LAS VEGAS | Boom Project Rundown! 2.0 - Page 71

future29 · #**1401** Posted **Jan 13, 2007, 8:31 AM**

Quote:

Originally Posted by ScottG

driving down the strip i saw the whole south end of the front (the corner entrance-stairs, walkways, statues) where all detroyed...(purposely) looks like the monte is getting a make over?

i hope my prediction comes true. it was asked a couple months ago what needs to go/get demolished and i said Monte carlo. it doesnt fit in with city center. hopefully, they can keep the builiding for now but put a new facade on it and glass on the tower? i was in vegas for CES and there is a big hole in the side of the building looks like they have gutted a portion of the casino. duno what their plans are, but definately the Monte Carlo should go, sooner rather than later.

SpeedyFarrar · #**1402** Posted **Jan 13, 2007, 8:52 AM**

Those new PCC renderings plus shots of the model condo interiors in the sales office are in here (starting on page 13):
http://media.corporate-ir.net/media_...7Citigroup.pdf

Patrick · #**1403** Posted **Jan 13, 2007, 9:45 AM**

WOW! Those renderings kick ass! Now I love CityCenter! Lets just hope those renderings dont lie..

MrVegas · #**1404** Posted **Jan 13, 2007, 6:47 PM**

Here is an article from today's Las Vegas Review Journal about the end of the Sandhurst project.

Downtown condominium Sandhurst shutting down

By HUBBLE SMITH
REVIEW-JOURNAL
The developer of Sandhurst, one of the early high-rise condo projects announced for downtown Las Vegas, said Friday he's returning more than $7 million in deposits to 105 buyers as rising construction costs have doomed yet another condo project.
"It doesn't mean this project won't come back. We just don't see the value of holding up our buyers," Michael Mirolla said. "We're working with the group of investors who have title to the land, who still want to build Sandhurst, and if we can resurrect it, we'll reach out to the buyers."
Mirolla said he appreciates the "tenacity and loyalty" of Sandhurst buyers, many of whom had their money in escrow since July, but he felt the right thing to do was return their deposits.
Sandhurst had more than 60 percent of its units under contract and was negotiating with Corus Bank for roughly $250 million in construction financing, but coming up with equity financing was the "toughest portion," Mirolla said.
"Construction prices hurt us last year. Quite frankly, after pricing jumped so high, investors looked at this and wanted to wait until construction costs stabilize, which they have," he said. "But time marches on, and investors march on to other areas."
Mirolla said his group has tens of millions of dollars invested in the 3.2-acre site on former Union Pacific Railroad land near Charleston Boulevard and Interstate 15, including entitlements, site planning and approval and soft costs such as design and marketing. The property was purchased from Union Pacific in July 2004 for $2.8 million and has been appraised at $24 million, he said.
"We've taken it as far as we can. We're two weeks from pulling permits from the building department. But in all fairness to the buyers, we have to get funding first," he said.
Jeremy Aguero, principal of Applied Analysis, a Las Vegas research firm, was among the first to predict that only 30 percent of the proposed 100,000 high-rise units would be built. He said sales have fallen significantly in the past three months.
"It's not the first and I'm here to tell you it's not going to be the last," Aguero said of Sandhurst's cancellation.
Sandhurst was planned for 398 units originally priced from $250,000 when the project was announced two years ago. The price went up to $475,000 when construction costs rose by 30 percent in 2005. The 35-story project was scheduled to break ground in September 2005.

Find this article at:
http://www.reviewjournal.com/lvrj_ho.../11956754.html

MsuMix · #**1405** Posted **Jan 14, 2007, 2:33 AM**

Quote:

Originally Posted by nsxdrift_89

Scott, do you know if Cosmo is making any large progressions, aside from pouring foundation in that whole, or setting up a crane?

Still a lot of foundation work being done, 3 tower cranes are set up, just not erected yet. Structural steel starting late February on the west side. Lots of mass excavation and slurry wall tie backs to finish on the east side.

