Resort & Casino”
Las Vegas, Nevada (November 22, 2004) – Two years ago, prominent real estate developer Ian Bruce Eichner was looking toward Las Vegas for his next business venture. He was interested in applying a business model that had served him well in Manhattan and Miami where he’d successfully developed more than six million square feet of urban, luxury residential, office, hospitality and retail space over the past 25 years.“The challenge was to find a prime location at the center of the Strip where I could create a mixed-use, urban, high-rise property,” said Ian Bruce Eichner, Chief Executive Officer of 3700 Associates, LLC, the developer of the newly named Cosmopolitan Resort & Casino. “I wanted to merge the concept of a luxury condo-hotel with an equally luxurious hotel, retail, gaming, and meeting space development and the existing Las Vegas business model that was trending toward non-gaming attractions and facilities. The combination would greatly maximize real estate values in a vertical fashion, something I had successfully accomplished at The Continuum in Miami, the Manhattan Club and a multi-level retail center in Times Square, both in New York City,” Eichner added.
Challenge met…In April 2004, Eichner partnered with SFM Capital Management and top gaming developer David Friedman to purchase 8 1/2 acres on Las Vegas Boulevard located between Bellagio and MGM Mirage’s recently announced “CityCenter.” Prior to joining 3700 Associates LLC as its President, Friedman spent the past nine years as Assistant to Las Vegas Sands, Inc. Chairman Sheldon Adelson, where he helped finance and develop The Venetian and lead The Venetian’s successful effort to secure a coveted gaming license in Macau, China.
“The announcement of MGM Mirage’s CityCenter reaffirms our business model and is a tremendous boost for our independently-owned project,” said Eichner. “The MGM Mirage brand is known the world over for hospitality and gaming excellence. Their mass appeal will compliment our hip, boutique property’s unique mix of fine dining restaurants, upscale retail stores, exciting nightclubs, high-end and mid-level gaming, and exclusive spa and salon. Quite frankly, we couldn’t think of a better set of neighbors,” Eichner added.
With the receipt of Clark County Commission zoning approvals, the independent developers unveiled a name and design that symbolizes the theme that you “can own it all…in the middle of it all,” said Eichner. “This will be the very first opportunity for a buyer to own property right on the Strip. They will be able to take an elevator from their condo-hotel unit directly to the casino floor. There’s no other development on the Strip that provides condo unit owners that type of ‘one-button’ accessibility to the casino,” said Eichner.
When complete, The Cosmopolitan will infuse the Strip with a $1.5 billion development projected to break ground in early in 2005 and open in late 2007 or early 2008. “Many regard our site as one of the last remaining prime locations anywhere on the famed Las Vegas Strip,” Eichner said. “And, the new CityCenter project further accelerates visitor counts to our city and creates a critical mass of attractions to experience or, in the case of our condo-hotel, own,” Eichner added.
“We think the design is an architectural statement of things to come in Las Vegas,” said Eichner. “We anticipate that we will start pre-selling the condo-hotel units within the next few weeks, and look to sell out shortly thereafter. The panoramic views of the Strip will be unmatched. You can peer out one window to see the Bellagio fountains, another to see what will one day be MGM Mirage’s CityCenter, then look across to the Eiffel Tower and Planet Hollywood. Guests and condo-hotel owners are literally surrounded by the icons that make Las Vegas exciting. You’re in the middle of it all,” Eichner said.
The condo-hotel will feature luxurious appointments and state-of-the-art amenities such as flat screen televisions and VIP access to the rooftop Beach Club, as well as fantastic restaurants and nightclubs. Available Floor Plans will include 600+ square foot studios and 900+ square foot one-bedroom condo-hotel units. The condos will be managed by the hotel at the request of the owners.
The Cosmopolitan Resort & Casino will be comprised of the following components:
Ø Over 4 million square feet
Ø Over 2,400 keys comprised of condo-hotel and hotel rooms
Ø Over 150,000 square feet of convention and meeting space
Ø Over 70,000 square-foot casino
Ø Over 300,000 square feet of retail, restaurant, and entertainment space
Ø 1,800 seat theatre
“We’ve assembled a dream team of innovative designers with international and local experience who collectively provide a new perspective on luxury and urban architecture in the Las Vegas valley,” said Eichner. “We envision a project far beyond the traditional horizontal approach to architecture to a style and design that’s befitting the 22nd century,” he added. The Cosmopolitan Resort & Casino design team is comprised of the following:
I. Arquitectonica, founded in 1977, is one of the world’s leading architectural firms and has developed an international practice recognized for excellence and innovation. The firm’s designs have won numerous American Institute of Architects and Progressive Architecture Design Awards. Arquitectonica has vast urban design experience throughout the world that will bring a renewed interest in Las Vegas architecture.
II. Dougall Design is one of the top theme, retail, and interior design firms in the United States. Its local credits include the Caesar’s Forum Shops, The Venetian, and The Hotel at Mandalay Bay. Their designs have been recognized throughout the world. Dougall Design projects can be seen in such places as Las Vegas, Japan, South Africa, Monte Carlo, and Monaco.
III. The Friedmutter Group is one of the premier hospitality design firms in the nation and has garnered acclaim over the past decade as the foremost national architectural firm specializing in hotel-casino planning and design. Their portfolio includes casino, hotels, retail centers, and specialty shops from all corners of the United States including projects at MGM Grand, The Venetian, Ritz Carlton, Foxwood’s Casino Resort, and the Atlantis Resort to name a few.
IV. Paul Duesing Partners, one of world’s most unique, innovative, and sought-after custom interior designers, pioneered the concept of leisure and lifestyle design for an exclusive national and international clientele. From celebrity residences in California to a private hotel and club in Quaker Hill, New York; from Las Ventanas al Paraiso in Los Cabos, Mexico to The Palms Grand Resort and Spa in Turks and Caicos; and all points between - Paul Duesing Partners’ craft can be seen. With a combined total of over 25 years in the hospitality industry, Paul Duesing Partners is one of the nation’s leading interior architectural design firms and will oversee the interior design of the project’s condo-hotel units.
At a cost of approximately $1.5 billion, the project will generate thousands of full-time jobs and construction jobs, as well as tens of millions of dollars in tax revenues to Clark County and the State of Nevada.