LAS VEGAS | Cosmopolitan | 600ft x 2 | T/O

[mdiederi]

http://img.photobucket.com/albums/v120/mdiederi/buildings/Cosmopolitan/CosmoA.jpg

http://img.photobucket.com/albums/v120/mdiederi/buildings/Cosmopolitan/Cosmo6.jpg

http://img.photobucket.com/albums/v120/mdiederi/buildings/Cosmopolitan/Cosmo1-1.jpg

http://img.photobucket.com/albums/v120/mdiederi/buildings/Cosmopolitan/Cosmo5.jpg


Developer:
3700 Associates
Ian Bruce Eichner, CEO
David Friedman, President
Dune Capital Management, managing partner.

Architect: Arquitectonica
http://www.arquitectonica.com/

Additional Designers:
Dougall Design
Friedmutter Group
Paul Duesing

General contractor:
Perini Building Company

Steel fabricator:
JFE Engineering Corp (Japan)

Groundbreaking: October 2005

Completion: 2009

Condos managed by Grand Hyatt

Hotel managed by Cosmopolitan

Conventions managed by Hyatt

$3 billion dollars or more.

Footprint: 330,000 square feet

6,660,000 square feet of development

41,000 tons of structural steel

750,000 cubic yards excavation

Two hotel and condo towers rising 600 feet (180 meters)

2,000 condos 1,000 hotel rooms.

250,000 square feet of convention and meeting space

79,000 square foot casino

360,000 square feet of retail

12 restaurants

1,800 seat showroom

5-acre pool deck

3,910 car underground parking garage

Links:
http://www.cosmolv.com/
VT&T http://vegastodayandtomorrow.com/cosmopolitan.htm#construction

http://img.photobucket.com/albums/v120/mdiederi/buildings/Cosmopolitan/Cosmo2-1.jpg

http://img.photobucket.com/albums/v120/mdiederi/buildings/Cosmopolitan/Cosmo4.jpg

http://img.photobucket.com/albums/v120/mdiederi/buildings/Cosmopolitan/Cosmo3.jpg

http://img.photobucket.com/albums/v120/mdiederi/buildings/Cosmopolitan/Picture-1.jpg

http://img.photobucket.com/albums/v120/mdiederi/buildings/Cosmopolitan/Picture-8.jpg

http://img.photobucket.com/albums/v120/mdiederi/buildings/Cosmopolitan/Picture-6.jpg

http://img.photobucket.com/albums/v120/mdiederi/buildings/Cosmopolitan/Picture-7.jpg

All renderings © www.cosmolv.com and linked pdf files and also www.arquitectonica.com

[Brdo]

AWSOME!

[mdiederi]

http://img.photobucket.com/albums/v120/mdiederi/buildings/Cosmo.jpg

http://img.photobucket.com/albums/v120/mdiederi/buildings/Cosmo2.jpg

http://img.photobucket.com/albums/v120/mdiederi/buildings/Cosmow.jpg

http://img.photobucket.com/albums/v120/mdiederi/buildings/Cosmoo.jpg

http://img.photobucket.com/albums/v120/mdiederi/buildings/citycenter/cosmo3.jpg

http://img.photobucket.com/albums/v120/mdiederi/buildings/citycenter/Cosmo2.jpg

http://img.photobucket.com/albums/v120/mdiederi/buildings/Cosmopolitan/Cosmo1.jpg

http://img.photobucket.com/albums/v120/mdiederi/buildings/Cosmopolitan/Cosmo2.jpg

The core is now over the top of the hole.
http://img.photobucket.com/albums/v120/mdiederi/buildings/Cosmopolitan/cos.jpg

[ROYU]

I like it looks nice.

[-Corey-]

wow, another big proyect,, i love it. the design is unique

[Superfish]

Was wondering where the Cosmopolitan thread was :)

Cosmo is possibly the most land-efficient multibillion dollar resort yet conceived in Vegas, and has set a number of engineering firsts in the city. (Including deepest slurry wall and pit, constructing a resort around an existing time share complex without severely affecting the occupants.).

Can't wait to see it nicely complement CityCenter.

[CrazyAboutCities]

WOW! That design blew my mind out! Can't wait to see it get built!

[Superfish]

Cosmopolitan goes vertical with sake ceremony
By Tony Illia

The Cosmopolitan Resort Casino held a traditional Japanese blessing and sake pouring ceremony Monday to mark the erection of the project’s first structural beam. The event took place at the northwest corner of Harmon Avenue and the Strip, adjacent to the Bellagio Hotel-Casino.

The new $2 billion project will use a total of 41,000 tons of structural steel, which is enough metal to build over 1,000 Sherman tanks.

Blessing the project site and pouring sake wine over the first piece of vertical steel are traditional construction ceremonies in Japan. (Cosmopolitan’s steel fabricator is Tokyo-based JFE Engineering Corp.) It’s considered bad luck to forgo such rituals.

Cosmopolitan consists of two 53-story glass-and-concrete towers with a five-level retail, casino and entertainment podium. The 3,000-room condo-hotel property is being developed by Ian Bruce Eicher. The project will, however, face some tough construction challenges.

Perini Building Co., the general contractor, for example, has had to excavate 80 feet below grade to create the resort’s five-level, 3,900-space underground parking garage. The undertaking required 110,000 trucks trips to remove a whopping 750,000 cubic yards worth of dirt. The narrow site, which literally abuts MGM Mirage’s Project CityCenter, has zero lot lines. The project, as a result, makes the most of its Strip-front real estate.

Cosmopolitan has a giant cavity formed by slurry concrete walls and 2,881 tiebacks. The massive bathtub uses 17 million pounds of reinforcing steel rebar and 90,000 cubic yards of concrete or enough to build a 12-inch-thick, 4-foot-wide sidewalk from Las Vegas to St. George, Utah.

The huge hole additionally entailed pumping out 100,000 gallons of water daily. The building’s footprint measures 330,000 square feet, which is the equivalent of 5.7 football fields.

Designed by Miami-based Arquitectonica with Friedmutter Group of Las Vegas as architect-of-record, the Cosmopolitan Resort Casino is scheduled to open in 2009.

[cosmo2k9]

Excellent compilation of images!

A sales rep claims she has seen the glass color for the facade and that it looks very similar to this:

http://imagecache2.allposters.com/images/pic/118/017_PP0222~Tropical-Beach-Posters.jpg

Thank you Mark!

[Superfish]

Apr. 10, 2007
Copyright © Las Vegas Review-Journal

Cosmopolitan gets on the beam

Developer, engineers mark placement of steel piece with ceremony

http://img74.imageshack.us/img74/6425/co96ut5.jpg (http://imageshack.us)

By ARNOLD M. KNIGHTLY
REVIEW-JOURNAL

After a year of digging down, construction on the Cosmopolitan began its ascent skyward Monday with the placement of its first 50-foot high steel beam.

"I think when you have construction as complex as this you take it in pieces," New York developer Bruce Eichner said. "First was the excavation because you have site constraints."

The placing of the steel beam cornerstone was part of a Japanese ceremony traditional in construction in that country.

Kay Tonogai, deputy general manager for the Japan-based steel manufacturer JFE Engineering Corp., said the ceremony is to ask the local god to make the building sturdy and safe and ensure happiness for the project.


Board member and JFE Engineering Senior Vice President Takeshi Onda performed the ceremony. About 100 people representing the projects partners and the media attended. Tonogai added that he believed it was the first time the ceremony had been performed in Las Vegas on a Strip project.

The event also included a burying of a time capsule containing engineering drawings signed by Eichner and the construction partners.

The 8-acre construction site is wedged between the MGM Mirage's Project CityCenter to the south and west and Bellagio to the north. The Jockey Club shares the borders with the Cosmopolitan site on the north.

