Unveils Rooms, Architectural Model, New Vertical Lifestyle
Introduces Famous Architect, Hyatt Chairman, Releases New Tower Sales
LAS VEGAS, Oct. 25 /PRNewswire/ -- By real estate standards, few addresses
have a better location. By entertainment standards, few venues can place you
more in the center of the excitement. By architectural standards, few designs
can alter a skyline with such iconic and artistic flair. And, by Las Vegas
standards, few properties can introduce a whole new cultural paradigm. Taken
together, few developments can match the new over $1.8 billion Cosmopolitan
Resort & Casino that broke ground today.
At a ceremony held before a gathering of local officials, dignitaries, and
business leaders including famous architect Bernardo Fort-Brescia and Global
Hyatt Chairman and CEO Thomas Pritzker, Cosmopolitan executives, using a large
backhoe, cracked through the asphalt to mark the beginning of an approximately
three year construction process. The Cosmopolitan is projected to open in
mid-2008.
"The Cosmopolitan represents a new era in Las Vegas development," said Ian
Bruce Eichner, CEO of 3700 Associates, LLC, the developer of The Cosmopolitan.
"We're building something different on The Strip, the likes of which Las Vegas
has never seen before and may never see again. The sheer 'verticality' of
this development as it towers 600 feet above The Strip is more akin to the
urban terrain of Manhattan, or other cosmopolitan cities around the world,"
said Eichner, who spent the past 30 years developing more than six million
square feet of luxury high-rise residential, office, hospitality, and retail
space in such prominent locations as New York City and Miami Beach.
Rare during this time of casino mega-mergers and mega-partnerships, The
Cosmopolitan will be one of the few independently owned, operated, and
privately financed developments on The Strip. At the height of construction,
the project will generate approximately 3,000 construction jobs and stimulate
millions of dollars in tax revenues. Upon opening in mid-2008, The
Cosmopolitan will create approximately 5,000 jobs at its center Strip
location.
Vertically Integrated
"Of the many recently announced projects along the emerging Harmon Avenue
corridor, we will be the first to open in mid-2008," said Eichner. "In doing
so, we will redefine the City's skyline with a vertical design that contrasts
sharply with the horizontally developed, replicated cities and themed hotels
that bracket Las Vegas Boulevard."
To support this view, Eichner unveiled an intricately constructed
scale-model of the entire Cosmopolitan project. He highlighted the two
high-rise hotel and condo-hotel towers which will stand approximately 600 ft.
tall and include approximately 3,000 luxury hotel rooms and suites and
condo-hotel residences; over 150,000 sq. ft. of integrated, business
convention and conference space; a 75,000 sq. ft. casino; 300,000 sq. ft. of
exclusive and brand-name retail boutiques and fine-dining restaurants; an
1,800 seat theater; a 500 seat cabaret; a 50,000 sq. ft. exclusive spa, salon
and fitness center; multiple nightclub venues and a 3,800-car underground
parking structure.
Chief among these attractions is The Cosmo Beach Club overlooking the
Strip. More than just a five-acre pool deck, The Cosmo Beach Club is a
night-into-day hub of excitement buzzing with activities from dawn until
dusk. Whether it's sipping a cosmopolitan or a cup of java, wearing dancing
shoes or patent leather pumps, or dining by candlelight or moonlight, The
Beach Club provides a unique experience unheard of in Las Vegas.
"In the days and weeks to come, we will be making many exciting
announcements about the mix of retail stores and restaurants at The
Cosmopolitan," said David Friedman, President of 3700 Associates, LLC. "The
tenants will be powerful names that have not been to Las Vegas before and will
come from well-known shopping and dining destinations such as New York, Los
Angeles, Miami, San Francisco, and Chicago in the US, as well as London,
Paris, Barcelona, and Milan abroad."
Hand-Selected Team of Unique Designers
"To execute our vision for The Cosmopolitan, we've hand picked industry
leading designers and architects whose palette includes some of the foremost
buildings, cityscapes, and lifestyle centers in the world," said Eichner. "A
collaboration of this caliber brings together the best creative minds and
talents to craft an unforgettable destination that's certain to enhance the
Las Vegas market."
In attendance at the ceremony was Bernardo Fort-Brescia, one of the
world's elite architects, whose firm Arquitectonica has created world-class
designs that have altered the skyline of cities around the globe.
Fort-Brescia's personal input has lead to a spectacular design of The
Cosmopolitan.
"Cosmopolitan means belonging to the universe, being worldly and urbane,"
said Fort-Brescia. "This casino-resort is just that. It is unlike any other
place in the world. It defines the new Las Vegas of this century: urban,
sophisticated, and cosmopolitan. The architecture of The Cosmopolitan
realizes this definition. The building rises with a distinct compositional
clarity, in sharp contrast to the cluttered landscape of extraneous themes
that dictate the architecture of neighboring casinos. The building is urban
as it is the first casino that engages the Strip, creating a boulevard that
emerges with an energy and a sophistication tantamount to the boulevards of
Paris or New York. Here, the architecture is the setting for a cosmopolitan
experience."
The Cosmopolitan's hand-selected team of designers and contractors
includes:
* Arquitectonica, well known for iconic architecture found throughout the
world, is the project's design architect.
* Martha Schwartz Partners, famous landscape designer who's best known
for raising landscape design solutions to a level of fine art. She
recently designed the Baltimore Inner Harbor, The Citadel, and the
breathtaking Hotel Delano Pool Deck and will apply similar creativity
to The Cosmo Beach Club.
* Dougall Design, creator of the most sought after themed and luxury
venues, will be responsible for the casino and retail spaces.
