Mandalay Bay Casino proposes The Place Las Vegas condos is seen on Monday.
Mandalay Bay the biggest gaming player believes demand will continue for luxury Las Vegas condominiums with a Las Vegas Boulevard address.
MGM Mirage is seeking initial county approval this week for two Las Vegas high-rise condo real estate projects that would add some 2,500 condominiums to the south end of the Strip.
The company has not formally announced either proposal, and a spokesman said their likely development dates remain undetermined. But documents filed with Clark County provide architectural renderings and details of both projects.
The Clark County Planning Commission has considered MGM Mirage’s plans for The Place at Mandalay Bay Casino, a proposed 520-foot tower with 1,344 units that would rise on the northwest corner of the Strip and Mandalay Bay Road, only feet from Luxor’s pyramid.
This past week the company asked the Clark County Commission to approve plans for two additional high-rise towers behind MGM Grand Las Vegas that would add 1,152 more Las Vegas luxury condos to the 1,700 hotel-condos that are there or are now under construction.
MGM Mirage was already betting big on Las Vegas Strip condo development before proposing The Place at Mandalay Bay in Las Vegas and what amounts to a nearly 70 percent expansion of the high-rise hotel-condo projects The Signature MGM Residences at MGM Grand.
Some 1,650 condos are planned within the company’s $7 billion Las Vegas Project CityCenter, the massive mixed-used development slated for 66 acres on the west side of the Strip between Monte Carlo and Bellagio Las Vegas.
Planners and Las Vegas real estate developers project that condominiums in the resort corridor will be used much like hotel rooms: mostly rented out to tourists for brief visits.
“The owners will use them on a periodic basis, and when they’re not they’ll put them into a (timeshare) pool,” Reid said. “(Owners) are not going to live full time there. A lot of people are buying them as vacation homes or investment Las Vegas real estate properties.”
Although it would be located on Luxor’s property, architectural renderings submitted to the county for The Place show its exterior design retains the metallic gold-on-white motif of nearby Mandalay Bay and The Hotel at Mandalay Bay.
The two additional towers on the MGM Grand site will retain the sleek white look of The Signature MGM Residences at MGM Grand towers already under development there, according to renderings.
Las Vegas county planners say they see no signs that demand for luxury condos on Las Vegas Boulevard is waning.
The Planning Commission also considered plans for yet another mixed-use condo project on Las Vegas Boulevard. But the hearing for the proposed R Resort Las Vegas condos several miles to the south at the boulevard and St. Rose Parkway is likely to be moved to September, said project consultant Greg Borgel.
R Resort Las Vegas condos principal Ray Shapiro, a local businessman who operates restaurants and convenience stores, has submitted plans to the county showing a 1,500-room hotel, 720-unit Las Vegas condo tower and an 85,000-square-foot casino there.
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Mandalay Bay proposes The Place Las Vegas condos for the strip.
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