Archive for September 7th, 2007

Project CityCenter Las Vegas

Friday, September 7th, 2007

Project CityCenter is a 76-acre mixed use development on the Las Vegas Strip between Bellagio and the Monte Carlo. It carries the distinction of being the largest privately financed development project in the United States. MGM Mirage (developer of CityCenter) recently made the announcement that a 50/50 partnership for CityCenter has been established with Dubai World, the holding company that represents the business and investment portfolio of the Dubai government. Here are some interesting facts about Project CityCenter and the pace and scale of daily construction activity….

  • The daily power bill on site is about $300,000.
  • Construction costs are currently running about $4 million a day and will increase to $7 million soon.
  • Approximately 4,000 people work the job site. This will be increased to 7,000 by March.
  • There are 26 months left to complete construction.
  • One third of buyers are Las Vegas locals and another third come from California.
  • Project CityCenter has clocked $1.4 billion in sales so far!
  • Las Vegas luxury high rise condos have rapidly risen to world-class stature by every conceivable measurement. The transformation of the Las Vegas Strip corridor into a fully functioning metropolitan environment is nothing short of astounding. Las Vegas, Nevada is the next great American city!