ScottG · #**1406** Posted **Jan 14, 2007, 3:01 AM**

^^^thats more cosmo news than i know. sorry

the city center renderings are amazing- looked real at first!...notice that in the second image the cosmo is in it?!

but its jacked up...the west tower is not as long as it really will be and the jocky club is shown as well....weird.

i LOVE how the 2 main towers are separate at the top but meat at the bottom.

BTW- the ebony tower (is that the name? or vdara- im confused now) (and whats the leaning ones called?) anyways- in the front of the site- and either corner, there are towers....the mandarin and the harmon. in the front center are the 2 leaning towers, in the back center is the main tower(S) then in the back right there is the ebony tower. BUT in the back right...nothing? is this going to be phase 2? i remember the initial renderings showed 4 condo towers back there. i wonder why the lack of developement in that corner? the monte carlo garage is over there. so is the new theatre. maybe the theatre is why?

Patrick · #**1407** Posted **Jan 14, 2007, 3:40 AM**

Quote:

Originally Posted by ScottG

but its jacked up...the west tower is not as long as it really will be and the jocky club is shown as well....weird.

BUT in the back right...nothing? is this going to be phase 2? i remember the initial renderings showed 4 condo towers back there. i wonder why the lack of developement in that corner? the monte carlo garage is over there. so is the new theatre. maybe the theatre is why?

If you look closely the renderings are squeezed, to fit the pages, CityCenter looks thinner as well, even though its not.

That was the way old (and better) design of CityCenter. They are probably saving this space for later phases. I mean, 4 more new towers!? The Project first has to sell units first!

mdiederi · #**1408** Posted **Jan 14, 2007, 7:26 AM**

Drove by Saturday and noticed they were almost finished assembling a second tower crane for Vdara.

Steven C. · #**1409** Posted **Jan 15, 2007, 6:23 AM**

Quote:

Originally Posted by manabouttown

You guys seem to really be impressed with Trump Tower. It is not a strip property. It is on Industrial Road. The Frontier is such a dump and nobody knows when it will be replaced and with what design. When it is imploded it will put Trump right in the middle of a multi-year mess of dust and construction activity. The Trump has low ceiling heights, no terrace, no nightlife or casino within walking distance. No lady in her high fashion wear is going to want to walk to the Wynn at night. The rooms are so-so. And the whole design reminds me of an out-dated golden popcycle. I know it sold out fast and the remaining units are $850 k for a studio. There are so much better projects being built than this.

Do you live in las vegas? I drive past the trump project almost every week depending on traffic... So a few things you dont seem to understand.

1. Trump is right across the street from the Fashion show mall. Cant say i would spend $4000 on a handbag, but maybe some of these women in high fashion would go there for shopping?

2. Not to mention the high end dining in the same mall.

3. when completed, there will be services at the tower. it will not be only residential.

4. the target demographic will have transportation in the form of their own vehicle or a driver service.

5. trump was NEVER intended to be a full service resort tower. Never, ever....

and the lease on the frontier has been renewed to only january 1st, 2008. Who knows what happens after that.

Steven C. · #**1410** Posted **Jan 15, 2007, 6:29 AM**

Quote:

Originally Posted by BruceH

Happy New Year to all!! My prediction for the Maxim property is it is waiting for MGM to decide the future of Circus Circus, then MGM could potentially acquire the Travelodge land adjacent to the Maxim property, buy the Maxim property and now you have a sweet parcel of land. This happened with Echelon buying the Westward Ho land and given the odd shape of the Maxim property it's one possible scenario.

Sky is looking great and thanks mdiederi for the great photos of Sky and the landscaping. Most high rises wait until the project is closed to add the exterior infrastrucuture and Sky is not doing that. It's going to be one first class tower!!

however the chances of circus circus dissapearing are slim. i would suspect that even if it were rebuilt, it would keep the same brand name ala the aladdin... due to the name recognition it brings.

you have any idea how many people from the UK stay at CC?

