Purchasers of units in the Cosmopolitan Las Vegas high rise condo hotel project can breathe a sigh of relief now that the first 50-foot high steel beam has been placed on the project. Japan-based steel manufacturer JFE Engineering performed the "ceremony", as placing the steel beam is part of a construction tradition in Japan, designed to ask the local god to make the building sturdy and safe and ensure happiness for the project.
The event also included a burying of a time capsule containing engineering drawings signed by Cosmo developer Bruce Eichner and the construction partners.
The 8 acre Cosmopolitan site will connect with Project CityCenter on the second floor with a pedestrian bridge over Harmon Avenue. Scheduled to open in late 2009, The $3 billion dollar Cosmopolitan project vision is for two 600-foot towers containing 3,000 condotel units along with a 75,000 square foot casino with 150,000 square feet of convention space, restaurants, shops, and a spa.
At this point, 2,000 condominium units are 90 percent sold with a total sales volume of $1.9 billion. Grand Hyatt will manage the condominium rental program while the Hyatt Corp. will manage convention space. The Cosmopolitan itself will manage the hotel and casino.
The owner, general contractor, architect, executive architect, and designers on this project are all top-notch. Let's hope that steel beam ceremony prayer takes and you'll have plenty of happy unit owners in this impressive venture for those who can handle the hefty pricetag.
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