[jazfingr]

I just got off the phone with my executive contact at Panorama. Tower 4 is on hold for now, NOT cancelled. They are going to play it by ear during the current credit crisis. There is no news on Tower 4, it may (or not) get built...time will tell.

[DowntownGymRat]

I can't remember, but is it official that Circus Circus is coming down? If so, what's the projected demolision date?

[lfc4life]

I can't remember, but is it official that Circus Circus is coming down? If so, what's the projected demolision date?

Circus Circus is staying where it is according to a quote from the MGM CEO last year. A major renovation of the hotel is very likely though

[Silas]

.... the rumor/news hits the presses just as the ink dries on the Trump contracts.

I am shocked! ;)

[RandalR]

I expect that Plaza, Crown, and anything else that hasn't yet started construction will be canceled or postponed. The credit markets are brutal right now, and may remain so for some time. Nobody can borrow the billions needed to get these projects going - credit just isn't available.

And personally, I thought Plaza's design looked ridiculous - a Batman-like throwback to the themes popular two decades ago. Slim glass towers would blend in better with Trump, Echelon, and Wynn. Maybe the site will get sold again and the new owners will come up with something more attractive.

[VegasBound]

...Views...

The degradation of views and expanding footprints are accelerating because the county commission is constantly handing out out setback variances like candy. It is a racket I tell ya!

[Silas]

It seems that Fountain Blue (when will they change the name ?) is past the point of no return. I suspect that they will convert the entire project to a hotel-only building. Or more likely, they will have about 10% of the units as condos. Let's face it - condos aren't selling. Notice that they have not yet opened the sales office? Will they even go down that road?

What about Echelon (also in need of a name change)? That particular project seems to be at an awkward time. Is it too late to postpone? Does it make sense to go forward? They are not hampered by condo sales so it seems like they will move forward. But who really knows what their finances are like? Find a a partner to bail them out (like Packard at F-Blue and Dubai at CityCenter) may no longer be an option. Cash is truly King right now.

[JDRCRASH]

Find a a partner to bail them out (like Packard at F-Blue and Dubai at CityCenter) may no longer be an option. Cash is truly King right now.

Your right. Look at L.A.'s Grand Avenue Project; less than 2 months ago it would have been considered to be dying, but Dubai's Royal family owned fund Isithmar has mad an investment in the project, and now it could break ground in May.

[mttbox]

Financing imperils projects

Credit crunch could bring halt to Cosmopolitan, Plaza resorts

By ARNOLD M. KNIGHTLY
REVIEW-JOURNAL
Two multibillion-dollar Strip developments less than two miles apart could become victims of the tightening credit markets and rising construction costs.

Wall Street investment house Deutsche Bank last week notified developers of the Cosmopolitan that it will begin foreclosure proceedings on the mixed-use development being built in the shadow of MGM Mirage's massive CityCenter complex.

A little north on the Strip, a potential $6 billion development modeled after the Plaza in New York City that was to be built on the site of the imploded New Frontier may be put on hold because of the current subprime crisis.

"It's extremely difficult to borrow capital in the current market," Wachovia Capital Markets bond analyst Dennis Farrell Jr. said Monday. "This is not only happening in Las Vegas but across the country."

The Cosmopolitan foreclosure comes about three weeks after an announcement that a deal had been reached to keep the Strip project from entering foreclosure. The Wall Street Journal reported Saturday, however, that New York-based developer Bruce Eichner was unable to complete the tentative deal to save the project.

The Review-Journal reported last month that a deal was being completed between Global Hyatt Corp. and New York-based Marathon Asset Management to recapitalize the condominium-hotel project.

The two groups had agreed to contribute cash in exchange for large equity stakes in the Cosmopolitan. But the deal could not be completed by a deadline Thursday. Deutsche Bank, the lead lender on a $760 million loan, notified Eichner, Hyatt and Marathon that it was beginning foreclosure proceedings on the project.

Analysts said they believe the move by Deutsche Bank could help push the bank's continuing negotiations with Hyatt and Marathon to a faster resolution.

Eichner and Cosmopolitan Chief Operating Officer Scott Butera did not return phone calls Monday. Hyatt representatives also did not return a phone call seeking comment.

Increased construction costs for the Cosmopolitan helped drive the budget from its original $2 billion price in early 2006 to a current estimate of $3.9 billion.

Prospective lenders said in January that Eichner needed to increase his equity to at least 10 percent because of the rising costs before they would provide new funding.

Eichner contributed the 8.5-acre site, which was purchased for $90 million in 2004, and $50 million from a subsidiary of Global Hyatt.

Eichner told the Wall Street Journal last week that 83 percent of the project's condominium units have been sold, with buyers putting down 20 percent nonrefundable deposits on sales totaling $1.35 billion.

Perini Building Corp., the Cosmopolitan's general contractor, said Monday it will continue construction on the project. Perini, which has been involved with the Cosmopolitan from the beginning, signed a month-to-month agreement with Deutsche Bank on Jan. 18. The Cosmopolitan had been expected to be completed in late 2009.

While financing for the Cosmopolitan project is in limbo, the developers of the Plaza have decided to shelve their project until the credit markets loosen.

The Israeli investors who own on the 34.5-acre New Frontier site told Israel's most widely distributed newspaper, Yediot Ahronot, the project's sponsors do not plan to seek financing until the current subprime crisis ends.

Plaza Las Vegas Chief Operating Officer Daniel Wade declined to comment on Monday, saying any statements will come through the project's public relations firm.

However, Elad Group President Miki Naftali said late Monday in an e-mail the "there is no credibility to the rumor" and that "the project is forging ahead."

The Plaza is being developed by Elad IDB Las Vegas, a joint venture between New York-based Elad Group and Property & Building Corp., a subsidiary of Israeli-based IDB Holdings Corp.

Details of how the development group planned to finance the project have never been made public. The group paid approximately $35 million per acre, which set a record for Strip land.

Deutsche Bank gaming analyst Bill Lerner said the project's financing was questionable even before the lending markets tightened.

"The ability to sell expensive residential units probably would have given it a chance," Lerner said. "That's probably not on the table right now. The cost of development, not just the financing cost but the construction cost, has materially inflated."

Analysts said that if banks are lending money at all, it is at a rate three to four percentage points higher than last year.

The Plaza plans called for seven towers as high as 671 feet containing 4,100 hotel rooms and 2,600 condominium units. It was to be anchored by the Strip's largest casino at 175,900 square feet. It was scheduled to open in 2012.

The project received approval from Clark County planning officials in December. Plans for the project are scheduled to go before the Clark County Commission on Wednesday.

The postponement of the Plaza takes 6,700 rooms out a projected growth pipeline of nearly 45,000 rooms that were to be coming online by 2012.

