Pre sales for the condos at Palazzo are expected to start by September, 2007.
The construction of the 632 foot high rise condo tower next to the Palazzo has begun. This new luxury casino hotel will have 3,000 rooms and total cost of $1.6 billion. The Strip hotel portion is expected to open by the end of the year.
Part of the mixed use real estate will include Barneys of New York, a high end men’s and women’s apparel store. The luxury residences will be located on top of the 90,000 square foot building.
For the most expensive Strip condos ever sold they are expected $1,500 to $2,000 a square foot. The total gross sales revenues are expected to be $1.45 billion to $1.94 billion.
The prices could exceed the price per square foot being collected at any other announced Strip residential or under construction high rises.
Las Vegas Sands has a future budget of $3.6 billion on domestic development projects including the Palazzo cost.
The Palazzo’s 300,000 square foot retail mall will cost $508 million and a $287 million expansion, to the Sands Expo and Convention Center, from the existing 1.1 million square-foot facility.
Las Vegas Sands also spent $114 million to refurbish The Venetian’s 3,000 original tower guest rooms and another $40 million in upgrades on the 14th floor of the Venezia tower.
LV Sands plans to spend $637 million on Sands Bethworks, its planned entertainment and casino on the site of the Bethlehem Steel factory in Bethlehem, PA.
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