#**1411** Posted **Jan 15, 2007, 8:52 AM**

steve,
yes, i live in Vegas.
when buying a unit in Miami, being a 5 iron from the beach is not as valuable as being on it. in new york, being on central park is better than being a street away. Alot better.
trump will offer some dinning and not much else.(I have been thru for a tour) have you?

All developments have shopping, you dont spend 850k to go to the mall across the street.

If you think that Maggios cafe in the mall is high-end, then i can see why you like trump.

Answer these questions, then you can analyze strip condotels.

1.Is it a prime strip -fronted location, or a nearby location?
2.Does it have a full experience on the property,without leaving the property, ie. casino(yes, we are in Vegas), shopping (lots of it), restaurants with name chefs, full spa?
3.Which development has the largest and most luxurious room?
4.Does one offer a terrace? What is the view?
5.Is one marketed and managed by a well-know world wide company? Who offers the largest business and luxury oriented traveler data base to draw from?
6. How do the units compare on a price per sq. ft. basis? (I know all the numbers, I will bet you dont have a clue)

Answer these steve and you may begin to enable yourself to have an intelligent opinion on strip projects.

mdiederi · #**1412** Posted **Jan 15, 2007, 3:29 PM**

Quote:

Originally Posted by Steven C.

however the chances of circus circus dissapearing are slim. i would suspect that even if it were rebuilt, it would keep the same brand name ala the aladdin... due to the name recognition it brings.

you have any idea how many people from the UK stay at CC?

Found this on Wikipedia:

Quote:

The hotel may be demolished and rebuilt. According to an MGM Mirage report, the Circus Circus site "does not make economic use of the 44 acres that it sits on, therefore, we feel that demolishing the current property and rebuilding it in a different fashion (while still keeping the Circus Circus name) will be in our best interest."

Haven't been able to locate the actual report they are quoting. But obviously, after Echelon and Fontainebleau open, Circus Circus will not be able to compete with its new neighbors. Plus, there's a huge area attached to Circus Circus that is currently just an RV park that could be developed into something significant. But don't expect anything to happen until PCC is finished or near complete.

TheOldMan · #**1413** Posted **Jan 16, 2007, 1:45 AM**

hey guys, i just completed a move to vegas and i love it here. there is an enormous amount of hi-rise construction. amazing..... anyway, i drive by the stip every day to go to work (ive been living here about 2 months now) and i see the Trump tower under construction, but i dont seem to see it getting any taller. from what i understand , it is supposed to top out at over 640 feet but for the last three or four weeks, it looks like it hasnt gotten any taller. am i imagining things or is there a delay. any info would be great

hotdog · #**1414** Posted **Jan 16, 2007, 1:48 AM**

I think manabouttown is actually Rosie O'Donnell. And while Trump towers are not on Las Vegas Blvd., they will be in walking distance to most of the classy, high end properties (Wynn, Encore, Palazzo, Echelon, maybe Montreux), without being too close to the theme park resorts (as CityCenter will be). And it is not too far north (as Allure is) where the surrounding neighborhood may never improve from the souvenir shops, abandoned lots, and beggars in strip malls on Sahara. So the higher price/sq.ft. is justified. The final arbiter of value is the market, and the quick sale of the units proves that they were not overpriced this last year. In future years, when a buyer goes to resell a unit, that value will still be there, most likely.

ScottG · #**1415** Posted **Jan 16, 2007, 3:21 AM**

Robin: LuXor To Change Name to The Pyramid

Vegas gossip hound and former host of Lifestyles of the Rich and Famous, Robin Leach (Leech?) is reporting that LuXor my possibly change its name before its bevy of new night clubs opens on Memorial Day weekend.

Of course, he says its just a rumor, but with all the changes going on over there we won't discount this rumor completely.

It'll probably be denied as fast as I'm typing it, but delicious rumor around that the Luxor will possibly change its name to The Pyramid, and it might come as soon asMay 31st (Memorial Day weekend) when the resort-casino opens its new LAX and ROXY nightclubs from Los Angeles, being operated by the PURE management men! They've also partnered with pop star Nick Lachey, who has already taped video spots for his new Aspen 702 Steakhouse Lodge they're opening with him at the pyramid-shaped hotel.

