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 late June the 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 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.
"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 Hotel 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
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. Please call 702-985-7654 or go to
our web site to be placed on the interest list for priority
reservations which will start later this summer.
More about the
Las Vegas City Center
project
January 2006 update on MGM City Center
February 10, 2006 article on Las Vegas Project City
Center
June 2, 2006 article on the MGM City
Center
June 29 article
City Center
Breaks Ground
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