MGM Mirage guarantees it.
"We have the best site in Las Vegas," said Tony Dennis, executive vice president of residential division for MGM Mirage during last week’s opening of the CityCenter Residential Pavilion. "Other condo projects went by the wayside because they didn’t do their homework. We did."
The vision began in 2004 and construction is due to conclude in Nov. 2009 when residential occupancy begins. The numbers boggle the mind, even by Vegas standards — 1,543 condo hotel units and 1,200 condo residences in four buildings (Vdara, Mandarin Oriental, The Harmon and two 37-story Veer Towers).
"Others didn’t understand the marketplace or came in too soon," Dennis said. "We want to create something original and relevant to the Vegas consumer. We’re not trying to look like New York. The MGM-Mirage objective is to do great design and create a great community."
The sales pavilion is the first step, measuring 30,000 square feet at a cost of $24 million. Located on Las Vegas Blvd, between New York-New York and Monte Carlo, the pavilion has the feeling of an art gallery. There are replicas of all four buildings, including a life-sized room replica of the studio apartment at Veer Towers selling for $500,000.
The Mandarin Oriental is more of a mansion style, measuring between 1,000 and 4,000 square feet. Dennis said the condos should appeal to empty nesters looking for a principal or trophy home.
"We’ll have residents’ needs covered," Dennis said. "Even grocery shopping will be taken care of. If you own a CityCenter residence, it comes with owner privileges, such as a concierge service much like top players receive at The Mirage. You pay, but it gives you access to everything."
The Veer Towers range from 500 to 2,600 square feet and offer amenities such as a condo club room, private mail room, West Tower board room, rooftop pool, cabanas, spa and sun deck, business center, fitness center, private residential drive and valet parking.
The Harmon will have a pool deck perched 100 feet above the Strip. "It will define hip," Dennis said.
The $7 billion project is privately-funded by MGM Mirage, making the project the largest investment of its kind in North America.
"MGM Mirage’s CityCenter represents what we feel is a significant new direction for our city and our company," Chairman and CEO Terry Lanni said in a press release marking the Pavilion’s opening. "With this world-class development, Las Vegas is on the fast track to becoming a major urban center in the western United States."