The Hard Rock Hotel and Casino announced last week that it will be building a $1 billion, 1.5-million-square-foot hotel/condominium project next to the resort. The project will be built on 24 acres of land the Hard Rock recently bought at a cost of $86 million.
Construction of the project near the intersection of Harmon Avenue and Paradise Road is expected to begin next year and the targeted completion date for the first phase of the venture is about a year from the ground breaking.
In a press release issued by the resort, Peter Morton, chairman and founder of the Hard Rock Hotel and Casino, is quoted as saying "The new project will be unlike anything seen in Las Vegas. It is being designed by world-renowned architects Richard Meier and Michael Palladino of the Richard Meier firm. It will have elegant, unique finishes both inside and out."
The press release quotes Morton as saying that in the early planning stages the project calls for condominium units to range in size from studio apartments to one and two bedroom units to penthouses ranging in size up to 6,000 square feet. The plans also include poolside bungalows and villas.
In the release Morton says the project is envisioned as entailing four buildings and at least 1,500 hotel condominium units. It will include a collection of unique restaurants and nightclubs, a number of world class retailers, a state of the art health club and a spa and a variety of other recreational facilities."
The announcement comes at a time when a number of development ventures featuring condominiums and luxury apartments at locations along Las Vegas Boulevard have been given the go-ahead by city and county governing bodies.
The press release quotes Morton as saying "owners of the new hotel/condominiums will have complete VIP access to all Hard Rock facilities. They will have a chance to not only live the Hard Rock experience, but own a piece of it, as well."
In a telephone conversation from his office in Los Angeles, Morton said he would not identify the restaurants or retailers that might be setting up shop in the new project. Morton said he would not rule out the possibility that some of the space in the new buildings would be given over to gaming.
He added that the condos would be directed at the demographic the Hard Rock tries to attract, the 21-50 year-old crowd.