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Taubman Leasing Vegas Project

LAS VEGAS-MGM Mirage finalizes leasing and development agreements with Taubman and Tishman for the $5-billion Project CityCenter.

By Brian K. Miller | Updated on September 21, 2005

LAS VEGAS-MGM Mirage has come to agreement with Taubman Centers Inc. and Tishman Construction Corp. for services related to its $5-billion, 66-acre Project CityCenter development between the Bellagio and Monte Carlo casino resorts. The 18 million-sf master planned development will include a 60-story, 4,000-room hotel/casino, two independently flagged 400-room hotels, approximately 500,000 sf of shops, dining and entertainment, and 1,640 luxury condominium and hotel/condominium units. Construction will begin this month.

Bloomfield, MI-based Taubman, a shopping center REIT with 23 centers in 11 states, will lead the retail leasing and provide development and design advisory services for Project CityCenter. The entire project is scheduled to open in late 2009. The term of Taubman’s fixed-fee contract is approximately 25 years.

Sources at Taubman tell GlobeSt.com there is a design charette currently under way that will help decide exactly how the retail will be laid out. Generally, they said the retail will reflect the project itself by catering to the upper-end customer. More specifically, they say the major high-end brands will have street exposure right on the Strip in a fashion similar to Fifth Avenue in New York City.

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