LAS VEGAS | Boom Project Rundown! 2.0

[DMaldon762]

Control board recommends approval of land swap
The Nevada Gaming Control Board today recommended approval of a swap of two gaming properties on the Strip.

Boyd Gaming wants to trade Barbary Coast for the old Westward Ho property, owned by Harrah's. The trade would give contiguous properties for big casino projects planned by each company.

Barbary Coast would be reopened as Bill's Gamblin Hall and Saloon, after Bill Harrah.

The proposal now faces the Nevada Gaming Commission, which has the final say.

[DMaldon762]

More details on the City Center deaths

http://www.reviewjournal.com/lvrj_ho.../12444128.html

[ScottG]

venetian makin bank!

Achieves Record Consolidated Adjusted Property EBITDAR of $831.5 Million for the Full Year 2006 and $244.3 Million for the Fourth Quarter of 2006
The Venetian Achieves Record Quarterly Adjusted Property EBITDAR of $134.1 Million, the Highest Earned by Any Property in the History of Las Vegas

[future29]

Vegas sportsbooks win big in Super Bowl XLI betting
Less money bet on the Super Bowl, but more profit for Vegas sportsbooks.

http://www.covers.com/articles/artic...?theArt=129854

Speculation was this could be the state’s first $100 million Super Bowl, but it didn’t happen. There are several theories why.

For the first time, there was no Stardust. That legendary casino closed in 2006 and there also weren’t many new rooms open, unlike the previous few years.

“For the first time in a long time there were no major hotels opened,” said longtime Las Vegas professional sports bettor Dave Malinsky.

[ScottG]

the lou ruvo alztiemers research center had a ground breaking ceremony today.....

[drew11]

update

proposed

Las Vegas Tower

[ScottG]

^^^ that was random

[VegasMatt]

The Verge?


I've seen some advertisements for this development popping up.

Here's the info I know about it...


Verge, is slated to be built on a 2.7-acre parcel on the northeast corner of Main Street and Bonanza Road. It is being advertised as a proposed commercial and residential

Verge formally known as Aquitania Loftsis scheduled for 296 units in eight stories with two levels of underground parking. The first floor would have 35,000 square feet of retail space.

Lofts range from 825 square feet for one-bedroom units to 1,600 square feet for three bedrooms, selling from the low $200,000s. Dennis Rusk is the architect.

--------------

Does anyone have more info or pictures?

Thanks!

[AhChu]

On a side note. Anyone know what's the prices for L5? I know that the amenties for them are lower than loft 5, but how does one justify the difference in cost?

[hotdog]

Since L5 is on the noisy freeway, it will be cheaper.

[MrVegas]

Here is an interesting article and rendering of the downtown Union Park Project:

http://www.lvnewspapers.com/realesta.../12409854.html

Now that Las Vegas appears to have its own version of the 'big dig', the obvious question is what happens next? It is pretty obvious tha there is a major problem keeping the project from going forward. One can easily see that other mega-projects that were started concurrently or after this one are in various stages of completion. I drove by the Pallazo and was amazed that much of the building has glass and exterior covering. It is built out to the sidewalk and is moving unbelievably fast. The Encore is growing every day. The City Centre is a project on steroids. Even the golden popsycle on Industrial Rd. is nearing completion. (I know its near the mall). Then there is the 'big dig'. It is a beautiful hole in the ground, if you like holes. What else is there to say about it. On any given day there are thousands working on the neighboring projects, even Planet Hollywood is showing major changes. The most workers that I have ever counted at the the 'big dig' are a handful driving in their little construction vehicles. If you look at the pictures or better yet, watch the project first-hand as I have, nothing substantial has been done for months. They have sent out placating gestures, ie. delaying the third deposit and lately a lame explanation of how long the hole took to dig.

If you remember, this project broke ground a year and 10 months ago, long before most others. The projected finish date was early 2008. They are slightly behind schedule. Maybe a couple of years.

What do I think is going on? I dont know for sure, but I have some analysis.

The developers bought the land for a couple of million per acre in 2004. The latest sales on the strip are around $20 million per acre (Tropicanna and Imperial Palace). You could throw in Barbary Coast just for fun at $30 mill.+, but that was a special case. The property in question has 1100 feet of frontage on Harmon Ave. plus the strip frontage and a 'corner lot' that is worth more in commercial real estate valuations. The property would go well to complete the monopoly-like sequence on that side of the street. If you dont think that is important, Harrahs was rumored to be willing to trade the whole Rio for the Barbary Coast, to consolidate their properties. And as the kicker, the hole is already dug. It all adds up to a one of a kind premium property, for the big boys to snap up. They arent making any more property like this.

So with a potential profit of $100 million and no struggling to bring the project in on budget. ? What would you do?

It would be a shame if the project is scraped. It had all the criteria to be the top project in the city, from a condo-owners perspective. Premium size, price, balcony, ammenities within the project, hotel management company,and the most importantantly,a STRIP LOCATION.

50-50 chance the project will not be built in its current form.

