|
The Cosmopolitan Resort & Casino - Construction
Financing
LAS VEGAS, Jan. 11 /PRNewswire/ -- The highly anticipated
Cosmopolitan
Resort & Casino has closed on its phase one construction financing.
The first phase of the
project's bank loan was closed by Deutsche Bank earlier this month
and clears
an important milestone for the development.
Led by renowned real estate developer Ian Bruce Eichner,
whose 30 years of
development includes some of Manhattan's and Miami Beach's most
sought-after
addresses, the privately owned $2 billion Cosmopolitan broke ground
in September
2005 at its center Strip location just south of Bellagio.
"Deutsche Bank understands our vision to build the foremost
mixed-use
development on the Las Vegas Strip," said Ian Bruce Eichner, CEO of
3700
Associates, LLC, the developer of The Cosmopolitan. "Obtaining
financing
during these competitive times is a testament to the quality and the
viability
of project we are developing."
The bank loan is being used to construct The Cosmopolitan's
mixed-use,
urban high rise resort, hotel and casino, which upon completion in
mid-2008,
will contain a 1,000 key Grand Hyatt-managed hotel, 2,000
condominium hotel
units totaling approximately 2,232,000 square feet, a 75,000 square
foot
casino, 275,000 square feet of retail and restaurant space, 150,000
square
feet of meeting and ballroom space, an approximately 1,800 seat
theater
totaling approximately 47,000 square feet, a spa containing
approximately
33,000 square feet, and a +/- 3,500 car subterranean parking
structure
consisting of approximately 1,610,000 square feet. Currently,
the Perini
Building Company, the project's general contractor, is conducting
massive
excavation of more than five million cubic yards of soil on the over
8.5 acre
site.
The Cosmopolitan Resort & Casino is located at 3698 Las Vegas
Boulevard at
the northwest corner of the intersection of Las Vegas Boulevard and
East
Harmon Avenue.
About 3700 Associates, LLC, the Developer of The Cosmopolitan
Resort &
Casino
Formed in April 2004, 3700 Associates, LLC brings together
one of the
nation's foremost real estate developers from New York City and
Miami with one
of the top world-wide financiers. The group will develop the
$2 billion
Cosmopolitan Resort & Casino currently on undeveloped acreage at the
center of
the famous Las Vegas Strip (next door to Bellagio). The
Cosmopolitan will be
a boutique, mixed-use luxury condo-hotel-resort featuring
condominiums, hotel
rooms, a casino, retail, dining and entertainment venues, meeting
rooms, and
The Cosmo Beach Club. The project is schedule to open in
mid-2008. The 3700
Associates partnership is led by Miami and New York City developer
Ian Bruce
Eichner, one of the country's leading real estate developers who
serves as the
group's Chief Executive Officer. Eichner has developed more
than six million
square feet of luxury residential, office, hospitality and retail
space in the
Northeast and Florida totaling more than $2 billion in the last 30
years.
Eichner most recently opened the Continuum on South Beach, a luxury
condominium project in Miami's trendy South Beach area that has
achieved
record sales per square foot. |