With suspended or canceled projects, including a new resort with 9,000 rooms on the Tropicana site, the 3,000-room W Las Vegas on Harmon Avenue and the 1,400-room Southern Highland Resort, the local room growth rate has significantly decreased during the past eight months.

"It's like the perfect storm of negative factors that are going to continue to impact the pipeline here," Lerner said.

[lfc4life]

how will the credit crunch affect other huge american projects like the Chicago Spire and Freedom tower, are they too now in danger seeing as neither have got off the ground???

[lfc4life]

I doubt very much that either will be cancelled or even delayed.

why would they be immune though especially the spire given the fact its nothing but a giant condo in reality been built in a city where condo sales are nothing short of awful.

[Crazy Ivan]

why would they be immune though especially the spire given the fact its nothing but a giant condo in reality been built in a city where condo sales are nothing short of awful.

First, ultra luxury clients aren't being hit as hard by the slowdown. When your net worth is <$1-2 million and your assets depreciate by half, consideration of whether to buy a unit at the spire is significantly impacted. If you have tens of millions or billions, it hardly makes a difference.

Second, while the credit crisis is global, the deprepeciation of the dollar is uniquely American. The spire is being developed by a European firm and marketed primarily to foreign buyers. To them, the units look like a bargain.

[Patrick]

Newport Lofts, Juhl, and Streamline all looking good in the Downtown skyline!
http://i27.tinypic.com/2zr154m.jpg

[mttbox]

Visited Trump LV today, the hotel is beautiful! When Trump say that he is going to built a most luxurious hotel in Vegas I thought it was just a typical Trump talk, but when I walk in today it was a “wow”, no, let me do it again, WOW!!!!, and they are not even done yet. The service from the staff was totally high-level and WAY better than other hotel it is comparable to mandarin oriental and 4 season (I’ve stay at both hotel before); no question it will get the 5 star rating. took some picture from my cell phone, it does not come out good at all, couldn't take pic for other other part of the lobby because it is still in work, you have to see it in person. the style and feeling are totally different from the 5 start hotel on the strip. it is so classic and high end.

view from 46th fl north.
http://i153.photobucket.com/albums/s233/mttbox/trump/DSC00035.jpg
http://i153.photobucket.com/albums/s233/mttbox/trump/DSC00034.jpg
http://i153.photobucket.com/albums/s233/mttbox/trump/DSC00033.jpg
http://i153.photobucket.com/albums/s233/mttbox/trump/DSC00050.jpg
http://i153.photobucket.com/albums/s233/mttbox/trump/DSC00049.jpg
http://i153.photobucket.com/albums/s233/mttbox/trump/DSC00048.jpg
http://i153.photobucket.com/albums/s233/mttbox/trump/DSC00047.jpg
http://i153.photobucket.com/albums/s233/mttbox/trump/DSC00046.jpg
http://i153.photobucket.com/albums/s233/mttbox/trump/DSC00045.jpg
http://i153.photobucket.com/albums/s233/mttbox/trump/DSC00044.jpg
http://i153.photobucket.com/albums/s233/mttbox/trump/DSC00043.jpg
http://i153.photobucket.com/albums/s233/mttbox/trump/DSC00042.jpg

http://i153.photobucket.com/albums/s233/mttbox/trump/DSC00051.jpg

[mttbox]

http://i153.photobucket.com/albums/s233/mttbox/trump/DSC00124.jpg

the touch of the wood in trump lobby is not same as the others, it feels like the wood trim in a expansive car, you can see the wood trim on the picture below

http://i153.photobucket.com/albums/s233/mttbox/trump/DSC00122.jpg
http://i153.photobucket.com/albums/s233/mttbox/trump/DSC00118.jpg
http://i153.photobucket.com/albums/s233/mttbox/trump/DSC00115.jpg
http://i153.photobucket.com/albums/s233/mttbox/trump/DSC00114.jpg
http://i153.photobucket.com/albums/s233/mttbox/trump/DSC00112.jpg
http://i153.photobucket.com/albums/s233/mttbox/trump/DSC00111.jpg
http://i153.photobucket.com/albums/s233/mttbox/trump/DSC00110.jpg
http://i153.photobucket.com/albums/s233/mttbox/trump/DSC00108.jpg
http://i153.photobucket.com/albums/s233/mttbox/trump/DSC00107.jpg
http://i153.photobucket.com/albums/s233/mttbox/trump/DSC00106.jpg
http://i153.photobucket.com/albums/s233/mttbox/trump/DSC00105.jpg

[JDRCRASH]

There are so many empty lots that still need to get filled up; but I think you guys are getting there pretty quick.

[mdiederi]

Good report mttbox! Excellent views of the Echelon and Fontainebleau projects from there.

[SLC Projects]

It's just unreal just how fast and how much Vegas is building all at once.

[Patrick]

So Trump LV is open?

[mttbox]

So Trump LV is open?

no, the opening day set to be 31st of march. still allot of decoration need to be done. but i think they do allow people to walk in and look around.

[jazfingr]

So Trump LV is open?

No, it officially opens on March 31st

[mdiederi]

Posted this already in the crane thread (http://forum.skyscraperpage.com/showthread.php?t=147213), but figured I'd post it here too. Crane convention in town.

http://img.photobucket.com/albums/v120/mdiederi/buildings/cranes.jpg

[cosmo2k8]

Looks like Related is back in town:

Related Joins Bidding On Ailing Vegas Project
By Alex Frangos and Tamara Audi

A team that includes New York developer Related Companies is making a bid to take over the unfinished and financially ailing Cosmopolitan Resort Casino on the Las Vegas Strip, according to people familiar with the matter.

Related, led by real-estate tycoon Stephen Ross, has teamed with Starwood Hotels and Resorts Worldwide Inc.'s W Hotel group and an unidentified casino operator to try to take over the $3.9 billion hotel-condominium and casino project. The project's lender, Deutsche Bank AG, started foreclosure proceedings this month against the developer, Ian Bruce Eichner, on a $760 million loan.

http://online.wsj.com/article/SB120613069739055703.html?mod=fpa_whatsnews

Cheers!

[Red UM Rebel]

So Cosmo Vegas might become W Vegas?

[mdiederi]

I think "W" would probably have better brand identity with the public than "Cosmopolitan". And the location is a hell of a lot better than the old W site.

[pablosan]

Trump LV is looking pretty good.

[future29]

Looks like Related is back in town:

Related Joins Bidding On Ailing Vegas Project
By Alex Frangos and Tamara Audi

A team that includes New York developer Related Companies is making a bid to take over the unfinished and financially ailing Cosmopolitan Resort Casino on the Las Vegas Strip, according to people familiar with the matter.

