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Charlie Palmer celebrity chef plans a boutique Charlie Palmer Las Vegas condo-hotel at Dean Martin Drive and Tropicana Avenue.

The $400 million Charlie Palmer real estate development is scheduled to break ground later 2006, with completion expected sometime 2008.

The Charlie Palmer condo-hotel will have mostly studio and one-bedroom condo units ranging from 550 - 800 square feet and priced starts at the high $400,000’s.

Celebrity chef and entrepreneur Charlie Palmer likes to see the immediate results of the restaurant business. Now, it will be a couple of years in his newest business creation.

Owner of Charlie Palmer Steak at Four Seasons Hotel, Aureole at Mandalay Bay, plans to build Charlie Palmer Hotel and condos, a 35-story boutique Las Vegas condo-hotel, on three acres at Dean Martin Drive and Tropicana Avenue, the current site of the Golden Palm hotel.

The Hotel Healdsburg, Charlie Palmer, built three years ago in California’s Sonoma County, will be similar to this current boutique condo hotel slated for Las Vegas. Being self contained and not associated with a resort is the Charlie Palmer Condo’s goals different from other projects such as Cosmopolitan condos, Project City Center and Echelon Place.

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The Las Vegas building boom worth $20 billion, a five year timeline, is under way on the Las Vegas Strip. It will roughly double the inventory of luxury hotel rooms costing $200 a night or more, a new Standard & Poor’s study said.

This newfound focus on upscale visitors is largely a response to continuing Las Vegas demographic shifts.

Real estate projects that S&P said probably would be completed include:

• The $1.8 billion Palazzo Las Vegas high rise with 3,025 rooms.

• The $1.7 billion Encore Wynn Las Vegas with 2,054 rooms.

• The $7 billion MGM Mirage Project CityCenter with 7,700 rooms.

• The $4 billion Echelon Place with 3,300 rooms.

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Grand Hyatt Las Vegas Will Operate Cosmopolitan Condos

At a ceremony held before a gathering of Las Vegas local officials, dignitaries, business leaders, and members of the media, Hyatt and The Cosmopolitan Las Vegas condos executives, using a large backhoe, cracked through the asphalt to mark the beginning of an approximately three year Las Vegas real estate construction process. The Grand Hyatt Las Vegas at The Cosmopolitan Resort & Casino condos is projected to open in mid-2008. Hyatt will operate the property’s 3,000 hotel rooms, suites and condo-hotel units.

“Few addresses on the Strip have a better location,” said Thomas Pritzker, chairman and CEO, Global Hyatt Corporation. “Hyatt is thrilled that it will be offering customers a unique ‘Vegas’ experience in Grand Hyatt style that includes impeccable service, and exceptional facilities for leisure and business travelers.”

“The Cosmopolitan Las Vegas homes represents a new era in Las Vegas commercial development,” said Ian Bruce Eichner, CEO of 3700 Associates, LLC, the developer of The Cosmopolitan condos. “We’re building something different on The Strip, the likes of which Las Vegas has never seen before and may never see again. The sheer ‘verticality’ of this development as it towers 600 feet above The Strip is more akin to the urbanization of Manhattan, or other cosmopolitan cities around the world,” said Eichner, who spent the past 30 years developing more than six million square feet of luxury high-rise residential, office, hospitality, and retail space in such prominent locations as New York City and Miami Beach.

At the height of construction, the Las Vegas Cosmopolitan project will generate approximately 3,000 construction jobs and stimulate millions in tax revenues. Upon opening in mid-2008, Grand Hyatt Las Vegas and The Cosmopolitan Las Vegas condos will create approximately 2,400 jobs at its center Strip location.

Vertically Integrated

Grand Hyatt Las Vegas at The Cosmopolitan Resort & Casino condos, one of the many announced hotel projects along the emerging Harmon Avenue corridor, will be the first to open in mid-2008. The property will redefine Vegas’ skyline with a vertical design that contrasts sharply with the horizontally developed, replicated cities and themed hotels that bracket Las Vegas Boulevard. Located down the strip from Hilton Grand Vacation Club Las Vegas.

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Pinnacle Las Vegas condo-hotel at Tropicana and Cameron avenues, a $850 million Las Vegas real estate project, across from The Orleans hotel-casino, are moving forward. The Falcon Group, project developer, recently secured $40 million in interim project financing from Berkshire Capital Financial of New York City.

The two also are negotiating a $550 million Las Vegas real estate construction loan.

The 12-acre Pinnacle condo complex will consist of two 36-story bronze glass towers connected by three sky-bridges. Designed by YWS Architects, the twin 410-foot-tall buildings will combine for 1,100 units and include a jogging track, pools, a fitness center and gardens, among other amenities.

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