LAS VEGAS | Boom Project Rundown! 2.0

[JonVegas]

Originally Posted by GeorgeLV

Almost all Las Vegas skyscrapers look shorter and squater than they really are because of how wide and massive they are (and the habit of doubling windows). Do you realize that the Palazzo hotel tower will have something like 3 times the square footage of the Library Tower in LA?

Totally agree.
It's the US Bank Tower now BTW.

[hotdog]

At 7.4 million sq. ft., won't the Palazzo be the largest
building in the western hemisphere, when measured by
square footage?

[mdiederi]

VegasTodayandTomorrow.com gets it right!

RUMOR IS TRUE!

MGM BUYS NORTH STRIP LAND

Map

Originally Posted by HOWARD STUTZ Apr. 19, 2007 Las Vegas Review-Journal

MGM Mirage, which is currently building the massive $7 billion Project CityCenter on 66 acres on the south Strip, has assembled the acreage to construct a similar and potentially larger development on the Strip's northern end...

...MGM Mirage will spend $444 million to purchase a vacant 25.8-acre parcel from Gordon Gaming Corp., the current owners of the Sahara...

...In addition, MGM Mirage is spending $131 million to acquire a 7.6 acre parcel from Concord Wilshire Partners, a Southern California real estate developer that had announced plans last year to build a hotel-casino on the oddly shaped site in conjunction with the publishers of Maxim Magazine...

...[MGM Mirage President and Chief Financial Officer Jim] Murren didn't yet have a timetable for the north Strip development but said it was conceivable work could begin before CityCenter is completed...

...Concord Wilshire spent $90.25 million in 2005 to acquire four small parcels that made up the site acquired by MGM Mirage. The developers ran into opposition from the owners of Sky Las Vegas, a neighboring high-rise condominium development because the Maxim might have blocked views of Sky residents.

So the Maxim is dead.

[gmcclenon]

Murren said that unlike CityCenter, which MGM Mirage is financing, the company would take a different approach and seek partners to develop the north Strip location.

"We had so much interest in CityCenter from so many different resources that we believe this development allows us to bring in new financial and strategic partners," Murren said.

Hmmm, like these parnters?

Mubadala Development Company, an investment and development vehicle established and wholly owned by the Government of the Emirate of Abu Dhabi, U.A.E.

They might have some money to fund the development of a high-end resort complex.

[jake]

Originally Posted by Silas

I admit to being confused, so no biggie.

Here is a story about cover up of murder at Panorama.

http://www.kvbc.com/Global/story.asp?S=6374975&nav=15MV

Not sure if murder cover-up trumps branding or not. Pretty sure that Panorama is not in best neighborhood and not too sure about some of north strip. But that is just me.

You are correct. Panorama is located in a light industrial area. Some of the areas that the new developement are pushing into and replacing are very ghetto. Take a look at my video blog about this subject. Vegas has alot of poverty, so there are some odd transitions taking place like the one with Allure.

However, I am not concerned about crime from Vegas locals. It's the residnets in the condos i am concerned about. I think there will be alot more of this type of stuff in the future. Not just murders, but people falling from balconies and people over dosing on drugs and alcohol. Condo owners should consider these things and the affect they could have on their property before buying in vegas.

--jake

[BruceH]

Originally Posted by mdiederi

VegasTodayandTomorrow.com gets it right!

RUMOR IS TRUE!

MGM BUYS NORTH STRIP LAND

Map


Sothe Maxim is dead.

We're thrilled about it. That makes owners of Sky Las Vegas luxury condos golden and a very smart purchase. Some on this forum said our fighting Maxim's massive and not so pretty towers at the County Commissioner meeting was too much of NIMBY but the end result is a superior developer and neighbor Sky owners will want. MGM Mirage will build a nice project and North Strip is truly on fire now. Everything being built is in the Billions. Can't get much better than this for those who bought in Trump Las Vegas luxury hotel condos, Palazzo luxury condos (coming) and Sky.

[Silas]

Bruce,

I must ask you to refrain from posting about the real estate angle on this board. If you continue to do so, I will feel justified in also doing so also. That will result in a long discussion about how things are not as rosy as you pretend. We know that Sky will be a dark, deserted area for a minimum of five years, possibly ten. Unless you consider living in the citycenter construction zone a good thing. But there I go again.

Let's get it straight. Is this a real estate discussion board or not? Or is it mostly for people to post pics so VegasTAT can monetize his labor of love?

[williasj]

Seems to me that Bruce's post was related to development in that in appears that sky owners are not opposed to all development around them, just the maxim. I think this board has been informative and friendly for the most part, and shoudl continue to remain that way. Just a thought.

