Next time you pass the Bellagio and Monte Carlo when travelling US-15, you'll see a bunch of cranes signaling the beginning stages of MGM Mirage's $10 billion 66-acre Project CityCenter. This project will be awesome in scope and its construction value of $5 billion makes CityCenter the largest privately funded building project ever in the United States.
Project CityCenter is perhaps the most significant high rise project yet. You can't beat the location. You know MGM has the resources to pull it off successfully. And by hiring one of Las Vegas' oldest, largest, and most reknown construction company, Perini Construction, they're partnering up with the best.
Perini has already started work on the first piece of the project which includes a 5,300 garage structure designed to consolidate its employee parking. Up next is the demolition of the Boardwalk and its surroundings and they're anticipating the start of construction of the actual 4,000 room casino-hotel by next summer. Besides the grandiose high rise condos and casino plans, mixed-use development is also planned for CityCenter's future as well. When completed, CityCenter will boast three 400-room high-end hotels, 1,650 luxury high rise condo hotel units and 550,000 square feet of retail, dining, and entertainment space.
The project completion date is estimated to be in late 2009, when MGM expects CityCenter to employ 12,000 people and be home to over 10,000 residents. From the looks of things, the Las Vegas high rise condo hotel market has just begun, and the future is very bright while opportunity abounds. Again, based on the strength of the people associated with this project, you will certainly want to get in on this one - but as of now, all we can do is sit and wait until they start forming an interest list. Contact me about getting your name on it - because as I see it, if you missed the entire high rise boom until this point, Project CityCenter will make it up to you.
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