The Cosmopolitan
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The Cosmopolitan Resort & Casino is a resort casino and condo that broke ground in October 2005 just south of the Bellagio on the west side of the Las Vegas Strip. When it opens in mid 2009, the $2 billion project will feature 2,200 condominium-hotel units; 800 hotel rooms; a 75,000 sq ft casino; 300,000 sq ft of retail and restaurant space; a 40,000 sq ft spa and fitness facility; an 1,800 seat theater; and 150,000 sq ft of meeting/convention space.
The project is being developed by the developer 3700 Associates, LLC, headed by Ian Bruce Eichner. The hotel and casino will be managed by Hyatt, with the hotel opening as the Grand Hyatt Las Vegas.
Mr. Eichner recently developed a condo tower called Continuum in Miami Beach and is currently planning a second tower called Continuum II.
The Cosmopolitan Resort, along with the Palazzo hotel, are the first of Las Vegas's new generation of full service ultra-compact resorts. Both of these resorts, due to limited land, will feature an underground parking garage over which the hotel itself will be built.
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[edit] Jockey Club
It is interesting to note that the resort is being built on what used to be a small parking lot for a nearby midrise timeshare building called the Jockey Club, which has existed for several decades. As The Cosmopolitan will use up all of the parking area for Club residents, part of the agreement was that they will be allowed to use a portion of the Cosmopolitan's underground parking garage. That said, the Cosmopolitan will nearly completely enclose the southern portion of the Club. This would no doubt upset residents in those south facing units, so the 2nd agreement was to have Cosmopolitan developers "decorate" the otherwise bland northern wall a bit with some type of graphic design.
It seems that all of this could have been easily avoided if the wealthy resort developers had decided to just buy out the entire Jockey Club. But being a timeshare property, they would have had to negotiate with literally thousands of individual owners, proving to be a hassle. With no time to wait due to rising costs and land prices, it was decided to not buy the Club and begin construction under the current agreement.
[edit] Construction
Construction is underway as of June 2006. The resort's underground parking will need to be completed first before any above ground structures can proceed due to the resort's ultra-compact design which allows it to make the most efficient use of its limited land.
Although the Cosmopolitan sits directly north of the City Center Project, also under construction, it is an independent project and is not connected in any way to the $7 billion development.
As of November 2006, work has just finished on the 70 foot hole for the parking structure and foundation work is in progess.
[edit] References
- 'Cosmo says hello:Guests see model of condo-hotel', Howard Stutz, Las Vegas Review-Journal, October 26, 2005.
[edit] External links
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