Anyway, I live in summerlin center village and it appears that they are in the process of moving dirt around the site of summerlin center proper. Possibly just scrapering the surface, but still a begining. Does anyone have any info.

a link to the summerlin center webiste http://www.summerlin.com/villagesumcentre.html

[gmcclenon]

Speaking of dark and deserted, I'll get some fresh pics of the Fontainebleau construction site posted shortly. I read they are still looking at a Fall '08 completion date. Is that possible even with 24 hr construction?

[RazzMan]

Originally Posted by Silas

Bruce,

I must ask you to refrain from posting about the real estate angle on this board. If you continue to do so, I will feel justified in also doing so also. That will result in a long discussion about how things are not as rosy as you pretend. We know that Sky will be a dark, deserted area for a minimum of five years, possibly ten. Unless you consider living in the citycenter construction zone a good thing. But there I go again.

Let's get it straight. Is this a real estate discussion board or not? Or is it mostly for people to post pics so VegasTAT can monetize his labor of love?

SILAS..............WHY SO NEGATIVE....? Let's here what you have to say...This forum has the right to discuss all highrises and opinions.
Bruce is just giving his opinions which I agree with...I sense you don't own much real estate! You need to have a 5 yr horizon and buy now. In 5 yrs, when everyone wants it, is not the time to buy as prices will be too high. BUY NOW AND ENJOY THE RIDE

[Bender13]

Wow this is incredable news. I can't believe how much MGM Mirage is building. I'm sure it's just a matter of time before they purchase that Travelodge motel beween the Maxim site and Circus Circus to give them great Strip frontage South of Sky.

One thing I noticed from the article though is this

Murren said an enhanced Circus Circus would play an important role in the new development. The casino's customer base, he said, is expanding. Casinos that cater to the middle income customers, like the Stardust, have been eliminated from the market and others are expected to soon follow.

He said the 3,700-room casino, which generates about $80 million annually in cash flow, would receive a makeover.

"We intend to do with Circus Circus what we've done with the rest of our properties," Murren said.

GM Mirage operates 10 casinos on the Strip, more than any other gaming company.

"We're going to put some money into it and enhance and expand it over time," Murren said. "Circus Circus will be a gateway to our new development, similar to what Monte Carlo is to Project CityCenter."

It sounds like Circus Circus could stay. This surprised me but it's still very early in the development and things could change.

[GeorgeLV]

Here's another article echoing that they plan to "expand and enhance" the Circus Circus.

http://www.lasvegasnow.com/Global/story.asp?S=6394600

[mttbox]

Originally Posted by Silas

Bruce,

I must ask you to refrain from posting about the real estate angle on this board.

, come on, give people a break, i enjoy the post by Bruce!

[lfc4life]

I hope Circus stays the way it is, enhance it yes, but don't knock it down. MGM are not stupid. Circus pulls in the budget traveller by the truckload and without it and Excalibur that market would be lost for them. At the moment MGM seem to have every aspect of the market covered, high-end, mid-high end as well as the mid and lower ends of the market. perhaps they should buy the Western on Fremont, then they really can say they have everything covered full stop

Circus also seems to have cleaned itself up a bit compared to when I was there last in June 2005. It actually looked ok and on the clean side when i visited there in February this year.

If MGM are serious about building on that vacant site then that is further fantastic news for the north strip. Personally I hope Sky is the last of the independent condos built directly on the Strip. There is plenty of place for independent condos on paradise, industrial, sahara etc. The strip should be left for the hotels/casinos. Condos on the strip should be part of hotel projects like city center or echelon etc. just my two cents

[BrianFey]

No Way CC will be left intact. The property is too old, too spread out, and worth to little to salvage. I think they might keep the Adventure Dome, and incorporate it into the new major project, but the main casino, hotel, etc will be leveled. They have way too much valuable property not to take it out. I can see a City Center 2 on its way at the north end of the strip. I think the new hotel may be lower end like CC, and might even carry the old name, but I'll be shocked it they keep much of the structure if any intact.

[jazfingr]

Thought you guys might like to see my latest graphic before I put it on VegasTaT. THE What's Been Built Since 2003 Aerial. When I finished it my eyes popped ...wow . If you see something I missed, let me know.

[VegasMatt]

^^^^

Great Image!

"If you see something I missed, let me know. "

Although not buildings, the Hawaiian Market place and the Monorail where also built since 2003.

[kenratboy]

Maybe MGM is building itself its future - by so this vast amount of development, maybe they are betting on 'build it and they will come' more than demand that is already in place.

As an outsider (in that my money is not tied up in these projects) - it is cool for me!

[justdefended]

Thanks for the graphic! That is insane, I didn't realize so much development had occured in only several years. And it's only going to get even more massive in the next two years.

[ScottG]

the planet hollywood renovation is something to mention...hooters was more of a paint job (was maxim transformed to the westin after 2003?)