, you're finding out about
this condo hotel at the very earliest possible stage.
That means you get:
1. First tier pre-construction pricing
2. A full selection of all units
3. A chance to reserve yours before
the property is "officially" on the market.
Because of my relationship with the
sales team on the previous MGM towers, I was given
the privilege to alert my clients to this third tower
before it is made available to the public and before
any advertising commences. You're getting what's known
as the "friends and family tip-off." Now
let me give you the low-down on this exquisite condo
hotel.
Property Description
The Signature at MGM Grand, Tower C,
will be built on Harmon Avenue. This is the site of
the old MGM Theme Park, adjacent to The MGM Grand
Hotel, Las Vegas which is directly on the Strip.
The Signature at MGM Grand will be
a 38-floor condo hotel tower with a total of 576 units
identical to the other Towers A and B. The property
is expected to have a four-star rating. Available
are studios, one bedroom and two bedroom units, ranging
in size from 550 sq. ft to 1,500 sq. ft.
A Full Range
of Luxury Features
The Signature at MGM Grand will offer the finest in
luxury high-rise amenities:
Fully-Furnished
Suites
The individual condo hotel units will be lavishly
furnished to make your Las Vegas residence a luxurious
second home.
Condo hotel units are delivered with
designer furnishings and decor. Photos taken at sales
model.
They'll include these features:
- All units designer-furnished
- Flat screen televisions
- DVD/CD players
- High Speed internet access
- Designer custom flooring
- Custom wall coverings
- Designer draperies and fabrics
- Imported designer door hardware
- Linens and towels
- Luxurious king-size bed
- Lockable owner's closet
- Imported Italian cabinetry in
kitchen
- State-of-the-art kitchen appliances
- China, glassware, tableware, cookware,
utensils, toaster, coffee maker, iron and ironing
board
- Jacuzzi whirlpool bath featuring
recessed pulsating jets
- Designer lighting, fixtures and
trim
Master bedroom and bath. Photos taken
at sales modelNo Living Restrictions
The Signature at MGM Grand will have no living restrictions.
You can live in your condo hotel suite full time if
you'd like. But if you'd prefer, use your Las Vegas
home only occasionally and have it generate revenue
for you the rest of the time. The rental split is
approximately 50%-50%. The property will be managed
by the MGM Grand, one of Las Vegas' finest hoteliers.
Access the Amenities
of the MGM Grand Hotel
Probably the best selling point for The Signature
at MGM Grand goes beyond the condo hotel itself. Remember,
this is not a stand-alone property. That means, owners
will have not only the exclusive amenities and services
at The Signature, but also those in the MGM Grand,
the biggest hotel in the world (over 5,000 rooms)
with over 115 acres of recreation, entertainment,
shopping and dining.
Owners of the Signature at MGM Grand
will have access to all the amenities of the MGM Grand
Hotel.
There will even be an enclosed moving
walkway to connect you to all that's Grand including:
- The MGM Grand
Casino - The biggest casino
in Las Vegas at 171,500 sq. ft. with over 3,000
slot machines
- The Grand
Spa - Zen-inspired 20,000 sq. ft. spa
- Fitness center
- State-of-the-art equipment
- Pools
- 6.6 acres of pools, rivers and waterfalls
- Studio Walk-
115,000 sq. ft. shopping promenade
- Star Lane
Shops - Various retailers
- Youth
Activity Center - Games and arcade
- Studio 54 Nightclub
- Reinvention of the legendary
New York nightclub
- African Lion
Habitat - Yes, actual
lions for your viewing pleasure
- Grand Garden
Arena - 17,000-seat home
to superstar concerts & spectacular sporting
events
- Grand
Theater - 1,700-seat home of EFX, the
show Las Vegas was made for
- Cirque du Soleil
- world famous show that blends acrobatics, martial
arts, multimedia, music and amazing costumes
- La Femme
- Sensuous (now there's a word I don't get to use
often enough in my Property Alerts) show direct
from the original Crazy Horse in Paris
- The Hollywood
Theatre - 650-seat theater hosts comedy
acts and concerts
- Restaurants
- 17 different restaurants including Rainforest
Café, Stage Deli, Wolfgang Puck Bar &
Grill, MGM Grand Buffet, Emeril's New Orleans Fish
House and a food court
One of the five beautiful pools and
lazy river at the MGM Grand Hotel.
A Las Vegas Strip
Location
The Signature at MGM Grand, like its counterpart The
MGM Grand Hotel & Casino, will have a prime location
in the heart of the Las Vegas Strip. This condo hotel
will be close to the airport, shopping, dining, casinos
and everything else that makes Las Vegas a world-class
destination.
A station for the new Las Vegas Monorail,
a $650 million driverless urban transit system, is
located right at the MGM Grand. This high-tech transportation
source traveling at 50 m.p.h. will whisk you to the
Las Vegas Convention Center, other resorts and casinos,
or clear to the other end of the Strip in just 15
minutes.
The Developers of
the Signature at MGM Grand
The developers of this condo hotel are Turnberry Associates,
headed by Donald Soffer and son Jeffrey. Turnberry
has been setting unprecedented standards of luxury
high-rise living for more than 40 years.