Eichner said that his company is providing parking and valet service for Jockey Club patrons during construction to help minimize the construction's inconvenience of the property's visitors.

The Cosmopolitan will connect with CityCenter on the second floor with a pedestrian bridge over Harmon Avenue.

"It is not encroaching on our design," Cosmopolitan Chief Operating Officer Audrey Oswell said. "We were able to achieve the design we were looking for and build the amenities into the project we wanted to with the footprint that we have."

Two 600-foot tower will contain the 3,000 condominium-hotel rooms. The property is also scheduled to have a 75,000-square-foot casino, 150,000 square feet of convention space, as well as restaurants, shops and a 50,000-square-foot spa.

Eichner secured $415 million in construction financing in January 2006 from Deutsche Bank to help complete the project's underground elements.

Reservations on the condominiums began early 2005 with some reservations converted into hard sales that April. Eichner said the 2,000 condominium units are 90 percent sold with a total sales volume of $1.9 billion.

Grand Hyatt will manage the condominium rental program while the Hyatt Corp. will manage convention space. Oswell said the property is already booking convention reservations from group businesses for 2010.

Cosmopolitan will manage the hotel and casino.

Eichner said proximity to Bellagio, Project CityCenter and the redeveloped Planet Hollywood Hotel across Las Vegas Boulevard South, will only add value to his property on the northwest corner of Harmon Avenue and the Strip.

"I think it is safe to say when construction is completed, it is going to be 'the corner' in Las Vegas," Eichner said. "I think the Strip-centric architecture and program is unique."

The Cosmopolitan originally broke ground in October 2005. Perini Building Co. has spent the past 12 months excavating 60 feet down, described by a Cosmopolitan spokeswoman as "one of the deepest digs in Las Vegas history," and removing 800,000 cubic yards of dirt to make room for a four-level parking structure and foundation for the project.

The concrete and bolts lining the pit is the structural framework for a 4,000-space underground parking garage and casino and shops that will front the Strip.

Mike McLean, vice president of field operations for Perini, said working on the 330,000-square-foot construction site is only part of the most complex and challenging site he has encountered.

"I've been involved with this project for three years," McLean said. "The site is an unique issue in this market in general. Fortunately, we only have to go through Bruce (Eichner) for a decision. He is very hands-on."

The construction company is also building the neighboring Project CityCenter, making logistics such as a construction staging area and in-and-out access easier, McLean said. A development group led by David Friedman, a former executive at The Venetian, bought the site for $90 million three years ago this month. Friedman brought Eichner and the Hyatt to the project but resigned his role as company president in December 2005.

Oswell, a former Atlantic City casino executive, joined the project as chief operating officer in June 2006. Oswell is the former chief operating officer of Resorts Atlantic City, and the former president and chief operating officer of Caesars Atlantic City.

[mdiederi]

[B]The huge hole additionally entailed pumping out 100,000 gallons of water daily.
Is that something they will have to do all the time or just during digging? You can see some seeping water in some of the pictures.

[Superfish]

Beats me, but for a pit this deep I assume they must have have permanent pumps installed in order to deal with flooding risks. As for pumping out water continuously , one must figure out where this water is coming from.

I assume it must be runoff water for irrigation through the valley. Mandalay Bay famously had a problem back then with the hotel sinking during construction, I read in the paper it was because of a "shallow aquifer" from irrigation runoff.

The original, natural aquifers that gave Vegas the nickname "the Meadows" were long ago drained pretty deep down by numerous early ranches sinking wells.

[mdiederi]

Forgot to post these model shots.

http://img.photobucket.com/albums/v120/mdiederi/buildings/renders/2cosmo.jpg

http://img.photobucket.com/albums/v120/mdiederi/buildings/renders/business.jpg

[-Corey-]

NICE

[FastFerrari]

Cities riding the highrise boom...CHICAGO...NYC....MIAMI....LAS VAGAS...AUSTIN...whos next....o yeah this is one nice building....but they have some catching up to do against Trump...CityCenter...and many others busy in the game out in Vegas.

[philip]

Yes, I can imagine quite well that this shopping mall being empty. In fact, there is a shopping mall in downtown Columbus, OH that looks just like this mall, the interior looks identical. And the last time I went there it was virtually empty and half of the stores were closed.

http://img.photobucket.com/albums/v120/mdiederi/buildings/Cosmopolitan/Cosmo4.jpg

http://img.photobucket.com/albums/v120/mdiederi/buildings/Cosmopolitan/Cosmo3.jpg

[Sentient Seas]

Nice design. Looks very sleek.

[-Corey-]

Yes, I can imagine quite well that this shopping mall being empty. In fact, there is a shopping mall in downtown Columbus, OH that looks just like this mall, the interior looks identical. And the last time I went there it was virtually empty and half of the stores were closed.

http://img.photobucket.com/albums/v120/mdiederi/buildings/Cosmopolitan/Cosmo4.jpg

http://img.photobucket.com/albums/v120/mdiederi/buildings/Cosmopolitan/Cosmo3.jpg

But this is in Las Vegas,

[Ginza]

Great towers I specially like the facade

[CrazyAboutCities]

I just looked at the plan... I saw "Adult Playground" Does it mean for adults to having sex on the rooftop or what?

[mdiederi]

I saw that too and am a little curious as to what that means. Several other resorts in town have topless swimming pools, so maybe they're joining that craze. :)

[CrazyAboutCities]

Yeah. I kept forgeting that Las Vegas is very sexually city. :nuts:

[-Corey-]

I just looked at the plan... I saw "Adult Playground" Does it mean for adults to having sex on the rooftop or what?

haha i dont know, but who knows, but i wouldnt have sex there,, omg

[CrazyAboutCities]

haha i dont know, but who knows, but i wouldnt have sex there,, omg

Haha! If you go there... You might change your mind! :lol:

[mdiederi]

Here are some of those first few steel beams.
http://img.photobucket.com/albums/v120/mdiederi/buildings/Cosmopolitan/cos-1.jpg

[-Corey-]

Haha! If you go there... You might change your mind! :lol:

if they're hoy yeah why not hehe,

[Sentient Seas]

I just looked at the plan... I saw "Adult Playground" Does it mean for adults to having sex on the rooftop or what?

Haha... that would be funny. :lol:

[CrazyAboutCities]

if they're hoy yeah why not hehe,

Hoy? Interesting new vocabulary to definate people as "hot" :lol:

[soup or man]

^ Definate hm?

[mdiederi]

Finally got their first tower crane erected (the green one).

http://img.photobucket.com/albums/v120/mdiederi/buildings/Cosmopolitan/cos1.jpg

http://img.photobucket.com/albums/v120/mdiederi/buildings/Cosmopolitan/Cosmo.jpg

http://img.photobucket.com/albums/v120/mdiederi/buildings/Cosmopolitan/cos2.jpg

[CrazyAboutCities]

WOW! It looks like Las Vegas is sooo busy with crazy constructions going on lately... Thanks for the pictures! :cheers:

[mdiederi]

http://img.photobucket.com/albums/v120/mdiederi/buildings/Cosmopolitan/Cos1.jpg

Assembling a crane for the east tower.
http://img.photobucket.com/albums/v120/mdiederi/buildings/Cosmopolitan/IMGP1746.jpg

[CrazyAboutCities]

^^ I am not really familar with that resort at the last picture... I haven't been to Las Vegas since April 2000... I know I need go back soon.

By the way, thanks for the pictures! :)

[Superfish]

That's the marriott grand chateau. 2000? That's the stone age in Vegas years.

To give you an immediate overview of how much has been built to past few years, I present this excellent annotated aerial photo of the Strip skyline by vegastodayandtomorrow. The stuff in yellow is new.

http://img257.imageshack.us/img257/1319/growthsince2003qk9.jpg (http://imageshack.us)

[AltiusAltiusAltius]

How about the Majestic complex incl. Waldorf=Astoria Las Vegas?? Any news?