Related, led by real-estate tycoon Stephen Ross, has teamed with Starwood Hotels and Resorts Worldwide Inc.'s W Hotel group and an unidentified casino operator to try to take over the $3.9 billion hotel-condominium and casino project. The project's lender, Deutsche Bank AG, started foreclosure proceedings this month against the developer, Ian Bruce Eichner, on a $760 million loan.

http://online.wsj.com/article/SB120613069739055703.html?mod=fpa_whatsnews

Cheers!

wow great news. i wonder if they can change some plans of the towers midway through construction? Im hoping that the glass style that was on the W renderings can be applied to the cosmo towers. it will kick project up a notch.

[neworleans]

http://farm3.static.flickr.com/2117/2352926103_0994c06075_b.jpg

http://farm3.static.flickr.com/2405/2352926793_26e732f25a_b.jpg

http://farm4.static.flickr.com/3245/2352927481_3f5daa65ed_b.jpg

http://farm3.static.flickr.com/2054/2352928189_b23e676811_b.jpg

parking garage for World Market Center
http://farm3.static.flickr.com/2312/2353760150_3fe0e687e5_b.jpg

http://farm4.static.flickr.com/3073/2353018865_6f1564ef14_b.jpg

new parking garage at the hilton grand vacations (man that's big)
http://farm3.static.flickr.com/2260/2353019507_2e8de48340_b.jpg

[cosmo2k8]

Thanks for the update neworleans!

[neworleans]

http://farm4.static.flickr.com/3188/2354112268_77ccb0c89f_b.jpg

http://farm4.static.flickr.com/3149/2353281119_86ac6ac61d_b.jpg

http://farm3.static.flickr.com/2285/2353281905_3d31f80b64_b.jpg

http://farm3.static.flickr.com/2395/2354114360_3077bd4409_b.jpg

http://farm4.static.flickr.com/3005/2354115810_3a54e8a95f_b.jpg

http://farm3.static.flickr.com/2352/2353286187_b01f34feb0_b.jpg

http://farm3.static.flickr.com/2377/2353286847_91f54590bb_b.jpg

[MrVegas]

The Encore logo at night
http://img156.imageshack.us/img156/6703/encore032208aj8.jpg

[DracoCaifan]

Thanks for the updates......those shots from the stratosphere are fantastic!!

[ScottG]

encore's lighting is much brighter than wynn's. ha



has anyone noticed what is missing in citycenter?

in all the renderings there are never been any signage....nothing on the tops of the buildings or a main pilon sign.....i wonder


i think the hotels would look ugly if they splash some lettering along the tops.
everyone has grown used to the renderings without signage.

---

im sure if W takes over cosmo and changes the name. there wont be any changes to the design. alot of people have bought units there and they cant really change much (i dont think)---i mean the people bought a certain design.

[neworleans]

in the model at the ballagio, there's no signs, not even for the freeway.

I was looking at the citycenter from the monte carlo and it looked like a garage parking lot was going up directly behind and attached to the mandarin oriental... is that what that's supposed to be? i wish i had gotten a picture

[designer3d712]

http://www.spine3d.com/

Click on renderings then City Center and watch the animation. Not sure how old this is, but It shows an illuminated Vdara sign. It's probably just for building recognition.

[nsxdrift_89]

Also, in that animation, one can see "THE HARMON" signage on the north and south sides of The Harmon.

[cosmo2k8]

Cosmopolitan developer expects investors to emerge
Mon Mar 24, 2008 6:59pm EDT

LOS ANGELES, March 24 (Reuters) - Deutsche Bank AG (DBKGn.DE: Quote, Profile, Research), the senior lender to the partially built Cosmopolitan Resort & Casino in Las Vegas, has commenced foreclosure proceedings, but the project's developer said he believes the project can be recapitalized.

"We view this action as a means for Deutsche Bank to expand their ability to engage a greater number of serious potential investors in The Cosmopolitan," Ian Bruce Eichner, chief executive of property developer 3700 Associates LLC, said in a statement on Monday.

The Cosmopolitan is located on the Las Vegas Strip between MGM Mirage's_(MGM.N: Quote, Profile, Research) Bellagio Resort and its $8 billion CityCenter project, which is slated to open in 2010.

Eichner said Deutsche Bank began foreclosure proceedings in order to protect its interest in the project, which he said is expected to completed on time in 2009.

"We remain optimistic there will be a successful resolution to the situation," Eichner said.

Deutsche Bank in mid-January delivered a notice of default on a $760 million construction loan for the condominium-hotel project, which has seen costs climb while the U.S. credit markets have collapsed.

General contractor Perini Building Co., a unit of Perini Corp (PCR.N: Quote, Profile, Research), reached an agreement in January under which the bank has continued to fund construction work.

Eichner said there are no plans to alter that agreement.

Deutsche Bank declined to comment on the status of talks with potential investors, including Global Hyatt Corp. and Marathon Asset Management, which have also loaned money to the project.

A spokesman for Marathon said on Monday that talks with Deutsche Bank are continuing. Hyatt officials did not return calls.

Meanwhile, the Wall Street Journal reported over the weekend that New York property developer Related Companies has teamed with hotel operator Starwood Hotels & Resorts Worldwide Inc's (HOT.N: Quote, Profile, Research) W Hotel group and an unidentified casino operator to try to take over the $3.9 billion Cosmopolitan project.

Related Companies declined to comment on the report. W Hotels spokeswoman Jenni Benzaquen said, "We don't have anything going on in Las Vegas right now." (Reporting by Deena Beasley, editing by Leslie Gevirtz)


http://www.reuters.com/article/marketsNews/idUKN2434563020080324?rpc=44

:tup:

[ScottG]

i don tget why city center is flashing cosmo much much in that rendering...youd think - at the end - when there is a night time fly over, it would have been done on the other side looking north so that cosmo wouldnt block city center.....maybe tho they wanted to show all/most of the mgmmirage properties this way...

[Complex01]

Great pics. You really take it all in. Very Kewl...

:yes:

[rhassoii]

The put up the Encore lettering on the other side of the building yesterday. It's interesting how there is enough space for them to put up the lettering without interfering with the crane that runs right through that area.

[Silas]

Will this happen? Who knows? Location is awesome but the final line of the article may say it all -- necessary debt or equity to finance this project. Could be trouble.

http://www.globest.com/news/1121_1121/lasvegas/169334-1.html

[DMaldon762]

Anybody have any pics of this place other that the website pics? Seems to have opened without any fanfare.

[neworleans]

http://farm3.static.flickr.com/2175/2361863971_fa34f25e6e_b.jpg

http://farm3.static.flickr.com/2206/2361864797_d2cc885456_b.jpg

Taken from the Orleans
http://farm3.static.flickr.com/2282/2362697176_ccbdee3d19_b.jpg

Picture taken from the palms
http://farm3.static.flickr.com/2161/2361863151_d732c00b71_b.jpg

[RandalR]

The Sydney Morning Herald is reporting that Crown Las Vegas is officially canceled:

Sayonara Crown Las Vegas Tower (http://www.vegastripping.com/news/news.php?news_id=1972)

[Silas]

Good find Randal.

