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LAS VEGAS-For an aggregate price of $600 million, MGM Mirage has sold 90% of the units in Mandarin Oriental Las Vegas, one of several condominium towers that are planned for its multibillion CityCenter development on the Las Vegas Strip. MGM Mirage began converting reservations for the Mandarin Oriental into hard contracts 14 days ago.
CityCenter began taking reservations for two additional residential offerings--Vdara Condo Hotel and Veer Towers--in January and will begin converting those to hard contracts within the next month. Approximately 600 reservations have been taken for Veer, which has 674 units, and 700 reservations have been taken for Vdara's 1,543 units, according to MGM.
Without getting specific, MGM said in a prepared statement that the average sales price for the units in Mandarin Oriental Las Vegas was "well above expectations. Still in the development are the penthouse units, which range in size from 2,065 sf to 4,259 sf. To be delivered in shell condition, the price range is $3.7 million to $9.1 million.
CityCenter is rising between Bellagio and Monte Carlo resorts and is expected to begin opening to the public in late 2009. The development combines approximately 2,700 private residences; two 400-room non-gaming boutique hotels; a 60-story, 4,000-room casino resort; and a 500,000-sf retail and entertainment district.
Only one of the residential towers remains to be released for reservations, Harmon Hotel & Residences. The tower will have 400 hotel rooms on the lower floors and approximately 209 condominium residences from 800 sf to 4,200 sf on the top 20 floors. Reservations begin in June. Unit prices have not yet been announced.
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