- For other uses, see: Cosmopolitan (disambiguation).
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 2010, the $3.9 billion project will feature 2,200 condominium-hotel units; 800 hotel rooms; a 75,000 sq ft (7,000 m2) casino; 300,000 sq ft (30,000 m2) of retail and restaurant space; a 40,000 sq ft (4,000 m2) spa and fitness facility; an 1,800 seat theater; and 150,000 sq ft (14,000 m2) of meeting/convention space.
The Friedmutter Group is the Executive Architect. The building is engineered by DeSimone Consulting Engineers. The themed glass wall of the podium and the curtain wall (Exterior Design) is designed by Arquitectonica and is manufactured by Hong Kong based, Far East Aluminium Works Co. Ltd.. The Interior Design Team is Friedmutter Group, CAD International, The Rockwell Group and Bentel & Bentel. The hotel and casino will be managed by Global Hyatt Corporation, with the hotel opening as the Grand Hyatt Las Vegas.
The Cosmopolitan Resort, along with the Palazzo hotel, are the first of Las Vegas's new generation of full service ultra-compact resorts. Due to limited land, both of these resorts will feature an underground parking garage over which the hotel itself will be built.
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. The Cosmopolitan will therefore nearly completely enclose the southern portion of the Club. The Cosmopolitan developers will "decorate" the otherwise bland northern wall a bit with some type of graphic design in order to appease the residents in those south facing areas.
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Construction
The project was begun by developer 3700 Associates, LLC, headed by Ian Bruce Eichner. The resort's underground parking needed to be completed first before any above ground structures could 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 CityCenter, which is also under construction, it is an independent project and is not connected in any way to the $9.2 billion development. In December 2007, work finished on the 70-foot (21 m) hole for the parking structure, while other foundation work remained in progress.
In January 2008, it was reported that the $3.9 billion project faced foreclosure, as Eichner's company defaulted on a $760 million construction loan from Deutsche Bank when the developer missed a payment after failing to secure refinancing for the project. Construction still moved forward as the developers searched for new financing to bail out the project. In late February 2008, Global Hyatt Corporation and New York-based Marathon Asset Management agreed to recapitalize the condominium-hotel project.[1] In March, 2008, the developer said Deutsche Bank AG would begin foreclosure proceedings[2].
In August 2008, it was announced that MGM Mirage, Starwood Hotels & Resorts Worldwide, Hyatt and Hilton were considering purchasing the troubled property. [1] MGM Mirage would integrate the project with their Bellagio and CityCenter developments, Starwood is rumored to turn the property into the new W Las Vegas (following the failure of the previous W project due to rises in construction costs) and The St Regis Las Vegas, Hyatt would maintain its original plans of opening the Grand Hyatt Las Vegas on the site, and Hilton might revive its Conrad plans (also following the failure of the Conrad-Majestic Las Vegas plan on the northern strip).
In April 2009 the Las Vegas Sun reported that the hotel is still owned by Deutsche Bank and will be managed by Hilton. It will be the first hotel in their luxury Denizen hotel line.[3]
The Cosmopolitan will no longer become a Hilton Denizen hotel due to the Hilton being sued by Starwood Over claims of trade-secret theft.[4]
Due to delays stemming from the economic decline, the opening of the Cosmo has been pushed back to 2010, according to its website.
Frustrated homebuyers at the still under construction Cosmopolitan Resort Casino on the Strip have filed three lawsuits against the project. They claim numerous breaches of contract, and now want their money back. More than $200 million in deposits hang in the balance for the troubled development. The lawsuits have since been consolidated into a single case with more than 400 plaintiffs. .[5]
Notes
- ^ Arnold M. Knightly, DEVELOPMENT: Project saved by pair's aid, Las Vegas Review-Journal, February 28, 2008.
- ^ Foreclosure on Las Vegas Casino to Begin
- ^ http://www.lasvegassun.com/news/2009/mar/11/hilton-hotels-launches-new-brand/ Cosmopolitan now Denizen
- ^ http://www.bloomberg.com/apps/news?pid=20601087&sid=a1juN3EuoibM&refer=home
- ^ http://www.lvbusinesspress.com/articles/2009/06/22/news/iq_29465588.txt
References
- 'Cosmo says hello:Guests see model of condo-hotel', Howard Stutz, Las Vegas Review-Journal, October 26, 2005.
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Coordinates: 36°06′36″N 115°10′31″W / 36.110022°N 115.17531°W
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