Not surprised at all about Crown. That had 'boom time' written all over it. Now the boom is over, for now at least.

The real question with Packer is the FountainBlueo. It looks like that has 'passed the point of no return' meaning it makes sense to see it all the way through rather than stop. But if that was not true for Cosmo, then ??

I am intrigued by the 'Luxury Elvis' resort. WTHeck? Luxury Elvis. I like luxury and I like Elvis but the two do not seem to work together. Nevertheless, that location is excellent.

[RandalR]

The real question with Packer is the FountainBlueo. It looks like that has 'passed the point of no return' meaning it makes sense to see it all the way through rather than stop. But if that was not true for Cosmo, then ??


Fontainebleau will get done - Turnberry never starts a project it has any doubts about being able to finish. And it had multiple investors committed long before the credit crisis hit. Echelon might be a bit more worrisome, since Boyd has never taken on such a huge project - I'm not sure how their financing looks at this point. I wouldn't be surprised if they at least held up part of the project (Delano and Mondrian?) until a future Phase II.

The Elvis theme is a dumb trial balloon - there's no way they build anything other than an ultra-luxury resort on that corner. Maybe it will have an Elvis Lounge, or something... ;)

[DMaldon762]

Thanks for the pics of Palms Place. :)

[neworleans]

i don't know much about the market or credit crisis, so currect me if i'm wrong, but i know that both the fontainebleau and echelon are casinos, and every casino on the strip is packed with people every day. I tried to get a room at the monte carlo last week but there were no more rooms available.
So i don't see why those two casinos would be in any type of worry.
And even if there is a credit crisis, that doesn't mean there's going to be one at the end of the year, or in two years, or whenever they both open.

[neworleans]

http://farm3.static.flickr.com/2068/2365438804_94039dcaa7_b.jpg

http://farm3.static.flickr.com/2237/2365435458_db4ee8a7e1_b.jpg

http://farm3.static.flickr.com/2378/2364603515_d8b93ce38f_b.jpg

http://farm4.static.flickr.com/3174/2364604549_a10997cc6a_b.jpg

[RandalR]

So i don't see why those two casinos would be in any type of worry.
And even if there is a credit crisis, that doesn't mean there's going to be one at the end of the year, or in two years, or whenever they both open.

They have to borrow billions of dollars up front to get these things built. Fontainebleau has and Echelon probably has, but Crown had not gotten that far yet - and after a second look at the economics and the impossibility of borrowing enough money to get the project underway, they made a decision to cancel the project and forfeit the millions they had already paid as a down-payment on the land.

Unfortunately, this probably means the Crown site will remain a vacant lot for the next couple of years, at least.

[TheOldMan]

They have to borrow billions of dollars up front to get these things built. Fontainebleau has and Echelon probably has, but Crown had not gotten that far yet - and after a second look at the economics and the impossibility of borrowing enough money to get the project underway, they made a decision to cancel the project and forfeit the millions they had already paid as a down-payment on the land.

Unfortunately, this probably means the Crown site will remain a vacant lot for the next couple of years, at least.


Crown is completely Dead ? how do you know for sure? Thats a shame. two 1000' towers would have made one hell of an impact on the skyline. please advise...

[jazfingr]

Crown is completely Dead ? how do you know for sure? Thats a shame. two 1000' towers would have made one hell of an impact on the skyline. please advise...



Here

http://business.smh.com.au/packer-dealt-a-dead-hand-in-vegas/20080326-21lo.html

[TheOldMan]

thanks Jazfingr. what a shame....but we do have city center, fountainbleu, echelon, cosmo, etc..so there is still much to watch and follow...

[ScottG]

Fontainebleau will get done - Turnberry never starts a project it has any doubts about being able to finish. And it had multiple investors committed long before the credit crisis hit. Echelon might be a bit more worrisome, since Boyd has never taken on such a huge project - I'm not sure how their financing looks at this point. I wouldn't be surprised if they at least held up part of the project (Delano and Mondrian?) until a future Phase II.

The Elvis theme is a dumb trial balloon - there's no way they build anything other than an ultra-luxury resort on that corner. Maybe it will have an Elvis Lounge, or something... ;)


i dont get the pessimism...there's never been a project that stopped mid-way thru construction.....projects either get built or never breaks ground. how can you 'worry' about FB or echelon, they are under construction already. its nonsense to think they would just stop with half the thing done. this isnt asia!

[ScottG]

am i the only one annoyed at how FB tower is irregularly shaped?

it seems it is facing the wrong way (palazza, mirage, TI 'hug' the front - FB is weirdly rotated on the site) sure it is to capitolize on view just like wynn and echelon, but even the ends of the towers are not symmetrical, one is pointed, one is flat...the two 'legs' are not even at the same angle....my firm is doing FB and every time i see that in plans i wonder why?!

[Complex01]

The fontainebleau is really coming along...

I likes it...

:cool:

[mdiederi]

Part of the reason for Fontainebleau's angled wings is to maintain views for Turnberry residents...or, at least for the residents higher than the parking/convention center.

[Silas]

F-Blue is an interesting design. Time will tell how it will look. For now, it doesn't seem to 'work' for me. By angling the entire focus away from the strip, it is kind of acknowledging that 'the action is not here, it is further south, towards Wynn'. That can't be too welcoming for guests. Kind of band Feng Shui (or however that is spelled). Then again, maybe nobody will care about that.

It is going to very interesting to see how the project progresses. As stated, these will be condo-hotels. But let's get real, nobody is buying now. Will Turnberry build and wait/hope that market changes? Or will they shift gears and develop as a straight hotel? What specifics are in the contract allowing Packer to pull his money if he wants to?

To say that 'everything that is started gets finished' has been true but that does not at all guarantee anything right now. Exhibit A is Cosmopolitan. And while F-Blue seems likely to be built out, I would not put Echelon in the same category - it is hardly 'half-built'.

Ironically, both the Stardust and New Frontier are gone - with no certainty that they will be replaced (although Echelon seems likely but none of us know the true financing).

It's all about the existing contracts and who has the right to pull their money out - if they have any desire to do so.


I am rarely in Vegas so I can only give my unsolicited analysis. But I would like to thank those again for the great photos. All/any updates are appreciated. Thank you!

[mdiederi]

Morgans Hotel Group says they are going to fund their project at Echelon with cash, not credit.
We plan to fund these commitments through a combination of our cash balance at December 31, which was 123 million, and our estimated 2008 free-cash flow in the range of 30 million. Our issuance of convertible notes and our secondary offering in 2007 has put us in a strong financial position where we are not forecasting the need to borrow or to sell assets to execute our existing projects. - Richard Szymanski, Chief Financial Officer, Morgans Hotel Group Co., Q4 2007 Earnings Call, March 12, 2008 5:00 pm ET

One project that got started and never finished was Spanish View Towers, but that didn't have a casino.