^^^^^i think thatll NEVER happen!

New York-New York to Add Night Clubs, Change Stuff Up

In Business Las Vegas has published an interview with Lorenzo Creighton, President of New York-New York Hotel & Casino. Mr. Creighton outlines a number of plans for readjusting New York-New York's focus for the next few years, including the removal of the children's arcade, installation of clubs and bars and a general shift towards 'adult' marketing at the property. Here's an excerpt of Mr. Creighton's comments:

In our evolution at New York-New York, we're planning to do a lot of things, and those are going to come to fruition here in '07 and '08. We're going to put in some nightclubs, we're going to add some meeting space (after clearing out half of the arcade). We're going to correct some of those issues to make New York-New York what we call a little more "sticky." We have so many people who come through here because it's such an iconic building, we need to pull in those customers in and keep them here.

The customers who want to stay here want to have more fun. Vegas is about having fun. One of the ways we can do that is to have some more places where they can have fun. We're going to add one nightclub and one hip, edgy, trendy kind of bar.

This is the only [nightclub] I can talk about at this time - we've tentatively announced it. (The nightclub) is called Rok Vegas. It's a concept that's out of Miami, and there's one in L.A. The operator we're working with is a joint venture, has a very good following. It's not "rock 'n' roll" it's Rok, and nobody has a Rok club in Vegas, so we're excited about that. We're putting it in our (old Rita Rudner) theater space here. It's about 5,000-6,000 square feet plus. The design is knock-your-socks-off. We're starting the final demolition of that space and building that club here in the middle of 2007.

mdiederi · #**1416** Posted **Jan 16, 2007, 4:19 AM**

Quote:

Originally Posted by TheOldMan

hey guys, i just completed a move to vegas and i love it here. there is an enormous amount of hi-rise construction. amazing..... anyway, i drive by the stip every day to go to work (ive been living here about 2 months now) and i see the Trump tower under construction, but i dont seem to see it getting any taller. from what i understand , it is supposed to top out at over 640 feet but for the last three or four weeks, it looks like it hasnt gotten any taller. am i imagining things or is there a delay. any info would be great

Think there's still about ten more floors to go on Trump. I noticed a slow down too on other projects. It's been windy the last few weeks, and while construction continues, some of the crane activity was slowed down a little bit during gusty periods, especially at the higher levels. Though they did manage to get both tower cranes for Vdara erected. The north crane on Palazzo hasn't been raised in a long time and the floors are already higher than the crane.

jazfingr · #**1417** Posted **Jan 16, 2007, 10:26 AM**

Manabouttown, take a look a Vegas from a "Google earth", you will notice that the walk from Trump to the strip is the same as from the Forum Tower in Caesars or the shopping area in the Mirage, to the strip. The only difference is the the others are indoors. Once Ruffin does something with Frontier, it will be connected as well. it's a .23 mile walk from Trump to the strip, it's also a .23 mile walk from the east most to the west most room, in the MGM Grand (one long-ass hallway)

Frankly, I do not care for the Trump project, but in all fairness, it's not at all far from the strip (by Vegas standards).

Let's cool the mild flames here. This thread has survived two incarnations with over 3400 posts with no flaming or hijacking. cool?? cool!!

#**1418** Posted **Jan 16, 2007, 7:00 PM**

Property right on the strip is worth far more than property close by. I used to live on Ocean Ave. in Carlsbad. It is right on the ocean. Property on the other side of the small street (30 Ft.) east, was worth 1/3 of the beach front. Every high priced piece of land is always surrounded by good parcels. They just are not worth nearly as much as the prime piece.
Trump's property is located on valuable land in a good location. But it is not as good as a property on the prime location. The major casino companies know that. That is why they are all on the strip, when possible. The B properties are near the strip.
If Trump sold for a discount then it would be an ok deal.