In addition to its sumptuous Turnberry
Place enclave in Las Vegas, it has created an impressive
array of residential complexes in my neck of the woods
Aventura, Florida (in between North Miami and Fort
Lauderdale).
They include: Turnberry Isle, Porto
Vita, Turnberry on the Green and Turnberry Village.
Plus, I couldn't talk about Turnberry without mentioning
two of my condo hotel personal favorites, the Fontainebleau
II and the Fontainebleau III Ocean Club in Miami Beach.
The Architect,
Las Vegas' Best
The architect for the Signature at MGM Grand is the
world-renowned Bergman, Walls & Associates, Ltd.
Founded in 1994, the firm are the leaders in casino
resort design. Its principals are responsible for
some of the country's most impressive casino resorts
including:
- Caesars Palace - Las Vegas, NV
- Paris Casino Resort - Las Vegas,
NV
- The Mirage - Las Vegas, NV
- Trump international Hotel &
Tower - Las Vegas, NV
- Treasure Island - Las Vegas,NV
- Caesars Shadow Box - Las Vegas
NV
- Caesars High Limit - Las Vegas
NV
- Golden Nugget - Lauglin, NV
- Golden Nugget - Atlantic City,
NJ
- Agua Caliente Casino - Palm Desert,
CA
- MGM Grand - Detroit, MI
Las Vegas Stats
Now that you know we're talking about a quality project
being developed by a top-notch team, let me set a
backdrop for this property by talking about Las Vegas
in general. Very simply, Las Vegas is experiencing
unprecedented growth. Consider these facts:
- Las Vegas has been the fastest
growing city in the nation for 18 consecutive years.
- Las Vegas has 40 million visitors
per year and will spend $1.3 billion in advertising
over the next five years to attract over 43 million
annual visitors by 2009.
- 10 people per hour move to Las
Vegas (Only in Las Vegas do they calculate new residents
by the hour!)
- Las Vegas is the largest convention
area in the U.S.
- In 2004 the Las Vegas Convention
Center hosted over 24,000 meetings and conventions.
- Over $400 million will soon be
spent to expand and improve the Las Vegas Convention
Center, which is already one of the largest in the
country (second only to Chicago).
- Las Vegas is the highest appreciating
market in the country.
- Las Vegas has a limited supply
of land, estimated to have approximately seven years
of development growth remaining.
Project CityCenter
on the Las Vegas Strip
I can't talk about Las Vegas without referring to
the mega-development MGM Mirage is developing, Project
CityCenter. It's a 66-acre site, a multi-billion dollar
metropolis on the Strip between Bellagio and Monte
Carlo.
Project CityCenter is a multi-million
dollar metropolis being
developed on the Las Vegas Strip by MGM Mirage.
Design of the project will begin shortly
and is expected to take 18 months. Construction of
the first phase of the complex will take approximately
42 months with an opening anticipated in 2010.
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 units of luxury condominiums,
condo hotels and private residence clubs
Remember, that's just Phase One! Further
phases are envisioned over time on contiguous company-owned
land. And all this development is designed to attract
millions more visitors to this city and keep them
happily entertained during their stay.
Construction
Status of
the MGM Grand Residences
I think you get the picture regarding Las Vegas. Pretty
exciting!
Construction of The Signature at MGM
Grand, Towers A, B & C
- Construction of Tower A began in
September 2004 and was completed in mid-2006.
- Construction of Tower B began in
April 2005 and will be complete in early 2007.
- Construction of Tower C is now
underway; it is estimated to be completed by mid
2007.
What's Available
At The Signature at MGM Grand, you can choose from
studios, one- and two-bedroom condo hotel units. Here
are the sizes and pricing:
- Studio, 550 sq. ft., $600,000
- $860,000
- One bedroom, 925 sq. ft., $775,000
- $1.5 million
- Two bedroom, 1,500 sq. ft., $1.6
million - $2.3 million
Price increase per floor is $5,000
- $10,000.
Deposit Required
There is a 10% due at contract signing. A second 10%
is due 30 days after contract. The balance is due
on completion, estimated to be mid 2007.
More Information
I've prepared a detailed data sheet to summarize all
the facts and figures related to this property. To
receive it, we require that you provide your complete
contact information via email. Please be sure to
include your:
Full Name:
Address:
Phone Number:
Email:
Click
here to request data sheet
Wrap
Up
So there you have it, Las Vegas on the board again
with The Signature at MGM Grand, Tower C. I'm sure
it's not the last time we'll be talking about this
exciting city. Viva Las Vegas!
As always, thank you for your interest
in Condo
Hotel Center Property Alerts. We feel
privileged to be your source for all things condo
hotel.
Joel
Greene, Broker-Associate
Condo Hotel Center
A division of Sheldon Greene & Assoc., Inc.
13499 Biscayne Blvd., Ste. 210
N. Miami, FL 33181
PH: 305-944-3090
FX: 305-948-0460
Info@CondoHotelCenter.com
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Exquisite
porte cochere entry to receive residents and guests