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  #4741  
Old Posted Sep 9, 2008, 10:30 PM
CTLV CTLV is offline
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Cosmo

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Originally Posted by laguna View Post
This just in the L.V. Sun and RJ

Deutsche Bank brings in Related Cos. to develop Cosmopolitan
"New York-based Related Cos. said today it has been brought in by Deutsche Bank to head development of the foreclosed $3.9 billion Cosmopolitan project on the Strip.

Deutsche Bank continues to own the project under an affiliate, Nevada Property I, and will continue to oversee coordination of design and construction on the Cosmopolitan.



Related does not have an ownership interest in the project at this time."

This is just the first of several announcements that will be made regarding new developments at the Cosmopolitan. My source has been pretty good, he said that there would be major annoucements this week, as I posted at the time.
Lagua,

Any word from your source on what the contract holders of the units should expect in the near future? Still condo-hotel? Deposits refunded?

Thanks in advance!
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  #4742  
Old Posted Sep 9, 2008, 11:39 PM
laguna laguna is offline
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cosmo

The information will be unfolding in the weeks to come. The current info is that the contracts will remain in force and the condo/hotel units will stay. I was told that they hoped to have some preferred lenders in place at the appropriate time. They felt that the markets would be more favorable in the ensuing 1 1/2 years and buyers would see the value in their units.
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  #4743  
Old Posted Sep 10, 2008, 4:12 PM
jayguy jayguy is offline
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Any one have pictures of the Hard Rock expansion? I was over on Paradise yesterday for lunch, and saw it from Gordon Biersch, but that's as close as I got. I haven't been over there in months.
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  #4744  
Old Posted Sep 10, 2008, 5:20 PM
DMaldon762 DMaldon762 is offline
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Quote:
Originally Posted by jayguy View Post
Any one have pictures of the Hard Rock expansion? I was over on Paradise yesterday for lunch, and saw it from Gordon Biersch, but that's as close as I got. I haven't been over there in months.

Not much to see. There is a picture on the previous page and VegasRex has some on his site. It is pretty ugly over there right now.
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  #4745  
Old Posted Sep 11, 2008, 1:21 PM
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lfc4life lfc4life is offline
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Quote:
Originally Posted by CHAPINM1 View Post
Is Fountainebleau going to have a 4th or a 13th floor? By the way, if one was to count in person, how many floors are they up to now? I'm assuming it is almost topped out...
starting work on 59th floor looking at photos on vt+t from last week, should be topped by the end of october, glass at the front now as high as the 33rd floor
http://www.vegastodayandtomorrow.com...u%20080910.jpg

http://www.vegastodayandtomorrow.com...%20080910a.jpg
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  #4746  
Old Posted Sep 11, 2008, 3:34 PM
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El Ad settled the suit with real estate broker David Atwell. So there's a little progress there at least.
http://www.globest.com/news/1242_124.../173704-1.html

In the mean time, the Russian oligarch who bought a fifty million dollar condo at their New York Plaza is suing because he says it's an "attic-like space".
http://www.telegraph.co.uk/news/worl...penthouse.html
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  #4747  
Old Posted Sep 12, 2008, 1:30 AM
solstadwest solstadwest is offline
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Quote:
Originally Posted by CTLV View Post
Lagua,

Any word from your source on what the contract holders of the units should expect in the near future? Still condo-hotel? Deposits refunded?