The MGM Signature properties will be my last example for your education. They are only renting 45% of the month. Why is that? They are beautiful and are (by your theories) near and within walking distance to the strip and shopping etc.

Some people want to spend their bucks on Central park and ocean property. Some want to be close so they can walk there. No problem, everyone determines where they want to be on the totem pole.

clark · #**1419** Posted **Jan 16, 2007, 10:05 PM**

Quote:

Originally Posted by manabouttown

Property right on the strip is worth far more than property close by. I used to live on Ocean Ave. in Carlsbad. It is right on the ocean. Property on the other side of the small street (30 Ft.) east, was worth 1/3 of the beach front. Every high priced piece of land is always surrounded by good parcels. They just are not worth nearly as much as the prime piece.
Trump's property is located on valuable land in a good location. But it is not as good as a property on the prime location. The major casino companies know that. That is why they are all on the strip, when possible. The B properties are near the strip.
If Trump sold for a discount then it would be an ok deal.

The MGM Signature properties will be my last example for your education. They are only renting 45% of the month. Why is that? They are beautiful and are (by your theories) near and within walking distance to the strip and shopping etc.

Some people want to spend their bucks on Central park and ocean property. Some want to be close so they can walk there. No problem, everyone determines where they want to be on the totem pole.

In my opinion, that's partially accurate. I'm a commercial real estate appraiser. I've appraised as many high-rise condominium projects in Las Vegas over the past couple of years as anyone. I have also appraised several pieces of land on and just off the Strip.

Land on the Strip is certainly worth more than land off, but it's not to the factor implied above. For example, the former Cowtown site on Paradise sold in late 2005 for $15.5 million an acre. That's not exactly the $20 million and up current Strip properties are listed and selling for, but it's not exactly 1/3 of that either.

For a condo or condotel project, there are advantages and disadvantages to being directly on the Strip. The disadvantage is access. Trump, and I agree that there is better bang-for-the-buck at other projects, has a prime location as it can be accessed without having to go on Las Vegas Boulevard. Newer projects (Echelon, CityCenter, etc.) are planning to make their entries off of Frank Sinatra Drive, Dean Martin Drive or Industrial Road as impressive, or nearly as impressive, as their entries from the Strip due to major traffic problems on Las Vegas Boulevard.

As can be shown by the aerials at the assessor's website, Trump has excellent access to Fashion Show Mall (using the "measuring tool" there, it looks to be 100-200 feet from the entry to Nordstrom to the future entry to Trump). When Ruffin replaces the New Frontier with an upscale resort, Trump will have access to an upscale resort. I think it's likely that the new project will have the name Trump in the title. I don't think Trump's location is any detriment, and this is the first I heard it was.

There are very few condo and condotel projects that are directly on the Strip, possibly only Sky and Cosmopolitan. The mixed use projects or condotel project associated with a resort tend to put their condotel projects away from the Strip toward ancillary access roads.

As an aside, being off the Strip hasn't exactly hurt the Palms or Palms Place.

jazfingr · #**1420** Posted **Jan 16, 2007, 10:42 PM**

Let's all agree to disagree and move on. Trump is an a$$ and will always command more $$ for anything with his name on it. "If he builds it, they will buy".

So...

...I have the Fontainebleau rendering. It is shaped just like the one in the Las Vegas Tower renderings. I have been asked to wait before publishing the image. I will post it here first. The image is looking north at the side of the project that borders the Riv. The podium is a lot-filling trapezoid shape (about 30-40 feet high with pool and spa facilities on top. The tower is simple, modern and clad in blue glass.

I think the project is just right for the area, and I feel most will agree.

"the Pyramid" lol, that is the dumbest idea I've heard in a long time. They should just clean it up and leave the name alone.

NYNY getting rid of the kiddie attractions and adult-izing the property is a great idea. If they would get rid of the bright purple and green glass on two of the "buildings" the tower would look more like a city and less like a cartoon.