[Superfish]

Getting off topic but no, Majestic is still an empty lot. They removed the old La Concha building for historical preservation but that's all that has happened.

If you want to talk more general vegas development stuff apart from these specific project threads, join us in the main Vegas thread (in my sig).

[giovani kun]

yes indeed Vegas..what can i say..is no more than ...I'm waiting for the approval of the super-tower...:bash: it looks that the hight is a problem in Vegas to...:ohno: ..i don't like restrictions of hight...I don't see them usefull ...and Vegas..i don't think it needs restrictions of hight...nor any beg city..:ohno:

[Ralphkke]

Looks very modern, i like it.

[mdiederi]

Here you can the steel is already half the height of the Jockey Club.
http://img.photobucket.com/albums/v120/mdiederi/buildings/Cosmopolitan/cos1-1.jpg

Beach tower crane.
http://img.photobucket.com/albums/v120/mdiederi/buildings/Cosmopolitan/cos-2.jpg

[-Corey-]

is that a new hoteL??

[VikkyD]

really like this one!!! the street level is fantastic!

Las vegas is becoming so luxurious! I hope it doesn't change too much! we need more fake pyramids, eiffel tower, giant boats!! WHERE is all the camp going!?

[CrazyAboutCities]

WTF? What happened to that Addlin Hotel? I was t here when it got built and just opened. Its was really beautiful and now its looking ugly and cheap Wal-Mart style hotel resort. What is the hell going on?

[LosAngelesMetroBoy]

aladdin turned into the planet hollywood resort. Im pissed, it was nice when it was the aladdin but now its just bleh.

[CrazyAboutCities]

^^ Ugh! Did Addlin went out of business or what?

[arturo]

hopefully this sets a new standard as far as buildings interacting with the streets. the problem with too many of vegas' buildings is that thy are uninviting from street-level...hopefull this changes things.

[cosmo2k9]

Hi everyone,

Just received the Cosmo newsletter for May 2007

In it they reveal the glass facade for the 100 foot podium:

Nice Piece Of Glass

A 14,000-mile trip, just to look at some glass? Not just any glass of course. Attention to detail and the absolute finest materials are what discerning individuals like you demand in a residence. That's why Ian Bruce Eichner led a group from Perini Building Company (General Contractor for The Cosmopolitan) on a trip to Shenzen, China to examine the prototype of The Cosmopolitan's glass facade. Everyone was thrilled with the result. Customized to our exacting standards by Far East Glass, the facade is sleek, modern and striking. The dramatic contours of the glass have never been seen before in Las Vegas. Veering out and over the Strip, it acts as a translucent canopy. Innovative. Thought-provoking. Utterly unique.

http://img160.imageshack.us/img160/825/cosmonewsletterversion2qy7.th.gif (http://img160.imageshack.us/my.php?image=cosmonewsletterversion2qy7.gif)

Cheers,
Kevin L. :cheers:

[mdiederi]

Thanks for posting that cosmo2k9.

The glass itself doesn't look very unique, but the angles of the framing are certainly different.

[cosmo2k9]

http://i4.tinypic.com/4yjam15.gif
http://i4.tinypic.com/6f0gbc2.gif
http://i8.tinypic.com/63hfwqb.gif
http://i10.tinypic.com/6h8cc2g.gif
http://i1.tinypic.com/6bbbk1w.gif
http://i4.tinypic.com/52zb0bb.gif
http://i6.tinypic.com/67z3gc8.gif
http://i5.tinypic.com/5y81v69.gif
http://i10.tinypic.com/5zfz0k1.gif
http://i1.tinypic.com/4tung5l.gif
http://i1.tinypic.com/52kr2g7.gif
http://i2.tinypic.com/67qw0ly.gif
http://i10.tinypic.com/6evy0z9.gif
http://i1.tinypic.com/6b8vuyh.gif
http://i9.tinypic.com/68ctp3d.gif

Cheers,
Kevin L. :bowtie:

[Taylorhoge]

I think the Cosmo looks great althought it doestn go with the bellagio it still has a great design to it.

[VikkyD]

that glass looks FANTASTIC, excellent and unique deign, can't wait to see it happen!

[CrazyAboutCities]

FABULOUS!!!!!! Can't wait to see this awesome project to get built! :cheers:

[mdiederi]

http://img.photobucket.com/albums/v120/mdiederi/buildings/Cosmopolitan/Cosmo2-2.jpg

[_zner_]

very cosmopolitan! haha

[Powerman]

Vegas Rocks!!! It is one of the "small" Global Citys like San Francisco, Amsterdam or Frankfurt, YEAH!

[yramsin]

How can i get or see more photos from Cosmo construction(this page only goes to May 2007.
Thank you

[mdiederi]

How can i get or see more photos from Cosmo construction(this page only goes to May 2007.
Thank you
The thread started in April.

Here's a new one from this morning.
http://img.photobucket.com/albums/v120/mdiederi/buildings/Cosmopolitan/Cosmo1-3.jpg

[Superfish]

It tooks ages for it get get above the pit but now it's humming away just like CityCenter next to it.

I heard swimmers at the nearby Jockey Club pool get a rather up and personal view of the action, with steel beams going up only tens of feet away.

[mdiederi]

Here's the core for the east tower. I think they call it the Beach tower.

http://img.photobucket.com/albums/v120/mdiederi/buildings/Cosmopolitan/Cosmo3-1.jpg

http://img.photobucket.com/albums/v120/mdiederi/buildings/Cosmopolitan/Cosmo5-1.jpg

http://img.photobucket.com/albums/v120/mdiederi/buildings/Cosmopolitan/Cosmo4-1.jpg

http://img.photobucket.com/albums/v120/mdiederi/buildings/Cosmopolitan/Cosmo2-3.jpg

[cosmo2k9]

Thank you for the update Mark!

I'm imagining when the podium section of the Cosmo is complete it may very well be the tallest one on the Strip perhaps rivaled by only the Fontainebleau!

I was wondering if you will be starting a Planet Hollywood / Westgate Towers thread soon or if one already exists?

Cheers,
Kevin
:cheers:

[yramsin]

Thank you so much for awesome photos and great effort.
Ramsin.

[mdiederi]

Assembling a giant crawler crane.
http://img.photobucket.com/albums/v120/mdiederi/buildings/Cosmopolitan/Cosmo-1.jpg

[Alweron]

Geez. I love the base. So massive and rich-looking not to mention the interior. I'm speechless.

[mdiederi]

http://img.photobucket.com/albums/v120/mdiederi/buildings/Cosmopolitan/Cosmo2-4.jpg

http://img.photobucket.com/albums/v120/mdiederi/buildings/Cosmopolitan/Cosmo3-2.jpg

http://img.photobucket.com/albums/v120/mdiederi/buildings/Cosmopolitan/Cosmo1-4.jpg

http://img.photobucket.com/albums/v120/mdiederi/buildings/Cosmopolitan/CosmoPipe.jpg

[mdiederi]

3,000 caissons, 100 feet deep according to this story in the press today.
http://inbusinesslasvegas.com/2007/07/13/feature1.html

[Superfish]

Yet another mention of those mysterious underground rivers. So that's what those pumps were for from that article a while back.

You said you saw another river under the Hilton too right?

I still don't think these rivers are natural, it's way too shallow. It's gotta be irrigation runoff from all those homes in the west side.

Aside from Palazzo and Cosmo I don't see any other deep underground garages being built for others like Echelon and Fontainebleau. These two are indeed special.

Although the Ivana tower I do remember had an 8 story underground garage.

