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LAS VEGAS-MGM Mirage on Tuesday offered up to the public most of the 2,700 condominium units that are part of its $7-billion CityCenter development in the heart of the Las Vegas Strip. To help sell the units, MGM also opened a multimillion facility to showcase the four residential towers and take reservations.

Scheduled to open in 2009 between the Bellagio and Monte Carlo resorts, Project CityCenter includes a 60-story, 4,000-room hotel-casino; two 400-room non-gaming hotels; 500,000 sf of retail shops, dining and entertainment venues; and the aforementioned luxury residential units, which will be housed in five towers. Foundation work for the 66-acre, 18 million-sf development began in June.

Tony Dennis, executive vice president of MGM Mirage's residential division, tells GlobeSt.com that the expected minimum revenue from residential sales is $3 billion. Prior to releasing units for sale to the general public today, the units have been available to MGM Mirage's executives and VIP clients and their family and friends. That word-of-mouth marketing resulted in 1,200 reservations, which require refundable deposits ranging from $10,000 to $20,000, Dennis says.

MGM Mirage released to the public for reservations three of the four planned residential developments: Vdara Condo Hotel; Veer Towers; and the Residences at Mandarin Oriental. The fourth, the Residences at the Harmon, will be released later this year. The new sales center, located at 3780 Las Vegas Blvd. S., includes full-scale models, unit locations, floor plans and the interior design options.

In preparation for CityCenter, MGM Mirage in August formed its own residential real estate sales arm, CityCenter Realty Corp. The division allows buyers to purchase direct from the developer, according to MGM. It attracted sales executives with salary, performance-based bonuses and full benefits as opposed to using the typical commission-based independent Realtor format.

Despite wanting to handle sales in-house, MGM Mirage says it will cooperate with outside brokers. Indeed, on the CityCenter website it says it expects to shell out $30 million to cooperating brokers over the next 30 months or so, which is the timeline for selling all 2,700 units.

Designed by RV Architecture LLC and Rafael Vinoly, Vdara Condo Hotel will be the only condo hotel at CityCenter. Vdara will have 1,543 residential units ranging from 500 sf to 1,850 sf. Unit pricing starts at around $500,000, which equates to $1,000 per sf for the smallest units. Amenities and services will include a luxurious spa and salon, pool with cabanas, a fitness center, a destination restaurant, 24-hour concierge service, conference and meeting facilities, in-room dining, housekeeping and valet parking.

Veer Towers--two 37-story condominium buildings--will rise from CityCenter's retail and entertainment district. Designed by architect Helmut Jahn, the towers each will house approximately 350 units ranging from 500 sf to 2,600 sf. Like Vdara, the asking price for the smallest units is around $1,000 per sf. Amenities include a rooftop entertainment area on each tower that includes an infinity pool, fitness center, spa, cabanas and a patio for entertaining. Each tower also will feature a private valet, a business center and clubroom for managing the day's business and social affairs, and a fitness center and steam room.

The Mandarin Oriental Hotel and Residences will consist of 227 condos atop a 400-room hotel. Similar to the condo hotel, residents will have access to all the amenities of the hotel. The residential units will range from 1,000 sf to 3,900 sf; pricing for the smallest units starts at $1,500 per sf. The designer of the Mandarin is KPF Architects.

Similarly, the Harmon Hotel & Residences, which has not yet been released for reservations, will consist of 228 residences above a 400-room hotel. Foster and Partners is the architect. Residential units will range in size from 800 sf to 4,200 sf. Pricing has not yet been announced.

MGM Mirage is pursuing the U.S. Green Building Council's Leadership in Energy and Environmental Design certification for CityCenter. To that end, CityCenter will utilize reclaimed water and on-site power generation.

Project CityCenter is one of two major redevelopment projects that will transform the area around Las Vegas Boulevard and Flamingo Road. In between the Bellagio and CityCenter, a partnership led by developer Ian Bruce Eichner is developing the Cosmopolitan Resort & Casino, a $2-billion mixed-use project.

The Cosmopolitan will include 3,000 hotel and condominium units, a 75,000-sf casino, 300,000 sf of retail, an 1,800-seat theater, 150,000 sf of meeting space, multiple night clubs, a five-acre "beach club" and a 3,800-space underground parking garage. The four-million-sf development is scheduled to open in September 2008. The retail component will front in Las Vegas Boulevard.

Instant Insights /

CityCenter Condos Released to Public

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