One reason that Fontainebleau, Echelon and Encore all face south is because probably 90% of all gaming tourists enter the resort corridor from the south.

[Silas]

without getting into the financials too much

http://finance.yahoo.com/q/bs?s=BYD&annual

I question the above statement from Boyd. The $200 million cash and $20 miilion/year cash flow doesn't cover the $4 billion project.

They already carry over $2 billion in debt.

I hope Echelon succeeds because it would be a nice addition. But where they claim they will have billions in cash with no debt -- I am not getting that at all.

[ScottG]

i read that plaza is still going forward - they released an article abut th rumor that they want to wait out the financial crisis..but no! they say there will be no delay in the development of the frontier site....

also citycenter is being attacked for its 'green' certificate by anti-smokers who dissapprove of the casino allowing smoking.


get this:

the entertainment level in luxor with be completely redone in april - the king tut museum and imax theatre gone, replaced with a showroom for bodies-the exhibition and titanic artifact exhibition currently at tropicana.....the runners of the exhibits struck a 10 year deal with luxor (10 years?!) thats not all-----there will be a titanic lounge..replicating the bow of the ship...looks like stupect's dream of a titanic on the strip comes true!

so the de-theming of luxor includeds adding a titanic themed lounge...because that makes sense

[Hans Gruber]

In Washington State we have a no indoor smoking policy and a 25ft rule for smoking from an entry way to a building. I know anything goes in Vegas but I really think they should consider restricting smoking to certain areas of casinos. Certain outright bans would be nice but it's sin city and that's asking a lot. Life indoors is really much better without smoke.

i read that plaza is still going forward - they released an article abut th rumor that they want to wait out the financial crisis..but no! they say there will be no delay in the development of the frontier site....

also citycenter is being attacked for its 'green' certificate by anti-smokers who dissapprove of the casino allowing smoking.


get this:

the entertainment level in luxor with be completely redone in april - the king tut museum and imax theatre gone, replaced with a showroom for bodies-the exhibition and titanic artifact exhibition currently at tropicana.....the runners of the exhibits struck a 10 year deal with luxor (10 years?!) thats not all-----there will be a titanic lounge..replicating the bow of the ship...looks like stupect's dream of a titanic on the strip comes true!

so the de-theming of luxor includeds adding a titanic themed lounge...because that makes sense

[jazfingr]

:previous:

The air handler in CityCenter will be so efficient, it will not be a smoky place.

[nsxdrift_89]

Yes, but one has to realize that, according to the Business Press article that started all of this, MGM isn't including the main hotel in their LEED certification. They know that there is no way a casino can be LEED certified, but Vdara, Harmon, Veer, and the Mandarin all can.

[tumbleweed]

without getting into the financials too much

http://finance.yahoo.com/q/bs?s=BYD&annual

I question the above statement from Boyd. The $200 million cash and $20 miilion/year cash flow doesn't cover the $4 billion project.

They already carry over $2 billion in debt.

I hope Echelon succeeds because it would be a nice addition. But where they claim they will have billions in cash with no debt -- I am not getting that at all.

Pay attention, Boyd didnt say that, Morgans did. Morgans is only financing the Delano and Mondrian hotels in the joint venture with Boyd.Once a project has started foundations, i dont see why anyone would think it could still tank. A project doesnt start unless there is pretty solid financing.. even with the issues at Cosmo.. i am sure construction would not stop for even a day.. and i doubt there would be any major design changes if the ownership does change hands. To say they would stop or just top it of where it is, is ridiculous. Like someone said earlier, this isnt Asia, or better yet, this isnt North Korea.

[Silas]

Good point Tumble. You're right, that was not Boyd that said that. Well, I hope Echelon is built completely out, it looks like a good project. I don't think there is a high probability of lenders pulling the plug on projects in progress. But to think that it's not possible is probably not realistic either.

We must remember that the guys doing these projects are always putting their best foot forward, of course. How many Trump buyers decided to sign on the dotter line in February thinking that Plaza was a sure thing? I dare say I was the only person who even questioned that project, or the viability of Cosmo.

Consider that Morgans also talked big about expanding Hard Rock which has not happened. Isn't this the same company who had the CEO in trouble because the young lady was found dead in his bed from a drug overdose? There is a lot of stuff going on and really nothing is a sure thing. It's good to be somewhat skeptical.

[Silas]

I love Vegas but let's be real about the smoking. Ventilation in the casinos does not cut it compared to non-smoking.

I personally choose the MGM Signature for this reason alone. I am into Vegas but not into smoking. The Signature is not only non smoking but because of the balconies, one is able to fully open the sliding doors and let in fresh air. Man, what a luxury that is in Vegas, especially for an extended trip.

To me there is no such thing as a luxury environment without fresh air.

[JDRCRASH]

I heard on the News last night about some 3.5 Billion Dollar Hotel in honor of Elvis Presley. Does anybody have any updates or info on this project?

[WonderlandPark]

Going where Harley is, but, 0f course, depends on debt financing.

2300 or so rooms, convention space, ect.

LAS VEGAS — The company that owns the licensing rights to the name and image of Elvis Presley is continuing with plans to build a casino devoted to the King on the Las Vegas Strip, according to a Securities and Exchange Commisson filing.

New York-based FX Real Estate and Entertainment said the project, planned for an 18-acre site across from the CityCenter development, hinges on whether the company can raise capital through debt and equity financing.

The development has a $3.1 billion price tag, not including land costs, financing and additional pre-opening costs, the filing said.

FX declined to comment Wednesday beyond the filing.

It told the SEC that it hoped to aim at the "upper strata of the luxury market," and that design plans were in flux "in relation to the demands of the Las Vegas market."

The project is scheduled to begin construction in the first quarter of 2009 with a completion date of late 2012, the filing said.

[futuresooner]

I heard on the News last night about some 3.5 Billion Dollar Hotel in honor of Elvis Presley. Does anybody have any updates or info on this project?

Are you actually serious?! :uhh: :ahhh:

[jazfingr]

:previous:

Since they are going for a 5-star rating, I think we can eliminate a cheesy themed hotel. The Elvis "theme" will probably be similar to the way Elton John is treated at Caesars. There will be an Elvis show with a store and restaurant near the theater.

[tumbleweed]

....Consider that Morgans also talked big about expanding Hard Rock which has not happened. Isn't this the same company who had the CEO in trouble because the young lady was found dead in his bed from a drug overdose? There is a lot of stuff going on and really nothing is a sure thing. It's good to be somewhat skeptical.

are we sure Hard Rock hasnt started work? i was by there a few weeks ago and they were putting up a lot of construction fence around front and a lot of the pool deck area was tore up.