[-Corey-]

Updates! 07/15/07
http://www.vegastodayandtomorrow.com/images/Cosmopolitan%20construction%20070715.jpg
http://www.vegastodayandtomorrow.com/images/Cosmopolitan%20construction%20070715a.jpg

[-Corey-]

we're gonna have a cosmopolitan tower too :banana:
http://i24.photobucket.com/albums/c24/SDfan12/Cosmopolitan.jpg

[romanamerican]

the street view is beautiful. hope it goes up fast.

[-Corey-]

Is Planet Hollywood a new tower???

[mdiederi]

^^ They're building some new condo towers behind Planet Hollywood hotel. The hotel is the former Aladdin. They're just changing the facade.

[-Corey-]

Oh, thanx:D ^^

[yramsin]

Hi people please ,please ,please provide more photos from COSMOPOLITAN,
THank you.

[Expressly]

awsome!!!

[Ho-Dog]

Can't wait till the facade starts to appear, its going to be a great project.

[Chicagophotoshop]

this is my dream home

[mdiederi]

http://img.photobucket.com/albums/v120/mdiederi/buildings/Cosmopolitan/Cos5.jpg

http://img.photobucket.com/albums/v120/mdiederi/buildings/Cosmopolitan/cos4.jpg

http://img.photobucket.com/albums/v120/mdiederi/buildings/Cosmopolitan/cos3.jpg

http://img.photobucket.com/albums/v120/mdiederi/buildings/Cosmopolitan/cos2-1.jpg

http://img.photobucket.com/albums/v120/mdiederi/buildings/Cosmopolitan/cos1-2.jpg

http://img.photobucket.com/albums/v120/mdiederi/buildings/Cosmopolitan/cos-3.jpg

:cheers:

[xXFallenXx]

im going back in april. any ideas on how tall it will be by then?

[cosmo2k9]

Many thanks for the pictures Mr. Diederichsen!

Cheers
:cheers:

[yramsin]

anyone has new photos or information on Cosmopolitan?

[yramsin]

i heard cosmo will finish by end of 2009 and it will cost 3 Billion.Do you think he will make that money by selling units.

[WonderlandPark]

Thx for the photos, look at those main support columns, WOW those are thick suckers.

[CrazyAboutCities]

I will be in Las Vegas next week and going to stay at Bellagio. I will take pictures of this construction sites from there just for you guys! :)

[mdiederi]

Great! Please post them. I don't get down there as often anymore.

[CrazyAboutCities]

^^ Will do that! :)

[mdiederi]

http://img.photobucket.com/albums/v120/mdiederi/buildings/Cosmopolitan/CosmoWelding.jpg

[yramsin]

thank you for the photo.

[cosmo2k9]

Some updated information at the Hyatt website and if you sign up for their interest list they will send you a free $10 giftcard for Starbucks coffee.

http://grandlasvegas.hyatt.com/hyatt/hotels/index.jsp

Cheers for the free!

:cheers:

[Superfish]

Cosmopolitan on Nov 3.
Jockey Club entirely covered up.

http://i4.tinypic.com/7x8g18o.jpg

[FastFerrari]

Whoa work seem to go by fast in Vegas. Helps the weather isnt crazy either. Nice pics keep it up guys.

[-Corey-]

Everything is going fast in Vegas.

[DrT]

Me luuuuves the big steel. Nice pics.

[mdiederi]

http://klas-tv.com/Global/story.asp?S=7414998
I missed the news Tuesday, but there was a fatal construction accident at Cosmo, a welder fell 50 feet attached to a beam that gave way. That's the first at Cosmo, and the 5th Perini worker killed this year.

[Superfish]

Yikes, sometimes I do wonder about the construction pace around those projects.

Also strangely enough, most of the actual deaths around the sites have been due to falls.

Yet looking at more serious incidents, Turnberry, with the Fontainebleau's garage collapse of several floors a while back as well as the floor collapse all the way back on the Turnberry Tower 1, no one died at either.

On the same day of the Cosmo death, worker fell 15ft at Fontainebleau and only had some treatment for back pain.

[mdiederi]

http://img.photobucket.com/albums/v120/mdiederi/buildings/Cosmopolitan/cosmo2-5.jpg

http://img.photobucket.com/albums/v120/mdiederi/buildings/Cosmopolitan/cosmo3-3.jpg

http://img.photobucket.com/albums/v120/mdiederi/buildings/Cosmopolitan/cosmo1-5.jpg

[mdiederi]

Second fatal accident on the site.
http://klas-tv.com/Global/story.asp?S=7627617

[mdiederi]

:shocked:

!!FORECLOSURE!!

http://news.google.com/news/url?sa=t&ct=us/0-0&fp=478e5de3191802a8&ei=z-yOR7mGHJ6arAOt1JT2CA&url=http%3A//online.wsj.com/article/SB120054012983095939.html%3Fmod%3Dgooglenews_wsj&cid=1126440571

Yesterday, Ian Bruce Eichner, the developer of a twin-tower casino resort in the heart of Las Vegas, defaulted on a $760 million loan from Deutsche Bank AG after he failed to get refinancing. The default on the loan supporting the $3 billion Cosmopolitan Resort Casino is a signal of trouble for Mr. Eichner, who gained notice during an earlier real-estate downturn in the early 1990s when he lost several projects in New York City.

...
Mr. Eichner yesterday received a notice of default on the $760 million loan, which came due Tuesday. He had failed to obtain refinancing to pay back the loan. The default triggered technical defaults on additional debt totaling $175 million.

Mr. Eichner may still succeed in finding new investors, something he has been struggling to do for weeks. Work is continuing on the 3,000-room casino and hotel, which is scheduled to open in late 2009, according to a spokesman for the casino. He said he didn't know whether it would be halted by the default action...



:ohno:

I wonder if MGM will bail them out?

[rossie1977]

thats a great shame, no doubt work will grind to a halt on Cosmopolitan in the next few days :ohno:

MGM don't seem to have any interest in the project, at least not yet http://www.lvrj.com/business/13860847.html

[zerokarma]

that sucks

[cosmo2k9]

Some good news:

Deutsche Bank to continue paying for casino construction: Perini

Jan 18 (Reuters) - Perini Building Co Inc, a unit of Perini Corp (PCR.N: Quote, Profile, Research), said Deutsche Bank will continue paying for the construction of Cosmopolitan Resort and Casino project in Las Vegas, Nevada, while the issues of loan default with the developer are being resolved.

The company's work at the Cosmopolitan will continue unaffected by the default notice, it added.

http://www.reuters.com/article/marketsNews/idUKWNAS700120080118?rpc=44

Cheers!

[mdiederi]

Okay, this gives Eichner a little time to figure out how to get out of the hole, but it doesn't look good. I think the bank continuing payments to Perini is just part of a legal clause where there is a "90 day cooling off period" before actual foreclosure proceedings start, and in fact, it will actually trigger default on an additional $175 million in debt on top of the $760 million construction loan, according to the Wall Street Journal. In an interview in the Las Vegas Reveiw Journal, Michael Sullivan, a finance professor at the University of Nevada, Las Vegas, said "it is in the lender's best interest to keep construction proceeding while the owner tries to find additional financing. ... But they can't afford to go too far with him either. ... You don't want to be throwing good money after bad". The loan is for $760 million but there's $1.4 billion left in construction costs to finish the building. To finish the project, what bank in the current jittery financial market is going to provide over $1.5 billion short-term financing to someone who is already in default?

This new generation of Strip resorts are some of the most expensive construction projects in U.S. history. Even with previous "most expensive" resorts in Vegas the Cosmo is more expensive than anything completed so far, including Bellagio, Venetian, Wynn or Palazzo. The Cosmo is much, much, MUCH more expensive than anything Eichner has ever done before. How did he get a construction loan that is now obviously much bigger than he was capable of servicing? What money was Eichner using to make the payments on this loan? He's never done anything even remotely as expensive as this project. And he does NOT have a good track record. In the early 1990's Eichner lost ownership of a couple of really big buildings in Manhattan to bank foreclosures.

