Cosmopolitan – A Well-Planned Project
Suddenly the condo scene in Las Vegas is booming. There are nearly 50,000 units in 175 towers with construction in the planned stage, proposed or in progress. Some builders have made grandiose plans and even managed to sell numerous flats in advance. However, often these are stalled, postponed or dropped for financial reasons.
Cosmopolitan Resort and Casino is a major mixed-use project on the Strip on 8.5 acres between the Bellagio hotel-casino and the planned MGM Mirage Project City Center and boasts of the best location for any condo-hotel in Las Vegas today. The project has recently received a big financial boost with a $ 415 million loan from the Deutsche Bank for financing the construction. The money will help the developers construct Cosmopolitan's underground elements, which include a 3,900-space parking garage. Local real estate and gaming analysts believe that loan is a positive milestone for the Cosmopolitan.
Cosmopolitan broke ground in August 2005 and is scheduled to open in 2008. They have appointed Global Hyatt Corp to manage the property. Grand Hyatt will manage the Cosmopolitan's condominium-rental program and the 1,000 hotel rooms. They are also contributing $50 million to the construction of the Cosmopolitan. Cosmopolitan's Deutsche Bank financing probably came through because of the project's sales, a construction agreement with Perini Building Co and the marketing relationship with Hyatt.
Buyer reservations on condominiums began a year ago and since April, these reservations are being converted to hard sales. There have been unprecedented sales in the Casino Spa Tower. The resort will have 700 condo-hotel units in the Beach Club Tower on the the Beach ClubDeck facing Las Vegas Boulevard.The Beach Tower will have stunning views and this is your chance to own a beach front property in LasVegas. 1,600 of the development's 2,000 condominiums at prices ranging from $400,000 to $1.7 million, for a total sales volume of more than $1.2 billion have been picked up. The second, bigger tower will front Harmon Avenue, with 1,000 hotel rooms and around 1,300 condo-hotel units. Prices will range from $600s to $1.9 million.
The $2 billion project will have a 75,000 square foot Casino, 18,000 square foot Cabaret-Casino, Cosmo Dining Club, Cosmo Beach Club, and Spa & Fitness Club. Negotiations are on with several retailers and restaurateurs to take space in the 275,000-square-foot shopping center for 50 Cosmopolitan Specialty Shops. The development will also have 150,000 square feet of meeting space. The condos will range from 2,500 square feet to 6,000 square feet. At the end of 2006, they plan to seek a further $1.4 billion loan. Cosmopolitan's first phase of 1,000 units, the retail space, casino and a 1,800-seat theater, should open in late 2008. The rest of the condominiums and hotel rooms are scheduled for April 2009.
The Cosmopolitan has moved forward despite the resignation last month of President David Friedman, a former Las Vegas Sands executive who acquired the land for the project and brought in the developer, Eichner and Hyatt. Ron Thacker, a 30-year gaming veteran from the Flamingo and Casino Windsor, will look after the operation of the casino.
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Cosmopolitan Resort and Casino is a major mixed-use project on the Strip on 8.5 acres between the Bellagio hotel-casino and the planned MGM Mirage Project City Center and boasts of the best location for any condo-hotel in Las Vegas today. The project has recently received a big financial boost with a $ 415 million loan from the Deutsche Bank for financing the construction. The money will help the developers construct Cosmopolitan's underground elements, which include a 3,900-space parking garage. Local real estate and gaming analysts believe that loan is a positive milestone for the Cosmopolitan.
Cosmopolitan broke ground in August 2005 and is scheduled to open in 2008. They have appointed Global Hyatt Corp to manage the property. Grand Hyatt will manage the Cosmopolitan's condominium-rental program and the 1,000 hotel rooms. They are also contributing $50 million to the construction of the Cosmopolitan. Cosmopolitan's Deutsche Bank financing probably came through because of the project's sales, a construction agreement with Perini Building Co and the marketing relationship with Hyatt.
Buyer reservations on condominiums began a year ago and since April, these reservations are being converted to hard sales. There have been unprecedented sales in the Casino Spa Tower. The resort will have 700 condo-hotel units in the Beach Club Tower on the the Beach ClubDeck facing Las Vegas Boulevard.The Beach Tower will have stunning views and this is your chance to own a beach front property in LasVegas. 1,600 of the development's 2,000 condominiums at prices ranging from $400,000 to $1.7 million, for a total sales volume of more than $1.2 billion have been picked up. The second, bigger tower will front Harmon Avenue, with 1,000 hotel rooms and around 1,300 condo-hotel units. Prices will range from $600s to $1.9 million.
The $2 billion project will have a 75,000 square foot Casino, 18,000 square foot Cabaret-Casino, Cosmo Dining Club, Cosmo Beach Club, and Spa & Fitness Club. Negotiations are on with several retailers and restaurateurs to take space in the 275,000-square-foot shopping center for 50 Cosmopolitan Specialty Shops. The development will also have 150,000 square feet of meeting space. The condos will range from 2,500 square feet to 6,000 square feet. At the end of 2006, they plan to seek a further $1.4 billion loan. Cosmopolitan's first phase of 1,000 units, the retail space, casino and a 1,800-seat theater, should open in late 2008. The rest of the condominiums and hotel rooms are scheduled for April 2009.
The Cosmopolitan has moved forward despite the resignation last month of President David Friedman, a former Las Vegas Sands executive who acquired the land for the project and brought in the developer, Eichner and Hyatt. Ron Thacker, a 30-year gaming veteran from the Flamingo and Casino Windsor, will look after the operation of the casino.
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posted by realestatevegas | 6:47 AM
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