[neworleans]

while i was at the Palazzo i couldn't help but realize that it is the simplest casino i've ever been in. there is a very large walkway, with plenty of room to walk, that goes from the entrance on the strip and straight to the center of the hotel. From there you can go pretty much anywhere.

[mdiederi]

I'm still not crazy about the architectural style of the Palazzo, but I found that I really liked the fact that it was very easy to go from the underground parking to the casino or to the mall very fast and conveniently without having to walk a mile like so many other megaresorts. I like the compactness and Cosmo will be similar.

[mdiederi]

There will be an Elvis show with a store and restaurant near the theater.

CityCenter will have an Elvis show directly across the street from there. They're going to make each other look very unoriginal by having the same show themes. Well, actually, even just one Elvis show would be unoriginal, but two across the street from each other? :koko: :yuck:

[mdiederi]

are we sure Hard Rock hasnt started work? i was by there a few weeks ago and they were putting up a lot of construction fence around front and a lot of the pool deck area was tore up.

They tore down all the apartments and cleared the lot. I lived in those apartments for 6 months when I first moved down here 14 years ago. Kind of a strange feeling to know a place where I lived is now torn down. :sly:

[StatenIslander237]

That's what's cool about the "new" Vegas. Resorts are now being built more compact, fitting more onto a smaller footprint, with respect to Las Vegas being seen as an actual city that's becoming denser by the day.

[vegasrain84]

Hello Board, It's been a long while since I have posted..

I don't know if any of you looked at the Vegas Diagram, but I added a few new buildings that were missing from the diagram and fixed some outdated ones as well.

I added in the World Jewelery Center using the new rendering. I added Fountainbleau. I updated the Harmon and Veer towers. I added Palms Place using the latest renderings. I also added Planet Hollywood Towers, although I am not sure I like the new renderings of it with the Blue Glass. Oh well..

If there are any other buildings that need updated or added let me know..

[Patrick]

I'm glad your back to drawing Vegasrain84! Great job on the drawings, but could you please fix Planet Hollywood Towers, the second tower seems shorter than the first, in real life they will be identical and the same height, you know what I mean?

[ThreeHundred]

^ Speaking of updates, the first page is about a year and a half overdue for an update.

[vegasrain84]

I'm glad your back to drawing Vegasrain84! Great job on the drawings, but could you please fix Planet Hollywood Towers, the second tower seems shorter than the first, in real life they will be identical and the same height, you know what I mean?

I did that on purpose. I know they are the same height, but I was trying to show a bit of depth, which I know is a no-no for diagrams, but if it really bothers you, I can fix it. Hope I didn't step on your toes with some of the ones I updated that you have drawn like Palms Place. I also noticed that World Market Center 2 and 3 need diagrams..

Anyway, it's great to be back.. I hope we don't have to put Cosmo in the cancelled column. That would be a real shame!

[Patrick]

I did that on purpose. I know they are the same height, but I was trying to show a bit of depth, which I know is a no-no for diagrams, but if it really bothers you, I can fix it. Hope I didn't step on your toes with some of the ones I updated that you have drawn like Palms Place. I also noticed that World Market Center 2 and 3 need diagrams..

Anyway, it's great to be back.. I hope we don't have to put Cosmo in the cancelled column. That would be a real shame!

Yeah, please fix it, as on the Approval Commitee, I'd have to delete the drawing cause its showing persepctive.

Oh and no problem about the Palms Place and Planet Hollywood Drawings, I'm glad, they are way better and much more realalistic, please continue on making these amazing drawings for Vegas!

I was going to draw the World Market Center but I've virtually lost all intrest in Las Vegas development, and now that I'm in drawing again I'm focusing on skyscrapers elsewere in the USA and entire cities that need to be drawn. Could you draw up the 3 phases of the WMC please?

[Patrick]

^ Speaking of updates, the first page is about a year and a half overdue for an update.

Yeah can someone please please please create a post giving a rundown on the current Las Vegas projects, PM it to me, and I'll update the first page giving credit to whoever did so. I'm just too behind to catch up on all the new development lately. Maybe Jazfingr can do it?

[ScottG]

PH towers will be taller than city center?! wow i never realized that.....

about a year ago i remember asking for some blue architecture....the strip is a rainbow of colors---lacking blue and red...then cosmo was done....panorama, fountaine bleau, world jewelery, citycenter. etc etc etc.

ENOUGH WITH THE BLUE NOW!

i loved pinnacle fore its use of red.....this is a desert and earth colors looks great here...i.e. wynn....kinda.

i was heart broken when ivana was cancled....i LOVED THE SILVER.

city center is a mirrorred blue...it remindsme of reflective car glass.- i want silver.....stirling - stainless silver on a building..and bring some red back to the drawing boards!


im really interested in white glass....is that possible? i think that would be the cream of the crop...highly classy...no light reflectivily...like a pearly...mmmm

ph towers is a dark blue - much like fountaine bleau... i think they look plasticy. you have to be very careful with blue...its is not a natural color (other than the sky) - no food is blue for a reason..its not too inviting it its not used properly....look at the initial PH paint job :/

[neworleans]

it's a good thing everyones opinions don't decide what they look like, because when they build gold... everyone complains. when they build blue... everyone complains... if they built red... everyone would complain.

[Tlwarnke]

I guess plums, blueberries, raspberries, etc aren't foods.:rolleyes:

[ScottG]

^^^they arent blue either..

all im saying is of course gold looks great in the sun...blue looks great in the sky...but if a dozen of the next buildings all rely on this asthetic then it become over-used

[Kirre]

I'm glad your back to drawing Vegasrain84! Great job on the drawings, but could you please fix Planet Hollywood Towers, the second tower seems shorter than the first, in real life they will be identical and the same height, you know what I mean?

While I do believe they are same height, they are not identical. The second tower is not as long as the first tower. Also, from the plans I have, the 50th floor in the second tower has no livable space so it could be considered shorter.

[Vinu007]

Compare to the buildings in Dubai.. This is just amazing..

[samoen313]

^^^they arent blue either..

all im saying is of course gold looks great in the sun...blue looks great in the sky...but if a dozen of the next buildings all rely on this asthetic then it become over-used

the blue isn't the aesthetic purpose of the buildings. it isn't really much of an organic color but it sure as hell is something we see plenty of. we see glass clear straight on, but when it reflects, we most often see the sky, particularly on larger buildings. therefore, to use blue glass is more of a gesture to be less imposing. anything between green and blue work the best in glazing in terms of how they reflect light and color which is why you'll only see colors like gold in las vegas.

they look very unnatural and cheap. let alone red. it just looks forced. it works well as an accent color or, i suppose in some isolated cases, as a more comprehensive tie, but that is usually on smaller projects. an entire red glass skyscraper i think would be even more lampooned than trump.

one of the drives behind architectural decisions is material and colors natural to material more run the spectrum of black to white to beige to blue/green glazing. beyond that, you've got to have a good reason to assign an unnatural color to a component, otherwise, like i said, it looks forced. like you were making it that color simply for the sake of making it that color.

