Cosmopolitan High Rise Condo Hotel Project Looking Up

Back on July 13th, developers of the Cosmopolitan Resort and Casino released the remaining units of their High Rise Condo Hotel project. Besides the project's excellent strip location, the Cosmo project is interesting due to the gaming aspect of the property. It's one of the few proposed high rise condo hotels that will offer their own casino, which will certainly justify a higher-than-average room rental rates for those purchasing the units as an investment.

With studios measuring 600 square feet and priced from $650K to $700K+, the units are not cheap. But some will face the Bellagio fountains and others will face the future MGM Project City Center, which pretty much ensures the Cosmo project of having the best location in town of any proposed Las Vegas high rise project. Plus, with the market moving towards higher costs, you have to expect paying $1,000+ per square foot. Some feel it's a bargain even at that price. With projects such as Aqua Blue and the Majestic cancelling their building plans and/or closing their sales offices due to rising construction costs, the Cosmopolitan is moving forward, thanks mainly to the experience of their development team (including Phil Gutman and Bruce Eichner), who have extensive and successful high rise sales experience in the Miami marketplace.

From a strictly investment condo hotel perspective, purchasing a unit in the Cosmo project is a no-brainer - if you can afford it. Great development team..., great location..., great resources..., great rental aspect...., and probably great unit appreciation as well. Prospective buyers will go right to contract at this point with a 10% deposit and an additional 10% deposit due in April, 2006. The project is scheduled for completion in early 2008.

And it gets better. Phil Gutman recently announced that the front tower of the Cosmopolitan will be released for sale at the end of the summer. Dubbed "Tower EIGHT", the property will feature 1 bedroom corner suites measuring 1,117 square feet with 400 square feet of wrap-around balcony space in addition to "Hudson" type studio suites. Larger residences are being designed for units atop Tower EIGHT as well, which will showcase breath-taking views of the Las Vegas strip, ranging from 2,000 square feet and up.

Cosmo keeps getting better and better. If you're not a Cosmopolitan owner yet, don't wait any longer to act. The end of summer is right around the corner!