* Paul Duesing Partners, recognized for work in exclusive five-star
resorts and celebrity homes, will be responsible for the condo-hotel
and hotel units and public spaces.
* The Friedmutter Group, one of the premier hospitality design firms in
the nation, will serve as the executive architect.
* Perini Building Company, the lead contractor on the project, will
oversee all facets of construction.
* Grand Hyatt, one of the world's finest international hotel brands, will
operate the project's 3,000 hotel rooms, suites and condo-hotel units.
Global Hyatt Corporation Brings Grand Hyatt Style to the Strip
Grand Hyatt, the uber-luxurious gobal hotel brand with 29 worldwide
destinations including award-winning hotels in Shanghai, Dubai, Hong Kong and
Tokyo, will bring its reputation for excellence to The Cosmopolitan with a
renowned and larger than life flair.
"Few addresses on the Strip have a better location," said Thomas Pritzker,
chairman and CEO, Global Hyatt Corporation. "Hyatt is thrilled that it will
be offering customers a unique 'Vegas' experience in Grand Hyatt style that
includes impeccable service, and exceptional facilities for leisure and
business travelers."
Cosmopolitan Rooms Unveiled
Kept behind closed doors until now, Eichner unveiled the rooms of The
Cosmopolitan to attendees. The luxurious condo-hotel residences are being
designed by Paul Duesing Partners, one of the world's most unique, innovative,
and sought after custom interior designers. "They have pioneered the concept
of leisure and lifestyle design for an exclusive national and international
clientele," said Eichner. Their portfolio ranges from celebrity residences in
California to a private hotel and club in Quaker Hill, New York, from Las
Ventanas al Paraiso in Los Cabos, Mexico to the Palms Grand Resort and Spa in
Turks and Caicos.
"What distinguishes our condo-hotel's decor are the refined appointments
and amenities that create a distinctive separation of spaces within each
residence, a quality brought about by Duesing's team," said Eichner. "With
their approach, each space conveys a different experience with a unique array
of fine furnishings and detailed fabrics."
Cosmopolitan Launches Sale of 2nd Tower Condo-Hotel Units
Having sold out the first release of 1,300 condo-hotel units in record
time, Eichner took the occasion to announce the sales launch of the project's
second tower: 700 condo-hotel units inside the approximately 600 foot tall
Beach Club Tower. Built on top of the Cosmo Beach Club, the Tower feature
studios and corner one-bedroom units ranging in size from 600 square feet to
1,300 square feet. The Tower also features ultra-luxurious penthouse units on
the tower's top five levels that will range in size from 1,500 square feet to
12,000 square feet. Hovering over Las Vegas Boulevard, the Beach Club Tower
provides 360-degree views of the Valley and The Strip below. With wraparound
balconies, stunning floor to ceiling windows, this unique, crystalline-shaped
tower features an exclusive restaurant, a private gym, a dedicated valet
service and direct access to the nightclub and Cosmo Beach Club on the floors
below.
"Sales of our first release inside the Casino Spa Tower went amazingly
well," said Eichner. "The demand was greater than I could have imagined. In
less than six months we went to hard contracts on all 1,300 condo-hotel units
-- a record conversion in the real estate industry. If this is any indication
of things to come, owning at the center of the Strip appears to be an
attractive proposition."
"The rapid sale of our condo-hotel units is a testament to the quality of
the project we are developing. We've established a new paradigm by building a
boutique, luxury condo-hotel on top of a four-level, 100-foot tall lower
podium that features a casino, retail, dining and entertainment venues,
meeting rooms, and The Cosmo Beach Club. We provide buyers with a
fully-integrated real estate opportunity that's all under one roof and at one
prime location. It's the truest form of the Manhattanization of Las Vegas and
represents the arrival of the Cosmopolitan lifestyle," added Eichner.
About 3700 Associates, LLC
Formed in April 2004, 3700 Associates, LLC brings together one of the
nation's foremost real estate developers from New York City and Miami with one
of the gaming industry's top developers and a major, world-wide financier.
The trio will develop the over $1.8 billion Cosmopolitan Resort & Casino
currently on undeveloped acreage at the center of the famous Las Vegas Strip
(next door to Bellagio). The Cosmopolitan will be a boutique, mixed-use
luxury condo-hotel-resort featuring condominiums, hotel rooms, a casino,
retail, dining and entertainment venues, meeting rooms, and The Cosmo Beach
Club. The project is scheduled to open in mid-2008. The 3700 Associates
partnership is led by Miami and New York City developer Ian Bruce Eichner, one
of the country's leading real estate developers who serves as the group's
Chief Executive Officer. Eichner has developed more than six million square
feet of luxury residential, office, hospitality and retail space in the
Northeast and Florida totaling more than $2 billion in the last 30 years.
Eichner most recently opened the Continuum on South Beach, a luxury
condominium project in Miami's trendy South Beach area that has achieved
record sales per square foot. Eichner partnered with noted gaming developer
David Friedman, a former executive at The Venetian, where he served as
Assistant to Chairman Sheldon Adelson. Friedman serves as the President of
the Las Vegas-based group. During his nine-year tenure, he helped finance and
develop The Venetian and led The Venetian's successful effort to secure a
coveted gaming license in Macau, China. For further information, visit
http://www.cosmolv.com.
For Press Inquiries, contact:
Kurt Ouchida
(702) 300-5756
For Sales Inquiries contact:
Phil Gutman
(702) 215-5500
SOURCE The Cosmopolitan
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Related links:
http://www.cosmolv.com
CONTACT:
Press, Kurt Ouchida, +1-702-300-5756, or
Sales, Phil Gutman, +1-702-215-5500, both of The Cosmopolitan
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