[MrVegas]

Originally Posted by mdiederi

Not really news, but downtown developers for Urban Lofts, Club Renaissance, Evolution Lofts and Sandhurst have all filed for extensions of time to develop their sites (items 82-88). Basically, they say that construction is too expensive right now, but it probably also makes it easier to sell the lots if the plans and approvals are still active.

Last week, the Las Vegas City Council gave a pair of developers two weeks to show they've made progress toward starting construction on their approved plans. Otherwise, Las Vegas mayor Oscar Goodman said he wants to take approvals for the projects away.

When Leanord Mussina, spokesman for Club Renaissance, asked the council for a one-year extension on their site plans, the mayor said "I'm not interested in a year. I've been to three groundbreakings there so far and haven't seen ground broke".

Sandhurst Development, planning a 35-story, 413-unit condominium tower at Iron Horse Court near Grand Central Parkway, got the same two weeks, but only after a tongue-lashing by Goodman. "The last word I got was saying it was dead. I want to give you a good burial," Goodman told Joseph Manzella, of Sandhurst Development and Jeff Theobald of Taurus, which owns the property.

Here is a link to the complete article:

http://www.reviewjournal.com/lvrj_ho.../12515962.html

[mdiederi]

Originally Posted by manabouttown

It all adds up to a one of a kind premium property, for the big boys to snap up.

You might be right: "I just wish we owned it." - Terry Lanni (when asked about the Cosmopolitan at the MGM shareholder meeting, May, 2006).

[future29]

i highly doubt cosmo is going to get cancelled. digging holes for parking takes a long time. i remeber it seemed like years that the Palazzo had just a big hole in it. the hardest part of the whole thing is making that hole. it will get done soon enough.

[Daquan13]

Originally Posted by manabouttown

Now that Las Vegas appears to have its own version of the 'big dig', the obvious question is what happens next? It is pretty obvious tha there is a major problem keeping the project from going forward. One can easily see that other mega-projects that were started concurrently or after this one are in various stages of completion. I drove by the Pallazo and was amazed that much of the building has glass and exterior covering. It is built out to the sidewalk and is moving unbelievably fast. The Encore is growing every day. The City Centre is a project on steroids. Even the golden popsycle on Industrial Rd. is nearing completion. (I know its near the mall). Then there is the 'big dig'. It is a beautiful hole in the ground, if you like holes. What else is there to say about it. On any given day there are thousands working on the neighboring projects, even Planet Hollywood is showing major changes. The most workers that I have ever counted at the the 'big dig' are a handful driving in their little construction vehicles. If you look at the pictures or better yet, watch the project first-hand as I have, nothing substantial has been done for months. They have sent out placating gestures, ie. delaying the third deposit and lately a lame explanation of how long the hole took to dig.

If you remember, this project broke ground a year and 10 months ago, long before most others. The projected finish date was early 2008. They are slightly behind schedule. Maybe a couple of years.

What do I think is going on? I dont know for sure, but I have some analysis.

The developers bought the land for a couple of million per acre in 2004. The latest sales on the strip are around $20 million per acre (Tropicanna and Imperial Palace). You could throw in Barbary Coast just for fun at $30 mill.+, but that was a special case. The property in question has 1100 feet of frontage on Harmon Ave. plus the strip frontage and a 'corner lot' that is worth more in commercial real estate valuations. The property would go well to complete the monopoly-like sequence on that side of the street. If you dont think that is important, Harrahs was rumored to be willing to trade the whole Rio for the Barbary Coast, to consolidate their properties. And as the kicker, the hole is already dug. It all adds up to a one of a kind premium property, for the big boys to snap up. They arent making any more property like this.

So with a potential profit of $100 million and no struggling to bring the project in on budget. ? What would you do?

It would be a shame if the project is scraped. It had all the criteria to be the top project in the city, from a condo-owners perspective. Premium size, price, balcony, ammenities within the project, hotel management company,and the most importantantly,a STRIP LOCATION.

50-50 chance the project will not be built in its current form.

I truly hope that theirs turns out to be much better than the one in Boston, which ultimately became a nightmare traffic-wise and a $15b hunk of junk!!

[cosmo2k8]

Hi everyone,

Just spoke with Annette at the Cosmo Sales Office and she assured me that what manabouttown is implying is simply untrue. I have directed her to this thread so that she may give updates on the Cosmo as they happen.

Then there is the 'big dig'. It is a beautiful hole in the ground, if you like holes. What else is there to say about it. On any given day there are thousands working on the neighboring projects, even Planet Hollywood is showing major changes. The most workers that I have ever counted at the the 'big dig' are a handful driving in their little construction vehicles. If you look at the pictures or better yet, watch the project first-hand as I have, nothing substantial has been done for months. They have sent out placating gestures, ie. delaying the third deposit and lately a lame explanation of how long the hole took to dig.

Yes it is true the 'hole' is 98% complete and they are now hauling in the materials needed to construct the elevator shaft and lay the foundation. I've been informed that the Cosmopolitan will indeed be going vertical sometime in Q2 2007.