Thanks in advance!
I do not believe that the cosmo project will carry over well to the business model that they have in place. As they state they have 1.5 years until closing on all the units. I do not see a wild swing in the lending habits of banks in this short time period for las vegas condos let alone Hotel/Condo projects. (TRUMP only has a whopping total of some 200 closings out of a pool of some 1200). Indeed if DDB wanted to find a bank "to do" the financing they should have no further to look than themselves-- after all they own the Cosmo and should have the best interest of the owners ( of their units) in mind. Do they not have some of the best financial prowess on the planet now. Why would they want to dish that off to a lesser lender? Because they do not want the risk? Or do they see 80 some percent of the unit owners forclosing and walking away from their deposits its happening at TRUMP. For those unit owners just try calling Cosmo and ask for your deposit back...
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  #4748  
Old Posted Sep 12, 2008, 2:31 AM
fishordie fishordie is offline
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Quote:
Originally Posted by solstadwest View Post
I do not believe that the cosmo project will carry over well to the business model that they have in place. As they state they have 1.5 years until closing on all the units. I do not see a wild swing in the lending habits of banks in this short time period for las vegas condos let alone Hotel/Condo projects. (TRUMP only has a whopping total of some 200 closings out of a pool of some 1200). Indeed if DDB wanted to find a bank "to do" the financing they should have no further to look than themselves-- after all they own the Cosmo and should have the best interest of the owners ( of their units) in mind. Do they not have some of the best financial prowess on the planet now. Why would they want to dish that off to a lesser lender? Because they do not want the risk? Or do they see 80 some percent of the unit owners forclosing and walking away from their deposits its happening at TRUMP. For those unit owners just try calling Cosmo and ask for your deposit back...

Yo Solstad,

I am not sure what business model you are referring to. I have heard numbers ranging from 1 to 1.4 billion dollars in contracted sales upon close of all escrows. There is no doubt in my mind many of those who purchased at Cosmo were folks looking to make a fast buck in what appeared to be a rising market. There were also many who purchased at the end of the Sales period.
Their business model at the time was to raise the price on a bank of units, at given intervals, until a threshold or top dollar value was reached. Those who got in earliest benefited the most. Prices went up significantly and the only thing I ever heard after the foreclosure process was that Eichner sold units too cheaply and the most desirable units the most cheaply. Time will tell if that was a correct analysis. That said, Mr. Eichner's vision may prove very valuable to those of us who can close and meet the credit requirements of specific lenders willing to do business on a mixed use facility in Vegas.

That said, the new owner/bank is under NO obligation to bail out anyone who does not now or ever had the credit to actually close on a piece of real estate that did not significantly appreciate at the close of escrow. The fact they are apparently attempting to line up potential lenders, as NO one bank or institution is going to lend on over a billion dollars worth of mixed use sales in one complex, is actually a very good and well thought out business model and speaks volumes about Deutche's foresight as I am guessing we are probably closer to 2 years away from actually closing escrows. This may allow enough time for the markets to at least partially sort things out and provide for possibly lower interest rates to those who can qualify. Though Deutche is not a home loan type institution and probably does not have the infrastructure for it I wonder if it would make sense for them to take 33% or around 400 million of the better units and provide loans to the most qualified individuals thus setting up comps for the complex. I doubt it would happen but it was just a thought.

For those who signed on the dotted line, placing their 20% at risk without the income to qualify for a loan at a fixed rate, hoping for a sub prime mortgage to carry them through, then those investors made a decision that may cost them those deposit monies. I am sorry that is the case but remember that is the nature of an investment. Sometimes you win and sometimes you lose. I never saw on the contracts the unit purchaser is guaranteed to make money or assured of getting some kind of loan, though I did continually hear the sales folks tell us how much money we would all make, but none the less if it is not in the contract it is just not fact.

Now for those of us who can hopefully close escrow, this project in NO WAY even remotely resembles Trump. I relate Trump to a lovely home noted by a real estate agent in their brochure as Beverly Hills "Adjacent" and the Cosmo as the true Beverly Hills or as Eichner put it the "Manhattan" of Las Vegas.

Deutche is making some tough business decisions here. Only those on the inside actually know what is going on so I will not attempt to second guess the results but the price per square foot, though outlandishly high, may still be some of the lowest(Compared to City Center) for a complex of this location and stature. That said, this project was slated to cost around 1.5 billion dollars. The real cost appears to be closer to 4 billion. The price I am paying for my units has NOT changed as the cost of the project went up almost 3 fold. My locations and views have NOT changed as so far none have decided to build in front (To the North) of us. Those of us with North facing units still have a unparalleled view of the Belagio fountains and the entire North strip. I have NO problems with Cosmo so far. Yes it has taken longer than expected but the only one really paying for that so far has been Eichner and his investors. We, the unit owners may benefit from freedom from this economic down turn and be rewarded with lower interest rates in a couple of years. Time will tell.