[Silas]

How about something very outlandish on the Vegas strip in terms of architecture?

I envision a hotel that would be built to look exactly like a classic Victorian house, or maybe some other classic, simple apealing old house. From a distance, it would look just like a two or three story simple, yet classic house.

While other themes and City-Center type buildings try to impress and awe (sometimes succeeding), they have created a crazy streetskape where the outlandish is common place. The way to take advantage of this and reall to stand out would be to use all these crazy resorts as the setting.

Picture a 40-story hotel to resemble a big, squarish, yellow victorian house. For example, if that were to replace the Tropicana, the Ex, several places, I think it would look great on the Strip. The 'theme' would open itself to many angles, as all can relate to an old house. It would be new and 'luxury' but at the same time there are old/classic associations we have with old buildings that naturally get our imagination going. The name, of course, would be "The House".

Could it be built? Would it work? Would people want to visit? If they can build a pyrmaid and NYNY, I am confident the right architect could pull this off.

[ScottG]

let alone red. it just looks forced. it works well as an accent color or, i suppose in some isolated cases, as a more comprehensive tie, but that is usually on smaller projects. an entire red glass skyscraper i think would be even more lampooned than trump.



The pinnacle that was recently cancled was one of the best looking towers....they were red... and red is natural....remember this is a desert, here anything green can be considered unnatural....(as far as nature goes)

[jazfingr]

Perhaps ones point would be better taken if more descriptive terms were used to describe the colors. Pinnacle was not to be red. It was a very pleasant reddish brown or terra cotta.


http://farm3.static.flickr.com/2096/2386028950_53d81f6990_o.jpg

[Patrick]

Yeah can someone please please please create a post giving a rundown on the current Las Vegas projects, PM it to me, and I'll update the first page giving credit to whoever did so. I'm just too behind to catch up on all the new development lately. Maybe Jazfingr can do it?

Is anyone up for the task?

[VegasMatt]

It's been to long since I've seen a new project.
Here's one to be hopeful for.

This is some news from Jan 10th, 2008...

The Solterra Group of Companies Receives Approval from the Las Vegas City Council to Build Residences in Downtown Las Vegas

LAS VEGAS, Nev. – January 9, 2008 – The Solterra Group of Companies has been approved by the Las Vegas City Council to build two residential projects in downtown Las Vegas. The loft residence is slated to be a 14-story, mixed-use development with 130 condominium units and commercial space, at the northeast corner of 1st Street and Hoover Avenue. The second project, the tower residence, is planned to be a twin 50-story, mixed-use development with 350 condominium units per tower including commercial space, at the southeast corner of 1st Street and Gass Avenue. The City of Las Vegas Planning Commission approved these projects during two separate meetings. The Las Vegas City Council approved entitlements for building today.

The Solterra Group of Companies, a Vancouver, British Columbia-based developer, specializes in building top-quality townhomes and highrise residences across North America. With over 15 years of experience and numerous award-winning multi-residential communities to their credit, Solterra plans to bring a distinct level of quality to the Las Vegas residential market. From design to construction, the Solterra team is recognized for creating world-class architectural landmarks that stand out among thriving urban communities and suburban neighborhoods.

“We’ve been working on the plans for these Las Vegas projects for a while now and receiving these approvals was an important step in moving forward,” said Michael Bosa, Vice President of Acquisitions and Development for the Solterra Group of Companies. “We’re pleased that this stage has been completed and we will now focus on finalizing architectural plans for the projects.”

The Solterra Group of Companies prides itself on creating residences that feature exceptional design, solid construction and quality finishes. The Solterra Group of Companies can be found online at www.solterradev.com.

-----

Here's another link confirming the news:
http://www.lasvegassun.com/blogs/news/2008/jan/14/new-condo-proposal-real-deal/


http://images.townnews.com/lvbusinesspress.com/content/articles/2008/01/25/news/iq_191368641_thumb.jpg

If anyone has any more news on this, I'd love to hear it.

[lfc4life]

echelon construction cam http://www.earthcam.com/clients/echelon/

construction is approx 18 months behind city center looking at that photo

[Patrick]

It's been to long since I've seen a new project.
Here's one to be hopeful for.

This is some news from Jan 10th, 2008...

The Solterra Group of Companies Receives Approval from the Las Vegas City Council to Build Residences in Downtown Las Vegas

LAS VEGAS, Nev. – January 9, 2008 – The Solterra Group of Companies has been approved by the Las Vegas City Council to build two residential projects in downtown Las Vegas. The loft residence is slated to be a 14-story, mixed-use development with 130 condominium units and commercial space, at the northeast corner of 1st Street and Hoover Avenue. The second project, the tower residence, is planned to be a twin 50-story, mixed-use development with 350 condominium units per tower including commercial space, at the southeast corner of 1st Street and Gass Avenue. The City of Las Vegas Planning Commission approved these projects during two separate meetings. The Las Vegas City Council approved entitlements for building today.

The Solterra Group of Companies, a Vancouver, British Columbia-based developer, specializes in building top-quality townhomes and highrise residences across North America. With over 15 years of experience and numerous award-winning multi-residential communities to their credit, Solterra plans to bring a distinct level of quality to the Las Vegas residential market. From design to construction, the Solterra team is recognized for creating world-class architectural landmarks that stand out among thriving urban communities and suburban neighborhoods.

“We’ve been working on the plans for these Las Vegas projects for a while now and receiving these approvals was an important step in moving forward,” said Michael Bosa, Vice President of Acquisitions and Development for the Solterra Group of Companies. “We’re pleased that this stage has been completed and we will now focus on finalizing architectural plans for the projects.”

The Solterra Group of Companies prides itself on creating residences that feature exceptional design, solid construction and quality finishes. The Solterra Group of Companies can be found online at www.solterradev.com.

-----

Here's another link confirming the news:
http://www.lasvegassun.com/blogs/news/2008/jan/14/new-condo-proposal-real-deal/


http://images.townnews.com/lvbusinesspress.com/content/articles/2008/01/25/news/iq_191368641_thumb.jpg

If anyone has any more news on this, I'd love to hear it.

4 Months ago? I doubt it would have made it through, the City would have defnanatly approved it, like most, but as always half of the projects dont go through, and we never hear for them again!

[silverbow]

http://www.lasvegassun.com/blogs/gaming/2008/apr/08/wyndham-announces-new-las-vegas-resort/ (http://www.lasvegassun.com/blogs/gaming/2008/apr/08/wyndham-announces-new-las-vegas-resort/)

Wyndham announces new Las Vegas resort
By Richard N. Velotta / Las Vegas Sun · April 8, 2008 · 11:35 AM

The world’s largest time-share company plans to build a fifth Las Vegas property near the Rio, the company has announced.