If you remember, this project broke ground a year and 10 months ago, long before most others. The projected finish date was early 2008. They are slightly behind schedule. Maybe a couple of years.

You are incorrect. The Cosmo broke ground on October 25th, 2005 so about a year and 3 months ago according to VTAT:

http://www.vegastodayandtomorrow.com/cosmopolitan.htm

The project is scheduled to open early 2009 (which is still earlier than CC) as indicated on Hyatt's website:

http://grandlasvegas.hyatt.com/hyatt/hotels/index.jsp

What do I think is going on? I dont know for sure, but I have some analysis.

The developers bought the land for a couple of million per acre in 2004. The latest sales on the strip are around $20 million per acre (Tropicanna and Imperial Palace). You could throw in Barbary Coast just for fun at $30 mill.+, but that was a special case. The property in question has 1100 feet of frontage on Harmon Ave. plus the strip frontage and a 'corner lot' that is worth more in commercial real estate valuations. The property would go well to complete the monopoly-like sequence on that side of the street. If you dont think that is important, Harrahs was rumored to be willing to trade the whole Rio for the Barbary Coast, to consolidate their properties. And as the kicker, the hole is already dug. It all adds up to a one of a kind premium property, for the big boys to snap up. They arent making any more property like this.

So with a potential profit of $100 million and no struggling to bring the project in on budget. ? What would you do?

You are spot on with your analysis and thank you for sharing. I'm sure Bruce Eichner and his partners at 3700 Associates are looking at a similar figure but they were wise enough to lock in the labor as well as the materials for construction years ago. These guys aren't rookies at this game as his previous project Continuum I & Continuum II currently in construction in South Beach, FL with a finish date of 10/2007 have been solid all the way through with no delays. Even if Cosmo were to sell out MGM would still have to deal with the biggest NIMBY of them all... Jockey Club timeshares.

It would be a shame if the project is scraped. It had all the criteria to be the top project in the city, from a condo-owners perspective. Premium size, price, balcony, ammenities within the project, hotel management company,and the most importantantly,a STRIP LOCATION.

50-50 chance the project will not be built in its current form.

Aye, it would definitely be a shame if the Cosmo didn't go all the way... 600 sq ft. studio (700 if you count the balcony). Grand Hyatt name brand and Hyatt as the hotel manager (there are only 29 GH's in the world Cosmo would be the 30th), fantastic amenities, plus 3700 Las Vegas Blvd as the property address...

Cosmo is definitely a winner with the Beach Tower (tower 8) basically the rival to CityCenter's yet to be released lifestyle hotel The Harmon but with a better view IMO...$100 million as short term profit is wonderful but a potential for hundreds of millions more once the project is completed in the long term may be what Bruce & Co. is aiming for. I don't think they will pull off a Related Group type stunt at the present time...

Found the complete transcript regarding the Cosmo/CC regarding MGM's shareholder meeting last May:

One local shareholder asked about the effect of the independent development of the $1.8 billion Cosmopolitan on 10 acres between Bellagio and Project CityCenter.

"I expect a symbiotic relationship that works rather well," Lanni said. "It's not like we're operating gas stations where you fill up once. We're going to attract lots of the business that goes to the Cosmopolitan. We'll benefit. I welcome it. I just wish we owned it."

http://www.hotel-online.com/News/PR2...GMBorgata.html

99% chance that this project will continue as planned.

Thanks for reading everyone. Cheers!

[Vtown420]

Yeah, I wouldn’t worry about Cosmo. Palazzo took a year and a half to do their parking garage. I haven’t looked down that hole in a while but I imagine the steel must be rising soon.

I was watching a time lapse from the Stratosphere on the news and Fontainebleau is definitely in full construction mode. Lots of trucks moving around, looks like they might be digging a pit of their own.

[mdiederi]

Stop by the Cosmo site about twice a month and they've had the base of the tower cranes in place since at least December, but they're not quite ready to assemble the cranes yet. They've been doing a lot of foundation concrete pouring and last week looked like most of the bottom of the hole is covered now and you can see where each of the pillars will start rising upward. Does anybody know if the high-rise towers will be concrete or steel frame? Steel will go up a lot faster, as we're seeing with Palazzo.

Yeah, the Font is doing a lot of digging, looks like two big holes. Will they have underground parking? So far they aren't that deep. Think they can't go too deep because the water table is a lot closer to the surface on the north end of the strip (there's a raging river running under the Hilton). Probably just mostly extensive grading and excavating and will start the actual foundation soon.

Planet Hollywood is still drilling pylons for their new towers.

[justdefended]

I think the Cosmopolitan is the most luxurious hole in Vegas to date.

Kidding aside, construction next door at CityCenter is so rapid that Cosmo construction looks nonexistent.

I hope it turns out. It was one of the more secure bets during the 2005 hotel condo boom and the project is great to look at. It also has the same views that the $1.5 million Mandarin and Harmon units will have at CityCenter.

On a side note, the CityCenter rep said that foundation has been poured for four properties, the main casino hotel resort (already building), Mandarin, Veer, and Vdara.