First condos on Strip

Jan 13, 2004 6:17 AM

MGM Grand and Florida-based Turnberry Associates launched sales on Monday for The Residences at MGM Grand Las Vegas, the first condominium-hotel complex on the famed Las Vegas Strip.

The project’s 6,000 square-foot sales office recently opened on MGM Grand’s Studio Walk and features a designer-furnished two-bedroom model residence.

"The opening of the sales center for The Residences at MGM Grand marks yet another significant milestone as we move forward on our plan to provide guests with the opportunity to own a piece of the Las Vegas experience," said John Redmond, president and chief executive officer of MGM Grand Resorts. "This land represents the premier location for a condominium project in Las Vegas, offering amenities that match the MGM Grand standard for quality, along with convenient airport and monorail access."

Groundbreaking for the first of potentially six 40-story luxury condominium-hotel towers at the MGM Grand is tentatively set for late 2004. The project will be built on the northeast end of the resort’s 116-acre property, the site of the now-defunct MGM theme park.

"The MGM Grand project is a wonderful opportunity for us to partner with one of the country’s most recognized hotels," said Turnberry principal Jeffrey Soffer. "We plan to draw on our expertise in the Las Vegas and condo-hotel markets to build one of the most desirable places in the world to live and vacation."

Turnberry pioneered high-rise living in Las Vegas with its $650 million Turnberry Place on Paradise Road, across from the Las Vegas Hilton.

Residents of the complex will enjoy the towers’ numerous amenities, including a fitness center, concierge, fully staffed lobby, swimming pool and 24-hour security.

Buyers will have their choice of luxury residences priced from $350,000 to $1.5 million. Some of the tower’s 576 residences will feature breathtaking views of the Las Vegas Strip and surrounding mountains.

The elegantly designed suites will be fully furnished from linens to tableware and feature a wide array of custom amenities such as crown moldings, raised panel wood doors, granite countertops and imported Italian kitchen cabinetry Meile appliances, ultra-luxurious bathrooms with Jacuzzi tubs, plush wall-to-wall bedroom carpeting, ultra-thin LCD flat screen HDTVs, high-speed voice/data connectivity and private owners’ closets for added storage space.

The studio suites will feature a spacious bedroom and sitting area, kitchenette, large master bath and some include a private balcony. The one-bedroom suites will encompass a full kitchen with dining area, living room, master bedroom, two bathrooms and a private balcony. Buyers also can purchase a two-bedroom combination suite that sleeps up to seven.