Trend Setter

 
With Vdara, CityCenter's only condo hotel tower, MGM Mirage offers an eco-friendly retreat that's overcoming a slow market

Nov 2, 2007

Las Vegas—The term "city within a city" has been coined to describe a number of mixed-use developments in high-density metropolitan settings. MGM Mirage is attempting to elevate this phrase to new heights with CityCenter, the largest privately financed development in the history of North America. Located in the heart of the Las Vegas strip, this 76-acre project is not only generating excitement for its scope and high-profile design, but also because it's pursuing the U.S. Green Building Council's Leadership in Energy and Environmental Design (LEED) silver certification.

Situated between the Bellagio and Monte Carlo resorts, the $7.4-billion CityCenter will open in late 2009. A design collaboration between MGM Mirage and eight internationally acclaimed architects, the development will feature a 61-story, 4,000-room hotel and casino; two 400-room, non-gaming hotels; a 500,000-sq.-ft. retail and entertainment district and approximately 2,650 luxury residences. "When we say 'city within a city,' we [don't mean to] sound cliché," says Tony Dennis, executive vice president of CityCenter's Residential Division. "It's hard to come up with a new term in the dictionary to define [CityCenter]."

Among the stylish hotels, high-end condominiums and entertainment venues from one of the world's premier developers and operators of luxury resorts, Vdara will be the only condo hotel in CityCenter. This 57-story tower is intended to attract second- and third-homebuyers interested in a vacation home that generates rental income to help offset ownership costs. New York-based, world-renowned architect Rafael Viñoly designed this chic condo hotel, with interior design by Brennan Beer Gorman Monk Interiors, implementing environmentally friendly building practices. MGM Mirage is touting the potential of Vdara to transform the way people think about buying and living in Las Vegas.

Vdara aims to balance the energy of Las Vegas with an exclusive, non-gaming environment, offering buyers an ideal balance of access and escape. Vdara is connected to Bellagio via a pedestrian walkway and is steps away from CityCenter's resort casino. With an estimated 1,543 fully furnished and equipped turnkey residences, featuring well-known brand-name appliances, fixtures and furnishings, Vdara offers studios, deluxe studios, one- and two-bedroom units, one- and two-bedroom penthouses and two-story penthouse lofts. Units, which range in size from about 500 to 1,740 square feet, cost between $600,000 to $2 million.

MGM Mirage is offering a full complement of luxurious amenities and sophisticated services, similar to four-star resorts, designed to entice buyers to this urban retreat. Steps away from Bellagio and CityCenter Resort & Casino, Vdara will offer more than a traditional condominium amenities package. A resort-style pool, cabanas and whirlpool will be perched atop the porte cochere. The building includes a wellness spa, fitness center, full-service salon, a lobby with a lounge and bar, state-of-the-art conference facilities, a restaurant, 24-hour fully staffed lobby and valet parking services. Homeowners will also enjoy privileged access to all of the MGM Mirage Properties. Benefits include VIP treatment and preferred access to its resorts, restaurants, entertainment, special events, nightlife, shopping, and golf and spa offerings, including in-home spa treatments.

In Las Vegas, several high-profile projects, such as a planned W Las Vegas condo hotel, have been cancelled. Despite a well-known condo bust in Sin City, about 40 percent of Vdara's units have been sold since sales commenced last February. The demographic of buyers comprises empty nesters from the Southwest; international investors from Asia, Canada and the UK; and second- or third-homebuyers from the Midwest or the East Coast. "We're selling very well," says Dennis. "There's a market appeal for this product. Multi-housing is very important for the hotel industry."

Condo hotels developed and designed as resort destinations with international appeal typically succeed in cities, such as Las Vegas, New York City, Miami and Chicago, Dennis notes. He attributes three key factors to the projected success of Vdara: Viñoly's architectural aesthetic; the renowned brand identity of MGM Mirage; and the location of CityCenter. "We haven't seen a slowdown [despite] the credit crunch," he says. "The units are offered at a competitive price due to the interior design, amenities and services." Another competitive advantage for Vdara is that MGM Mirage will own and operate the property, similar to its other luxury hotels. "We had a plan and saw an opportunity in Las Vegas," Dennis adds.

Setting the stage for responsible growth, MGM Mirage is pursuing an innovative approach to sustainable building for high-density, urban mixed-use development. The Coney Island-themed Boardwalk Hotel and Casino was imploded in May 2006 to make way for the site of CityCenter, and 80 percent of the Boardwalk's remnants are being recycled into the development. In addition, 80 percent of the construction waste, including wood, metal, glass and wallboard, is also being recycled. Sustainable wood and low-VOC (volatile organic compound) materials are being utilized for the interiors of units. "The level of responsibility is almost an inevitable consideration," says Viñoly, founder and principal of the New York-based Rafael Viñoly Architecture LLC.

MGM Mirage is taking an innovative approach to site development, water savings, energy efficiency, materials selection and indoor air quality. CityCenter will be the only development in Las Vegas to feature an on-site nine-megawatt co-generation plant that will capture heat and use it to produce all the hot water needed for the 7,000-plus hotel rooms and residences. The developer is also installing fluorescent bulbs for the resort parking garages, saving almost a million dollars a year in electricity. The 18-million-sq.-ft. project will become one of the world's largest environmentally sustainable communities.

In terms of providing green solutions, "MGM wants to be a leadership organization. It speaks to a better future," says Dennis. To foster a healthy environment, Vdara will be a smoke-free environment, a significant step for a Las Vegas condo hotel, and offer organic foods at its restaurant.

To impact the skyline of Las Vegas, Viñoly conceived a distinctive crescent shape and unique skin of patterned glass for Vdara. "It's like a gigantic sculpture," he says. "It's been an absolutely fascinating process." Viñoly envisioned the exterior blueprint as three sliding sheets of curved volumes to fit within the context of CityCenter's architecture while retaining a distinctive identity. "The exterior shapes are familiar, friendly and welcoming," says Dennis.

Designed with a sophisticated, international flair, the interior of each unit will feature an open floor plan and horizontal windows delivering expansive city and mountain views. Acclaimed designers Brennan Beer Gorman Monk Interiors, based in New York, envisioned contemporary environments infused with comfort. "Vdara was designed to be attractive and compelling," Dennis says.

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PROJECT AT A GLANCE

Project Name: Vdara

Location: Las Vegas

No. of Units: 1.543

Price of Units: $600,000 to $2 million

No. of Floors: 57

Condominium Square Footage: 500-1,740

Developer/Owner: MGM Mirage

Architect: Rafael Viñoly Architecture LLC

Interior Designer: Brennan Beer Gorman Monk Interiors
Sincerely,

Barry B. Guca
www.LasVegasGreatHome.com
702-303-3909

www.702HomeMortgage.com
www.InvestVegasRealEstate.com

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