Wyndham Vacation Ownership plans the 19-story Wyndham Desert Blue on West Twain Avenue at Dean Martin Drive, near Interstate 15.

The project was announced today in conjunction with this week’s American Resort Development Association conference in Las Vegas.

Wyndham plans a multiphase development with the first phase of 281 condominium-style units expected to be completed by early 2010.

“Our Las Vegas operations have continued to experience tremendous growth since our arrival in 2000,” Franz Hanning, president and chief executive of Wyndham Vacation Ownership, said in a statement.

“To date, we’ve sold nearly $1 billion worth of product in this market alone,” the statement said. “We are committed to expanding our presence in this larger-than-life city and, once complete, Desert Blue will be one of the most in-demand properties in our portfolio.”

Wyndham’s newest Las Vegas project is on 14.75 acres and will include a range of one-, two- and three-bedroom suites, including the 50 of the company’s signature Presidential suites.

The property also will include a pool, recreation room, computer library, game room and fitness center.

Future expansion would occur over three phases, Hanning said in an interview, but it hasn’t been determined how many additional units would be added or when. Hanning said the company could build up to 2,000 units there.

With the addition of the Desert Blue, Wyndham would have about 2,400 time-share units in the Las Vegas market. The company already operates the Wyndham Grand Desert, which is affiliated with the company’s FairShare Plus by Wyndham portfolio; the WorldMark Las Vegas; and the WorldMark Las Vegas Spencer Street.

The WorldMark Las Vegas Tropicana will open later this month.

The Desert Blue will be the ninth FairShare Plus property in the Wyndham system. In February, the company opened a property in Palm Springs, Calif. Others in the system include resorts in Puerto Rico; St. Thomas, U.S. Virgin Islands; Costa Mesa, Calif.; Atlanta; Galveston, Texas; and Miami.

The company has five sales centers in Las Vegas and 1,800 people are employed by the company in Southern Nevada.

Wyndham Vacation Ownership, based in Orlando, Fla., is a division of Wyndham Worldwide, Parsippany, N.J.

[heyyoucharlie]

Is that on the land that was going to be the 888 projest???

If so that is an amazing parcel of land...

[TowerDistrict]

forgive me if you guys already know about this... but I just read about this and found it pretty... ummm... fascinating?

http://www.guardian.co.uk/politics/2008/apr/11/politicsandthearts.architecture

Away from it all: a retreat for world leaders
£150m ($300m) plan to give prime ministers and presidents a place to find themselves

http://image.guim.co.uk/sys-images/Guardian/Pix/pictures/2008/04/10/universitas460x276.jpg

An artist’s impression of the Universitas Leadership Sanctuary in the Nevada desert. Image: Chetwood Associates

--

Forget Chequers and the Palace of Versailles. The next time Gordon Brown or Nicholas Sarkozy need a bolthole in which to recharge their batteries or a place for a private pow-wow, they might find themselves lured to a new retreat amid the pink rocks of the Nevada desert.

Donna Vassar, part of the Vassar education dynasty, has launched plans to build a $300m (£150m) private getaway for stressed-out presidents and prime ministers who want to "reconnect with their unique purpose in life".

The Universitas Leadership Sanctuary is intended as part monastery and part conference centre where the most powerful men and women on the planet can get away from it all with a combination of reading, contemplation and even a spot of gardening.

To remind them of their role as leaders of the planet, the sanctuary will be built in the shape of a four-storey globe on the shores of Lake Las Vegas, a privately-owned lake in the south Nevada desert where temperatures can reach 50C at the height of summer.

Vassar, whose family established the liberal arts college of the same name in New York State, has unveiled plans which include libraries, contemplation spaces and debating chambers. She intends to recreate a monastic existence which means entourages of press officers, policy advisers and secretaries which routinely support world leaders will be banned. There will even be a garden to provide food for the sanctuary tables, raising the prospect of future world leaders tilling the soil together while ruminating on the direction of the latest round of world trade talks.

"The Universitas Leadership Sanctuary will be a centre specifically created to embrace and challenge leaders," says the vision document which Vassar has published. "Together we will create an individual journey leading to the highest place within, enabling leaders to reconnect with their unique purpose in life. They emerge - renewed, with clarity, and reflecting true transformation."

Speaking through a spokeswoman, Vassar said visitors would be encouraged "to keep things informal in order to submit to the relaxing atmosphere".

Leaving cares behind
Vasser hired Douglas Patterson, the London-based artist and architect to work on the plans, after she saw a mansion he built in a Mogul style on the Caribbean island of Mustique. Before the commission to design the Sanctuary, Patterson travelled to study the life and architecture of Buddhist Dzongs (monasteries) in Bhutan and the Christian orthodox monasteries of Mount Athos and Meteora in Greece.

He is now working with Laurie Chetwood, an architect who made his name designing eco-friendly supermarkets for Sainsbury's. "This will be a place for people to leave their cares behind and get back to what they are all about," Chetwood said. "The building is approached by a labyrinth which means the leaders will leave their cares and their entourages behind both metaphorically and literally.

"The place is designed to strip away the layers of protocol that build up around these kind of people and help them get back to clarity. They can also use the place like a monk might. There will be libraries and a garden to produce food, although I can't quite see Gordon Brown going out and tilling the land."

The main globe building will be on four levels. The ground floor will house a library and the first floor a debating chamber, while on the second floor will be technology to help make the building energy efficient. At the top, under a dome of glass, will be the spiritual heart of the development - the contemplation space where leaders will be encouraged to sit in silence.

Simple quarters
The world leaders will have simple quarters next to the globe where they will be able to eat and sleep during retreats lasting a weekend or longer.

It is not the first attempt to bring world leaders together in a different environment to the conference halls and meeting rooms of the United Nations, Davos and Camp David. In late 2006 President Nazarbayev of Kazakhstan opened the Pyramid of Peace in Astana, his capital. The 77-metre-high building, designed by Lord Foster, includes a 1,500-seat opera house. At its apex it is crowned by a meeting space decorated with images of doves especially designed to host conferences of the leaders of the world's religions.

Vassar has set up Destination Universitas Foundation, a New York charitable foundation, to raise money for the project, which she estimates will take two and a half years to build. She is travelling the world to meet potential donors and has told them her mission is "to create better balance in the world by transforming leaders".

A spokesman for Lake Las Vegas resort confirmed that late last year the foundation expressed an interest in buying a 65-acre plot in its development which already includes a Ritz Cartlon Hotel, luxurious homes and a spa. The location means that if the world leaders tire of their monastic retreat they will find a golf course on their doorstep as well as a small casino. And if all that concentrating on inner thoughts gets too much, the Las Vegas strip is just 17 miles away.

--

http://farm4.static.flickr.com/3146/2404851055_ced08b0c60_o.jpg