I wouldn't be surprised if construction stops in three months, Eichner goes bankrupt and someone else swoops in and takes the entire project away from him. Eichner better have some really rich friends waiting in the wings, but I think they would have already joined his venture if he did, so I'm afraid it might be too late.

Luckily for the condo buyers who have put up some money, their money is supposed to still be in escrow, and should still be there, and they should be able to get that back if the whole thing goes belly-up.

Ultimately, I think it is a well designed project and will make lots of money when it finally gets finished, but the question now is, who's going to finish it?

[mdiederi]

Across the middle in this photo you can see some wood forms, which I think are the begining of the actual main tower above the podium. Hard to see in this photo but it curves like the render of the main tower. Need a better photo of it.
http://img.photobucket.com/albums/v120/mdiederi/buildings/Cosmopolitan/cosmo2-6.jpg


This is such a cool project that I'm starting to feel confident that they will find another equity partner to join them. All they need is someone with $450 million to put into it and the bank says that then they will finance the rest. Probably someone for from overseas will jump on it with the dollar so low.

[cosmo2k9]

I definitely crossing my fingers on this project to it's completion...

Who knows perhaps in a few short years the local news will run a segment on the Cosmopolitan and how it was the megaresort that almost didn't happen.


Thank you Mark!

:cheers:

[cosmo2k9]

As you may already know on January 16, The Cosmopolitan was sent a notice of default on a construction loan of $760 million with our lender, Deutsche Bank AG.

First of all, we want to assure you that your deposits are safe. Your deposits are in an account with a bank other than Deutsche Bank and the account is controlled by First American Title Company, the escrow agent. The deposits are not to be released except as provided in your Purchase and Sale Agreement. The Purchase and Sale Agreement currently serves as the escrow instructions for your transaction. Although we have been served notice of default on our construction loan, we have not defaulted on your Purchase and Sale Agreement. Our intent is for The Cosmopolitan team, or a successor entity, to perform all of the obligations of the Seller under your Purchase and Sale Agreement.

Even prior to receiving the default notice, The Cosmopolitan and its partners, Hyatt and Marathon had been working together to secure an equity infusion that would ensure our ability to secure permanent financing for the project. We are optimistic about concluding a deal in the very near future details of which will be forthcoming. It is also important to note that construction will not be interrupted as per an agreement between Deutsche Bank AG and Perini.

The Cosmopolitan is poised to become a special and unique entrant onto the Las Vegas Strip and we remain confident that you will be pleased with the ultimate direction the project takes. We are confident that the property will be fabulous!

The Cosmopolitan welcomes any additional questions you may have. Please feel free to call your sales associate for further information. We will keep you abreast of further developments.

Sincerely,
The Cosmopolitan

[skyscraperboy]

It is not a 'wow' design but simple and nice.

[yramsin]

Thank you for posting the note from Cosmompolitan.

[cosmo2k9]

Welcome yramsin!

Cheers!

[mdiederi]

http://img.photobucket.com/albums/v120/mdiederi/buildings/Cosmopolitan/cos1-3.jpg

[CrazyAboutCities]

^^ Did you took that picture from the Entrance pathway of Bellagio right?

[mdiederi]

Close, from the top of the garage near there.

[mdiederi]

COSMO SAVED!

http://www.lasvegassun.com/blogs/gaming/2008/feb/22/cosmo-dodges-foreclosure-hyatt-manage-hotel/

Eichner is out.
Global hedge fund, Marathon Asset Management, takes over.
Hyatt will manage the hotel and convention facilities.

[xXFallenXx]

:okay:

[VegasCharlie]

Great news!!! :cheers:

[cosmo2k9]

"Who knows perhaps in a few short years the local news will run a segment on the Cosmopolitan and how it was the megaresort that almost didn't happen."

I can see how they will start that news segment already!

Thank you Marathon & Hyatt!

:lol:

[Bori427]

It sure looks great!

[mdiederi]

http://img.photobucket.com/albums/v120/mdiederi/buildings/Cosmopolitan/Cosmo1-6.jpg

http://img.photobucket.com/albums/v120/mdiederi/buildings/Cosmopolitan/Cosmo2-7.jpg

[Jaz]

Cosmo is really engulfing the Jockey Club and CityCemter is going nutz

http://farm4.static.flickr.com/3245/2294525727_cc5839b357_b.jpg

[Jaz]

^^You can see Panorama tower 3 on the far right

[spicytimothy]

^^^ LOL it just sorta blends in from this angle, same cannot be said of the fugly jockey club timeshare. If ONLY they managed to tear it down :-(

btw are they gonna change the name to a Hyatt now?

[hoosier]

Wow, towers go up so quickly in Las Vegas!

[Jaz]

^^ That's because they don't stop a 5:00 p.m. They go thee shifts- 24/7

[Jaz]

Cosmopolitan is in trouble again.

http://online.wsj.com/article/SB120554452781938671.html?mod=googlenews_wsj

[zerokarma]

uh oh...

Are they still working on it?

[mdiederi]

Yeah, they're still working on it.

[cosmo2k9]

Looks like Related is back in town:

Related Joins Bidding On Ailing Vegas Project
By Alex Frangos and Tamara Audi

A team that includes New York developer Related Companies is making a bid to take over the unfinished and financially ailing Cosmopolitan Resort Casino on the Las Vegas Strip, according to people familiar with the matter.

Related, led by real-estate tycoon Stephen Ross, has teamed with Starwood Hotels and Resorts Worldwide Inc.'s W Hotel group and an unidentified casino operator to try to take over the $3.9 billion hotel-condominium and casino project. The project's lender, Deutsche Bank AG, started foreclosure proceedings this month against the developer, Ian Bruce Eichner, on a $760 million loan.

http://online.wsj.com/article/SB120613069739055703.html?mod=fpa_whatsnews

Cheers,
:cheers:

[mdiederi]

Interesting, seems like that might be a good fit.

[cosmo2k9]

Cosmopolitan developer expects investors to emerge
Mon Mar 24, 2008 6:59pm EDT

LOS ANGELES, March 24 (Reuters) - Deutsche Bank AG (DBKGn.DE: Quote, Profile, Research), the senior lender to the partially built Cosmopolitan Resort & Casino in Las Vegas, has commenced foreclosure proceedings, but the project's developer said he believes the project can be recapitalized.

"We view this action as a means for Deutsche Bank to expand their ability to engage a greater number of serious potential investors in The Cosmopolitan," Ian Bruce Eichner, chief executive of property developer 3700 Associates LLC, said in a statement on Monday.

The Cosmopolitan is located on the Las Vegas Strip between MGM Mirage's_(MGM.N: Quote, Profile, Research) Bellagio Resort and its $8 billion CityCenter project, which is slated to open in 2010.

Eichner said Deutsche Bank began foreclosure proceedings in order to protect its interest in the project, which he said is expected to completed on time in 2009.

"We remain optimistic there will be a successful resolution to the situation," Eichner said.

Deutsche Bank in mid-January delivered a notice of default on a $760 million construction loan for the condominium-hotel project, which has seen costs climb while the U.S. credit markets have collapsed.

General contractor Perini Building Co., a unit of Perini Corp (PCR.N: Quote, Profile, Research), reached an agreement in January under which the bank has continued to fund construction work.

Eichner said there are no plans to alter that agreement.

Deutsche Bank declined to comment on the status of talks with potential investors, including Global Hyatt Corp. and Marathon Asset Management, which have also loaned money to the project.

A spokesman for Marathon said on Monday that talks with Deutsche Bank are continuing. Hyatt officials did not return calls.

