Cosmopolitan set to break ground

Oct 18, 2005 4:21 AM

The Cosmopolitan Resort & Casino, a mixed-use, urban high-rise development earmarked for the Las Vegas Strip just south of the Bellagio, will officially break ground at the end of this month.

Handling the chores will be Perini Building Company, the foremost casino construction company in the world.

The total estimated cost of the upscale gaming resort is more than $1.8 billion. The hotel is scheduled to open in mid-2008.

The Cosmopolitan is somewhat of an engineering marvel. Its site is a narrow, 8.5 acre parcel located between the Bellagio and MGM Mirage’s planned Project CityCenter. The hotel’s striking architecture and vertically integrated design will include over five million sq. ft. of development on the Strip.

Perini will build two high-rise hotel and condo-hotel towers approximately 600 ft. tall with a total of approximately 3,000 luxury hotel rooms and suites and condo-hotel residences.

Other components of the development include 150,000 sq. ft. of integrated, business convention and conference space; a 75,000 sq. ft. casino; 300,000 sq. ft. of exclusive and retail boutiques and fine-dining restaurants; an 1,800 seat theater; a 500 seat cabaret; a 50,000 sq. ft. spa, salon and fitness center; multiple nightclubs; and a 3,800-car underground parking structure.

Chief among these attractions will be The Cosmo Beach Club, a five-acre pool deck overlooking the Strip, featuring al fresco dining, a nightclub, and aquatic designs created especially for Las Vegas.

"The project’s unique architecture makes The Cosmopolitan one of the most stunning projects Perini has been involved with," said Dick Rizzo, chairman of Perini Building Company. "The property’s prime location and sleek, contemporary glass design combined with its vertical integration of attractions will make this a Las Vegas centerpiece."

The first major construction job will be to build the 3,800-space subterranean parking garage. Because the project fills the 8.5-acre site, the four-story low-rise will sit directly on top of the garage.

To build the garage will require one of the largest excavations in the history of Las Vegas. Perini will move over 1 million cubic yards of dirt from the site to create a 90 ft. deep excavation to begin construction.

"In addition to the massive excavation, constructing the larger of the two towers is the most critical component of the building schedule," said Steve DeWees, project manager for Perini Building Company. "Construction of the two structures will be simultaneous."

The Cosmopolitan Resort & Casino is the brainchild of two world-class businessmen: a top real estate developer and a high-octane gaming executive.

The partnership is led by Miami and New York City developer Ian Bruce Eichner, one of the country’s leading real estate developers who serves as the group’s chief executive officer.

Eichner is partnered with noted gaming developer David Friedman, a former executive at The Venetian where he served as assistant to chairman Sheldon Adelson.