MGM opens first condo-hotel

Sep 19, 2006 3:59 AM

The first condominium-hotel in Las Vegas — The Residences at MGM Grand — is now open as new residents are moving into their fully-furnished suites that overlook the Las Vegas Strip.

A joint venture between Turnberry. Ltd. and MGM Mirage, The Residences combines the exclusivity of a condominium community and MGM Grand’s amenities.

As each tower is sold out, it will be turned over and operated as a luxury hotel. Part of the MGM Mirage portfolio, the property has been renamed The Signature at MGM Grand.

The second and third 40-story towers are under construction with completion of the second slated for the end of the year, and the third on track for a mid-2007 completion.

Sales began in early 2004, and today, less than 100 of the 1,727 residences remain. Total sales have surpassed more than $1.2 billion.

Turnberry is credited with pioneering the luxury high-rise condo lifestyle in Las Vegas with the introduction of Turnberry Place in late 1998.

In fact, Turnberry Place and The Residences at MGM Grand are the first high-rise communities of their kind to open in Las Vegas in more than 30 years.

In addition to The Residences, Turnberry had developed nine high-rise residential towers in Las Vegas, which are at various stages of completion. Among the nine towers, more than 3,000 condominiums have been sold totaling more than $2 billion.

The Residences is being built on the northeast end of MGM Grand’s 116-acre property — a portion of which was once the Grand Adventures theme park.

The community has its own private, gated entryway, and each tower will be connected to the resort via an enclosed moving walkway. Prices range from $650,000 to more than $2.5 million.

"The development appeals to local, national and international buyers who want to own a vacation or second home in Las Vegas near the Strip," said Dan Riordan, director of sales. "The majority want a low-maintenance, turnkey residence that they can use whenever they please. They want to be near all the amenities of Las Vegas."

Fully-furnished junior, one- and two-bedroom suites are available. All suites come furnished with plush wall-to-wall carpeting, high-speed voice/data connectivity, granite countertops, imported Italian kitchen cabinetry and private owners’ closets for added storage space. Sub-Zero refrigeration, Miele appliances, luxurious bathrooms with Jacuzzi tubs and ultra-thin flat screen HDTVs add to the luxury residential experience.

Residents will have access to MGM Grand’s amenities including its 171,000-square-foot casino, outdoor pool complex with five swimming pools and private cabanas, the Grand Spa, shops, restaurants, nightclubs and shows.