Meanwhile, the Wall Street Journal reported over the weekend that New York property developer Related Companies has teamed with hotel operator Starwood Hotels & Resorts Worldwide Inc's (HOT.N: Quote, Profile, Research) W Hotel group and an unidentified casino operator to try to take over the $3.9 billion Cosmopolitan project.

Related Companies declined to comment on the report. W Hotels spokeswoman Jenni Benzaquen said, "We don't have anything going on in Las Vegas right now." (Reporting by Deena Beasley, editing by Leslie Gevirtz)


http://www.reuters.com/article/marketsNews/idUKN2434563020080324?rpc=44

:cheers:

[igtrom10]

Any new developments with financing in the last month?

[mdiederi]

Cosmo balconies
http://img.photobucket.com/albums/v120/mdiederi/buildings/Cosmopolitan/cosba.jpg

[rukiddin]

Does anyone know where the model for the Cosmopolitan is on display now? I bought a unit and never saw the model. Someone must have it.

Thanks for the updated photos.. nice to see some glass finally being installed on the building.

Mike

[smp7032b]

I am also one of the people (fools) who brought in 2005. Is there any web site to organize any of the owners? to get some answers?

[Msradell]

I am also one of the people (fools) who brought in 2005. Is there any web site to organize any of the owners? to get some answers?

I wouldn't say you were a fool! The project will be completed and actually your investment may be worth more when all is said and done. I agree people who bought in early deserve some answers but overall I don't feel your investment is at risk.

[smp7032b]

anyone heard anything more on the future of this project.

Thanks

[rossie1977]

this project is moving along at approx one floor per week

this is a shot of construction on February 26th http://www.vegastodayandtomorrow.com/images/cosmopolitan%20080305.jpg

now a shot of construction on May 6th http://www.vegastodayandtomorrow.com/images/cosmopolitan-080506.jpg

by the looks of things they are working on the 17th floor of the beach tower and the 19th floor of the main tower

[rossie1977]

anyone heard anything more on the future of this project.

Thanks

it seems Deutsche Bank are going to take control of the project

http://online.wsj.com/article/SB121029701281679533.html?mod=googlenews_wsj

[smp7032b]

thanks for the wsj article.

I talked to the cosmo friday. They said that they had no idea who was going to own the casino. the bank is continuing to fund the construction. And they are going at 1 floor per week on the structural side. the interiors will be finished around 1/2010. The hotel contract with hyatt is still valid at this point. anyone have 3 billion to spend?

[rossie1977]

working on the 20th floor of the Beach tower

http://i30.tinypic.com/6gio3k.jpg
http://www.flickr.com/photos/brucenmarshipics/2520128600

[xXFallenXx]

^ looks great.
Thanks for all the work you've done rossie1977. :cheers:

[cosmo2k9]

http://www.lasvegassun.com/blogs/gaming/2008/may/28/robin-leach-reporting-sale-cosmopolitan/

By Liz Benston · May 28, 2008 · 7:28 PM

Since last year, New York development giant Related Cos. has been angling to take over the under-construction Cosmopolitan resort and casino, whose primary lender, Deutsche Bank, has begun foreclosure proceedings on the property.

Robin Leach, who purchased a unit at the Cosmopolitan, is reporting in a blog to be posted Thursday morning on the Las Vegas Weekly Web site, that Related boss Steve Ross has agreed to purchase the Cosmopolitan.

The Sun could not confirm that report. What is clear, however, is that Related — which developed the World Market Center in Las Vegas and the Time Warner Center in New York, among other high end commercial complexes nationwide — appears to be the forerunner among potential buyers.

The resort became a victim of the mortgage meltdown when Deutsche Bank sought more equity from developer Ian Bruce Eichner, who has since exited the $3.8 billion project.

Construction has continued under Deutsche Bank’s ownership and Related officials remain in discussions about a purchase.

Related has linked up with the Starwood hotel giant on a Cosmopolitan bid and wants to brand it a W hotel. It hasn’t been the only potential buyer to tour the site.

At one point, the likely buyer appeared to be hedge fund Marathon Asset Management, in partnership with Global Hyatt.

Besides taking on a project of this magnitude and a debt load of at least $1 billion, the winning bidder has another major hurdle to jump. Banks want assurance that buyers will be able to round up experienced operators who will be able to get licensed by Nevada gaming authorities.

It’s unclear who Related and Starwood would have in mind for this role. Also unclear is whether Related simply wants to manage the hotel as a developer or whether it wants to fork over the cash necessary to buy it outright.

[cosmo2k9]

http://www.lasvegasweekly.com/blogs/luxe-life/2008/may/29/--rocks-cosmopolitan-focus-sale-chatter/

The Cosmopolitan, shown under construction in 2006, is said to become the W Hotel.

In a strong vote of confidence about the future of condo-hotels on the Strip, it is believed the troubled Cosmopolitan project adjacent to MGM's City Center is to be sold to New York-headquartered Related Companies. I've been told by highly reliable sources that a chic W Hotel will replace the plans there for a Grand Hyatt Hotel-managed facility.

Miami and New York real estate developer Bruce Eichner apparently relinquished control of the building, which is now under construction, to Wall Street's Deutscher Bank when he was unable to secure an additional $400 million equity-loan investment.

Now Luxe Life has been informed exclusively that tycoon Steve Ross, who owns Time Warner Center and Related Companies, has apparently agreed to purchase the Cosmopolitan project -- and partner with the Los Angeles-based partnership that originally planned the initial W Hotel project for Harmon Avenue that also fell victim to the current poor economic climate.

I'm told that Grimaldi's Pizza will be the only retailer kept from the original Cosmopolitan stores and restaurant lineup, and that old deals with all the other potential stores will be renogotiated or ended.

Construction on the hotel towers has continued since Deutscher took over by paying the builder directly -- and plans now call for the W Hotel to open there by fall of 2010.

The Related Company owned by Ross also owns an independent Related subsidiary, which partnered with Centra Properties of Las Vegas and investors George Clooney, Rande Gerber and Brad Pitt for the Las Ramblas resort casino complex on Harmon that also was canceled.

No financial details concerning the Related & Cosmopolitan transaction have been revealed yet.

In another surprising real estate development, I have also learned that Pure Management Group, the subject of an ongoing IRS investigation at its Pure (Caesars Palace) and LAX (Luxor) nightclubs, has purchased its first off-Strip property -- at the expensive, luxurious Queensridge development in Summerlin. Reliable sources have told me that PMG plans to put a 3,000-square-foot outdoor deck to good use as part of a new martini lounge bar and casual restaurant, similar to the new Blue Martini at Town Square.

Luxe Life will continue to monitor this developing stories.

[smp7032b]

I cannot get any info from the cosmo people. What happens to the purchase contracts?

[lvpanerai]

I dont think it sucks to be an owner. If anything, in the long run, i think if the cosmo turns into a W Hotel, that will be great news.
Id really like to know what happens with the rental agreements though and our purchase contracts.

[fishordie]

I dont think it sucks to be an owner. If anything, in the long run, i think if the cosmo turns into a W Hotel, that will be great news.
Id really like to know what happens with the rental agreements though and our purchase contracts.

I agree, going from Cosmo and Eichner to Related and W makes this already great project even more of a winner. If any of the hotel/condo's have a chance to keep their unit owners from going upside down upon closing of escrow it will be this one. I cannot say that about any of the other condo/hotel projects being built or just completed in Vegas.

