MGM Grand is arguably the most successful and influential high rise development company in Las Vegas. With the continued success of their MGM Grand Residences high rise condo hotel development and with all the positive press regarding their $7 billion dollar Project CityCenter, you'd have to agree they're the experts in the Las Vegas market. So when you hear they're interested in developing 2 luxury high rise towers and 2,500 condos on the South Strip, investors better take notice.
While MGM officially hasn't annouced either proposal, the Clark County Planning Commission is expected to approve their plans for both "The Place at Mandalay" (a 520 foot tower containing 1,344 high rise units just steps away from the Luxor's pyramid) and plans for two additional high rise towers behind the MGM Grand's present location. The new towers would add 1,152 condos to the 1,700 high rise condo hotel units currently under construction at The Residences.
Add to that the 1,650 condos planned for Project CityCenter and it's obvious MGM Grand's betting big on the South Strip condo development market. With the 831 acres of Strip property they own, they're making a pretty loud statement, and that statement is this: the high rise marketplace in Las Vegas is still in it's infancy. Investors heeding that advice will make out quite nicely in the future.
While the Las Vegas market for single-family homes has definitely slowed up, county planners obviously see no indications that the demand for luxury condos on Las Vegas Boulevard is waning. If it's good enough for MGM, it's good enough for all of us.
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