Thank you for sharing!

Your article was successfully shared with the contacts you provided.

LAS VEGAS-The building division of publicly traded Perini Corp. has won a $1-billion construction contract to build the Cosmopolitan Resort & Casino, a planned 5 million-sf development on 8.5 acres bordering the Bellagio. Perini will officially break ground at the end of this month.

Perini’s contract includes constructing two 600-foot-tall hotel and condo-hotel towers housing 3,000 units; 300,000 sf of retailers and restaurateurs; about 150,000 sf of business convention and conference space; 75,000 sf of casino; an 1,800-seat theater; a 500-seat cabaret; a 50,000-sf spa, salon and fitness center; multiple nightclub venues; and a 3,800-car underground parking structure.

The resort and casino is scheduled to open in mid-2008. The first major construction activity will be a 90-foot excavation for the subterranean parking garage. The total estimated project cost, including construction, is over $1.8 billion.

Operating under the name 3700 Associates, the developers are David Friedman, a former executive at the Venetian; SFM Capital Management, an affiliate of New York-based Soros Fund Management; and Miami and New York City developer Ian Bruce Eichner. The group earlier this year paid $90 million for the property.

The project team includes Arquitectonica, the project’s design architect; Martha Schwartz Partners, landscape designer; Dougall Design, designer of the casino and retail spaces; Paul Duesing Partners, design of the condo-hotel, hotel units and public spaces; and Friedmutter Group, executive architect. Grand Hyatt will operate the hotel.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.