I own numerous units in the Cosmo Project. I for one refused to sign those one sided rental agreements. For those of you who did sign I would try and get out of them. If you read all the wording you will find it is possible, once you have signed up for the program, to NEVER have access to your own unit. During peak dates those units will be rented for years to come and you will be put into a lottery for a few hotel owned units. You will only have 30 days for advance notice to use your own facility. Forget weekends, holidays, convention days, etc. More importantly, you will only receive around 40 percent of the proceeds once you factor in you having to pay all insurance, replacement of broken items if the management cannot recover from the rentor, the free nights the management gets to use at their discression and I would assume these free nights would be at The highest demand periods including New Years eve for which you will receive not one dime. Just as importantly, the management has the right to prebook your unit for years to come at peak or desired times. Once it comes time to sell your unit the new buyers will have to abide by and not have use for any prebooked dates. To me this would greatly devalue your property should you decide to sell.

I believe owners at the Cosmo will get a second chance to resign or not the rental agreements should Related or the W handle the management portion of the hotel. Because the agreements were with Hyatt I assume they will be void. I am not a Lawyer so if there is any question I would suggest you get legal council.

I have been trying to keep folks from signing on the dotted line to these obvious rip offs of hotel management of your units. Trump owners and now Real Estate agents are finally realizing what they got their clients into and the agents are now finally telling folks to get out of the deal if they can. Trump is a nightmare for those buyers who will be upside down the moment they close escrow..... If they close escrow and they are also discovering the fee splits are so one sided they will never recoup their monthly costs.

I will be opening up a full service mangement company and there are a few others in Vegas who can operate your units at a fraction of the cost. My company will offer everything from tickets to all shows, VIP access to all clubs, etc. but we will not be opening until the end of the year. There will be very few restrictions on when you can use your own unit and the fee split will be in favor of the unit owners. Make sure you read and understand any agreements with any of the rental/leasing companies out there making sure the fine lines do not prohibit your enjoyment and use of the property. If you do not fully understand the verbiage get legal advise before signing. You folks who signed with Hyatt are getting a second chance... Make sure you make the right decision.

The same will apply to those who purchased at City Center or other hotel/condo projects. Make sure you read your contracts and if you dont like what you signed send in your cancellation letter ASAP. Hopefully management will not already have leased out all the good dates on your unit.

I would love someone to open up a web site for Cosmo or other Condo hotel owners. It would actually empower the people. I might just have to do it myself.

Best of luck to all who purchased Condo/hotel units during the frenzy of 005/006.

FOD

[lvpanerai]

great post Fish.

funny you should mention about starting a website for condo/hotel owners. i am in the process of getting a site put with a discussion forum for unit owners. A lot of us, including myself, are pretty clueless and feel alone. Lets not get taken advantage of....

[fishordie]

great post Fish.

funny you should mention about starting a website for condo/hotel owners. i am in the process of getting a site put with a discussion forum for unit owners. A lot of us, including myself, are pretty clueless and feel alone. Lets not get taken advantage of....

Right on LV,

Let me know when you get that thing up and running. I have read and made sure I understood all the ramifications of these rental agreements both at Cosmo and a few other projects. I actually was able to get some changes to the original rental agreement but not enough to get me to sign. Each ensuing
projects rental agreement has become more and more unfair to the unit owners. The draft I saw from City Center really blew my mind as to how audacious it was especially in regards to the number of Hotel free use days. I believe it was 7 free use days at their disgression.

Anyway, let me know

FOD

[smp7032b]

Should we not be able to get a list of owners for the condo association?

[Cosmopolitan]

Me! It's my tower ^_^

j/k :lol:

[DrT]

Great info.
The deal is, you put up the invesment money and the management company makes the profits. Yes, you buy the hotel, and we'll run it for you.;)

[Hondureñesco]

Nice, I like it

[hammmmer26]

i heard there is some kind of a strike and they stopped construction anyone hear anything?

[mdiederi]

Yeah, it was part of the CityCenter strike next door which has the same contractor, Perini. Too many fatal accidents, striking for safer working conditions. They're back to work today.

[rossie1977]

a screenshot of cosmos beach tower taken less than 5 minutes ago from polo towers webcam

http://i30.tinypic.com/sqqr2e.jpg

[lvpanerai]

Right on LV,

Let me know when you get that thing up and running. I have read and made sure I understood all the ramifications of these rental agreements both at Cosmo and a few other projects. I actually was able to get some changes to the original rental agreement but not enough to get me to sign. Each ensuing
projects rental agreement has become more and more unfair to the unit owners. The draft I saw from City Center really blew my mind as to how audacious it was especially in regards to the number of Hotel free use days. I believe it was 7 free use days at their disgression.

Anyway, let me know

FOD


will do, hopefully it wont take too long. we as owners need to band together if possible. would be nice to be able to get contact info on all the buyers so that we could all communicate.

[hammmmer26]

any news on the sale of the building?

[fishordie]

any news on the sale of the building?


We should hear some news shortly after the foreclosure which I believe is July 7. Rumors have it as a done deal but to me I have not heard the fat lady sing though she seems to be warming up her pipes. This would be the ultimate aquisition for Related and W. I have even heard rumblings the Rental agreements will be more equitable but that remains to be seen. Watching the travesty at Trump I think L.V. Condo/Hotel developers are getting a good dose of their own medicine and it does not taste very good. The management can make very good money and allow the unit owners to make good monies as well. There should be plenty here for everyone as long as Greed does not continue to play a part. Luckily for us, the economy may make honest folks out of the developers and management. I am keeping my finger in most all of the projects to see how it unfolds.

FOD

[BarbaricManchurian]

New construction pics, from VTaT:

http://www.vegastodayandtomorrow.com/images/cosmopolitan_vegas_080612d.jpg

http://www.vegastodayandtomorrow.com/images/cosmopolitan_vegas_080612b.jpg

http://www.vegastodayandtomorrow.com/images/cosmopolitan_vegas_080612a.jpg

http://www.vegastodayandtomorrow.com/images/cosmopolitan_vegas_080612.jpg

I really like how the three projects' (CityCenter, Cosmopolitan, and Panorama Towers) exteriors all have the same style, so they all blend into one huge ultra-modern architecture zone. Quite nice, and much different from the kitsch architecture in most of Las Vegas' highrises.

[mac78130]

Cosmopolitan Las Vegas sued by The Hearst Corp. owner of Cosmopolitan magazine. Sounds ridiculous !!

http://www.lvrj.com/business/20625604.html

[weird]

Good pics

[hammmmer26]

anyone with any new info?

[BarbaricManchurian]

^^slowly but steadily rising, no funding problems since the last one though; it will probably be done by 2009/10.

[hammmmer26]

IS IT GONE BE THE W?

[BarbaricManchurian]

^^that's the current plan; but if they run into some more funding trouble the hotel brand may change.

[smp7032b]

Any news on the foreclosure?

Is there is construction going on?

[mdiederi]

Still building.

[Dubai Spacescraper]

edit..

[BarbaricManchurian]

^^all of those pics are of CityCenter, probably should repost them in that thread but the Harmon cladding looks great!, I love the different shades of glass.

[BarbaricManchurian]

New construction pics, progress seems quite fast:

http://i17.photobucket.com/albums/b96/fccDaniel/cosmopolitan080715b.jpg

I love how vdara looms in the background, it looks so Miami-style, beautiful.

http://i17.photobucket.com/albums/b96/fccDaniel/cosmopolitan080715.jpg

http://i17.photobucket.com/albums/b96/fccDaniel/cosmopolitan080715a.jpg

[ames]

Another beauty love Vegas.

[Msradell]

I bet the owners association for the Jockey Club condominiums are having second thoughts about not accepting a buyout offer. They're certainly not going to have any views (except of the Bellagio for now) and extremely limited access. The only advantage is they'll have indoor parking in the Cosmopolitan's garage. I know I certainly won't be trading to stay there anymore!

[smp7032b]

Anyone know the status of the foreclosure or hotel contact?


Thanks

[zepres]

Does anyone have a picture of the Cosmo Casino tower South side? I know you would have to be working at the site or at the City Center to have a good view of the South side.

