Google+ Followers

Thursday, 11 August 2011

Vegas’s CityCenter Replaces Luxury Condo Buyers with Renters - Developments - WSJ

Turns out CityCenter on the Las Vegas Strip is becoming something of a real residential community — just not the way the developers originally envisioned.

That’s because the multi-towered complex has rented out in one- and two-year leases 346 units it once planned to sell as multi-million luxury condos, CityCenter president Bobby Baldwin said on a conference call Monday afternoon. The $9 billion complex, with luxury condos, hotel rooms, gambling and retail, is owned by MGM Resorts International and Dubai World.

Anthony Phillips, a Las Vegas real-estate agent, has helped people sign leases in Veer towers, designed by renowned architect Helmut Jahn, for as little as $1,390 a month. The units in the sloping yellow towers include a rooftop pool, exercise room, a resident’s lounge and full concierge. Now most of those go for $1,600 to $1,700 a month while two-bedrooms are $2,300 a month, Mr. Phillips said.