Back to the Business model, until I see the final branding of this complex I will reserve judgment. The hiring of Related Cos. brings what I hope is a welcome face to the project especially since their past business relations include the W brand. I have heard more rumors the Hilton has been investigating the project. We must remember Eichner and Cosmo brought NO real validity as a world wide brand for either gaming or hotels like a W will. Even Hyatt to me was not the type of name this project will require. I hope the project owners are successful in actually bringing a managing partner into the project that brings a level of trendiness and sophistication demanded by this location and overall cost of the project. If the branding and amenities should bring in some high profile clientèle from here and around the world, the pools and bars bring in the beautiful women to see and be seen and the management really understands what the customer service and value provided by the OLD VEGAS was all about, then perhaps we have a winner, possibly the only winner in Vegas. Should that announcement be forthcoming I will wait and see how the actual business model, which is unknown in its entirety at this time, of Deutche, etal. plays out. Besides, at this point I really have no choice.

Thats just my opinion.

FOD

Last edited by fishordie; Sep 12, 2008 at 6:30 AM.
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  #4749  
Old Posted Sep 12, 2008, 4:34 AM
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cosmo2k8 cosmo2k8 is offline
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Cool Cosmopolitan 9.2008 Letter

Hey everyone,

Received a letter from The Cosmopolitan this week and it reads:

September 3rd, 2008


RE: Cosmopolitan Unit #XXXX

Dear Cosmo Owner,

We are pleased to let you know that construction on The Cosmopolitan Resort & Casino is continuing and making significant progress. The Cosmopolitan's new owner is Nevada Property 1 LLC, an affiliate of Deutsche Bank, one of the world's largest banks and the project's principal financing source since construction commenced. Important members of The Cosmopolitan team that will also continue with the project are general contractor Perini Construction Corporation, executive architect The Friedmutter Group and design architect Arquitectonica. Furthermore, W.A. Richardson Builders and Related Companies, a national real estate developer with a 35-year track record with world-renowned projects including the Time Warner Center in New York City and the successful World Market Center in Las Vegas, have been added to bring their expertise and energy to this first-class lifestyle-based casino casino and residential project.

To date, 50 percent of the exterior construction has been built, and in December 2008 we expect to celebrate the "topping off" - the completion of the top floors of both towers including our penthouses. We anticipate unit closings to begin by second quarter 2010.

We are fully committed to the completion of The Cosmopolitan and will continue to update you on the progress of the project throughout the upcoming months. In the meantime, if you have any questions, please feel free to call us at 702.215.5500.

The Cosmopolitan Resort & Casino will be an exciting and important new presence in the heart of the Las Vegas Strip, and we look forward to you being part of our community.

Very truly yours,
Ron Wackrow
Executive Vice President, Related Companies
Development Manager, The Cosmopolitan Resort & Casino

The Cosmopolitan Resort & Casino
4285 Polaris Avenue
Las Vegas, NV 89103
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  #4750  
Old Posted Sep 12, 2008, 6:28 AM
CosmoVegas CosmoVegas is offline
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Quote:
Originally Posted by fishordie View Post
Yo Solstad,
Eichner and Cosmo brought NO real validity as a world wide brand for either gaming or hotels like a W will. Even Hyatt to me was not the type of name this project will require.
FOD
Could not agree more, a few more quick thoughts; First, this could be the highest profile W hotel in the world, think about how often Vegas hotels are featured on the celebrity-news channels and tabloids compared to other big name hotels in other high profile locations, this alone should make it a slam dunk pick for Starwood. Second, this is the #1 location in Vegas, Hyatt is great, but this location demands even better, and about the location, well it just keeps getting better and better, how much nicer are the south views now that CityCenter is taking shape? One last point, not only is the location second to none but it will only get better once the S.E. corner is developed and Harmon is re-aligned.

