While Las Vegas buzzes about other major high rises to open by 2010, the $2 billion hybrid Cosmopolitan condos is expected to open by New Year’s Eve 2008, becoming Las Vegas real estate first mixed-use development.
With glass-enclosed shops overlooking the Las Vegas Strip sidewalk, rooftop beach club and hotel towers looking like rock crystals, the Cosmopolitan’s flash-cube appearance will stand out like a New York socialite at a carnival.
In fact, the aptly named property, at the northwest corner of Harmon Avenue and Las Vegas Boulevard, will have more authentic New York flavor than the nearby New York-New York, with its faux art deco skyline and Statue of Liberty.
Cosmopolitan’s developer is Ian Bruce Eichner, a New Yorker who built condo towers in his hometown and in Miami, but who until now hasn’t ventured into the Las Vegas casino resort market.
By many measures, he reflects the kind of investor who previously had eschewed Las Vegas but has decided to come to town and tap its wealth.
The casino - at roughly 75,000 square feet - will be smaller than most Strip resorts. Its 275,000 square-foot retail area and 33,000 square-foot spa, located several floors up, will be on the large end of the spectrum.
Eichner said he hopes to create enough of a brand with his Las Vegas resort to take it to other high-end destinations.
He is cultivating a home-grown management team with former Las Vegas Wynn Resorts Ltd. attorney Marc Rubinstein and former Mirage Chief Financial Officer Bob Kocienski.
Before the Las Vegas Cosmopolitan’s developers can start building upwards, they’ve been digging down about 90 feet - to accommodate a five-level underground parking garage.
Deeper underground parking structures will become more commonplace as resorts take up virtually every bit of developable Las Vegas land, said Steve DeWees, Perini Building Co.’s senior project manager for the Cosmopolitan.
In fact, because the building will fill almost every square foot of the 8.5-acre site and there is no room for off-site construction cranes, the Cosmopolitan will be built using up to five cranes mounted to the side of the building as it moves upward.
Even though construction has just begun, analysts say Eichner’s investment Las Vegas real estate - at roughly $11 million per acre - already has at least doubled in value.
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Source: Las Vegas Sun
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Cosmopolitan Las Vegas offers peek into Strip’s future