Last edited by CosmoVegas; Sep 12, 2008 at 3:35 PM.
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  #4751  
Old Posted Sep 12, 2008, 5:03 PM
VegasTroy VegasTroy is offline
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In the absence of appreciation, the success of condo-hotels will be defined by income. Specifically the combination of occupancy and the average nightly room rate. It remains to be seen if any project prior to opening can command a high enough nightly rate.
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  #4752  
Old Posted Sep 13, 2008, 7:53 AM
neworleans neworleans is offline
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U.s. 93

The hoover dam bypass only called for widening the highway about one and half miles on each side of the bridge. There were plans to finish widening about 16 miles of U.S. 93 in arizona. It would have finished dividing the highway on the arizona side, and it was scheduled to be completed at the same time as the bypass.
Unfortunately it may now be delayed for quite awhile.

http://www.kingmandailyminer.com/mai...rticleID=17426

Last edited by neworleans; Sep 13, 2008 at 7:31 PM.
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  #4753  
Old Posted Sep 14, 2008, 12:35 AM
ScottG ScottG is offline
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the volcano is coming...

http://www.prnewswire.com/mnr/mgm/34865/
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  #4754  
Old Posted Sep 14, 2008, 1:24 AM
ScottG ScottG is offline
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I Just Read The Best Quote Ever:

"las Vegas Is Kind Of Like How God Would Do It If He Had Money" -steve Wynn



Hahahahahahahaha
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  #4755  
Old Posted Sep 14, 2008, 4:04 AM
neworleans neworleans is offline
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If God were that way, we'd all be screwed...

Last edited by neworleans; Sep 14, 2008 at 7:31 AM.
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  #4756  
Old Posted Sep 15, 2008, 2:48 PM
ScottG ScottG is offline
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i walked thru new york new york yesterday - they are DE-THEMING! at least as much as they can - still there is the faux facades along the casino walls - gone are all the 'central park motiffs' - no more trees, no more river and bridge, no more trellaces over table games. instead there are now these weird, modern (not art deco) swirly 'things' over every table table and most of the casino - there is LED lighting that changes color - kinda reminds my of the 'canopies' at planet hollywood casino - that hang over the gaming - but this just looks....odd. BRING BACK CENTRAL PARK! (looks like they are trying to embrace the whole ROK vegas thing through out the casino - with hints (or remenants) of the new york flare)
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  #4757  
Old Posted Sep 15, 2008, 6:19 PM
justdefended justdefended is offline
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CityCenter to Deliver Most Technologically Advanced Hotels in U.S. When It Opens in L

Here's a new press release detailing technological perks at ARIA, Mandarin, and Harmon. Highlights include:

As guests approach their room or suite, it will recognize if it is
their first time in the room and "greet" them as they enter. Light will
fill the room, the curtains automatically will part to showcase the
spectacular city or mountain views, and the TV will turn on to display a
list of automated controls for guests to personalize.

Guests will enjoy seamless, integrated one-touch control of guestroom
features, including lighting, room temperature, television/video systems,
music, wake-up calls, draperies and requests for services through a single,
easy-to-use remote control. Each nightstand also will feature a seven-inch
panel with touch-screen technology that navigates the same room settings as
the remote. All settings will be remembered and incorporated every time a
guest is in-room.

All guestrooms will incorporate keyless locks utilizing RFID
technology, which enables guests to unlock the door by flashing their key
over the lock sensor. The electronic key cannot be demagnetized, thus
reducing key failure.


http://money.cnn.com/news/newsfeeds/...re/0433566.htm

A mockup of a room inside ARIA:

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  #4758  
Old Posted Sep 16, 2008, 4:07 PM
Aaron Auxier Aaron Auxier is offline
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VIVA VEGAS! Luxury Real Estate Update - Sept. 2008

Hey everyone,

I recently posted my Sept. 2008 update which is loaded with photos, renders, my analysis on Cosmo and St. Regis as far as location, Mandarin Oriental facts, and more. 14 articles in all are inlcuded (all about the Strip).

You can read VIVA VEGAS! Luxury Real Estate Update - Sept. 2008 Here.
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  #4759  
Old Posted Sep 17, 2008, 1:01 AM
justdefended justdefended is offline
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Aria has topped off. Took 29 months to build. Fully enclosed by Dec.

http://www.mercurynews.com/news/ci_10479453
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  #4760  
Old Posted Sep 17, 2008, 3:19 PM
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Construction snafu at The Harmon. Some rebar on floors 6-20 weren't installed according to plans. It will cause a delay.
http://www.lvrj.com/business/28497169.html
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