Thanks

[BarbaricManchurian]

7.22 vegastodayandtomorrow.com

Southeast view

http://i17.photobucket.com/albums/b96/fccDaniel/cosmopolitan080722.jpg

[zepres]

Thanks Barb., appreciated it! though I was hoping for a direct Southern view of the Casino tower.

[BarbaricManchurian]

New Cosmopolitan pic:

http://i17.photobucket.com/albums/b96/fccDaniel/cosmopolitan20080729.jpg

[smp7032b]

Do you know where the owners stand. There are over a billion dollars in condos sold. I cannot get anything out of the cosmo people!

[fishordie]

Do you know where the owners stand. There are over a billion dollars in condos sold. I cannot get anything out of the cosmo people!

The owners monies are completely safe in an untouchable escrow account. I continue to check to make sure continually.

It appears as if the foreclosure sale is on the 14th but I do not believe anyone will step up to meet the debt burden Deutche has. There are ongoing, high level discussions and hopefully we will have some announcements soon after the sale. There are still NO definitive information given to the street about the future of this project but since so many other major developments have either been put on hold or halted altogether Cosmo may continue to be a project worth completing. Someone must think so as construction has not slowed down at all.

One of the big considerations, as we are seeing at Trump, is whomever ends up with the completed project that developer will be entitled to the sales revenue, currently over one billion dollars, upon obtaining a Certificate of Occupancy. As at Trump the only question then becomes how many unit owners, with 20% deposits will be able to actually qualify for loans or come up with larger cash deposits. Should they not be able to arrange for financing the developers will be entitled to the deposits.

The good news in this writers opinion is, unlike Trump which neither has the location or gambling potential, Cosmo is a much more desirable property with Location, Location, Location going for it thus, perhaps, the comps will be higher than for trump and owners will not lose 20 - 30% of the value upon close of escrow. Most all the big boys I have spoken to said even in todays market, Eichner sold the main tower and prime beach club tower units at too low a price. Good news for us owners not so good for the new developer.

Worst case for us buyers is we get our monies back and just walk away.

FOD

[mdiederi]

Does anyone have a picture of the Cosmo Casino tower South side? I know you would have to be working at the site or at the City Center to have a good view of the South side.

Thanks
You can kind of see it in this shot.

http://img.photobucket.com/albums/v120/mdiederi/buildings/citycenter/cc11-1.jpg

:cheers:

[BarbaricManchurian]

8.9 vegastodayandtomorrow.com

Beach Club Tower:

http://i17.photobucket.com/albums/b96/fccDaniel/cosmopolitan080809e.jpg

Casino and Spa Tower, the glass on the right actually does look a bit 'opressive':

http://i17.photobucket.com/albums/b96/fccDaniel/cosmopolitan080809d.jpg

The Jockey Club is dwarfed by the massive Cosmopolitan towers:

http://i17.photobucket.com/albums/b96/fccDaniel/cosmopolitan080809b.jpg

http://i17.photobucket.com/albums/b96/fccDaniel/cosmopolitan080809a.jpg

Strip-side podium:

http://i17.photobucket.com/albums/b96/fccDaniel/cosmopolitan080809c.jpg

[zepres]

Nice pic! Thanks! But what happened to my terace? in xx28 near hotel rooms?

[zepres]

My question was in ref to the pic posted by mdiederi .

[Gonzalo90uy]

Las Vegas..., always advancing!

[smp7032b]

Talked to the cosmo people today. Actually very pleasant and helpful. The manager said that they do not know who the buyer will be. Construction will continue, but the pace is unknown. The finishing date of the project is completely in the air. It depends on how long duesche bank will have to hold on to the project. The quicker it is sold the faster it will finish. Again the manager reminded me that the deposits are in a different bank and cannot be used to finance the defaulted loan. I was getting a little (alot) paranoid, because I could not reach anyone helpful over the last few months.

[cosmo2k9]

Thanks for the update smp! Perhaps a buyer will emerge by the end of this month. :cheers:

[VegasCharlie]

Couple of random Wednesday shots...

http://i170.photobucket.com/albums/u270/heyyoucharlie/DSCN0086.jpg

http://i170.photobucket.com/albums/u270/heyyoucharlie/DSCN0083.jpg

[mac78130]

I noticed the website only has an email address and a phone number now.

[smp7032b]

hmm... is this good or bad?

[Msradell]

I'd say it's probably bad. It could possibly mean that some of the items are not going to be completed at this time. Of course we already know that some of the items on the website were incorrect, such as who will manage the hotel. This could mean some other aspects are also going to change.

The website now just looks like a placeholder not really a website but the cost savings for this are so minimal compared to the project cost I can't believe that's the reason it was done.

[lvpanerai]

just some recent pictures, can be seen here

http://forums.suitewave.com/viewtopic.php?f=6&t=15

[Don Pacho]

just some recent pictures, can be seen here

http://forums.suitewave.com/viewtopic.php?f=6&t=15

You need to register in order to see anything. :ohno:

[mdiederi]

http://www.lasvegassun.com/news/2008/sep/04/buyout-keeps-cosmopolitan-play/

Cosmo sold for $1,000,000,000 to bank affiliate.

Perini has signed a “guaranteed maximum price contract” to complete construction.

Deutsche Bank named four companies to the resort’s development team Wednesday. They include New York-based real estate developer Related Cos., which has an equity stake in the Cosmopolitan and will oversee the project, and W.A. Richardson Builders, a gaming construction design firm in Las Vegas. Related built the World Market Center downtown. W.A. Richardson Builders is owned by Bill Richardson, a former executive with casino giant Mandalay Resort Group, which was bought by MGM Mirage in 2005.

The remaining two companies, design firm The Friedmutter Group of Las Vegas and architecture company Arquitectonica Corp. of Miami, were part of the original design team and will remain with the project under the new ownership.

Key roles have yet to be filled.

Deutsche Bank has yet to name a company to manage the hotel or the casino. The casino manager, which could be a separate company, would need a Nevada gaming license. That process can take up to a year, less time if a management company with a license is appointed in the interim.

Deutsche Bank is expected to negotiate such agreements in the coming weeks.

[Buster28]

Paragraph in article reads;

"Sales agents say the Cosmopolitan may benefit from timing. Although some buyers are expected to exit their contracts, typical for any project, the economy may turn by the time most buyers are able to close escrow, they say."

Question:
When they say "exit" their contracts, are they saying that because of the sale condo buyers can option out with refund of deposit?

[lvpanerai]

You need to register in order to see anything. :ohno:


sorry, set up the site for owners and want to keep the spam and lurkers to a minimum.

[fishordie]

I just got my copy of the letters being sent out to Cosmo unit owners confirming the information in the Sun News. Additionally they state the project is 50% completed on the exterior with the topping off expected to be at the end of the year. Escrows are slated to begin closing (I assume on the main building) 2cd quarter of 2010.
There was no hint of the property going hotel only. They also confirm there will be some exciting news in the next few weeks. Sure sounds like this thing is going to be completed. Hopefully Related Cos. means a chance of having the W branding to go with it. I sure hope that is the case but who the heck knows

FOD

[ruffus327]

Hello all: Has anyone attempted to have their deposit refunded? Sadly, I do not expect to be able to close on this property at my contract price. http://www.skyscrapercity.com/images/smilies/shake.gif

[cosmo2k9]

Hey everyone,

Received a letter from The Cosmopolitan this week and it reads:

September 3rd, 2008


RE: Cosmopolitan Unit #XXXX

Dear Cosmo Owner,

We are pleased to let you know that construction on The Cosmopolitan Resort & Casino is continuing and making significant progress. The Cosmopolitan's new owner is Nevada Property 1 LLC, an affiliate of Deutsche Bank, one of the world's largest banks and the project's principal financing source since construction commenced. Important members of The Cosmopolitan team that will also continue with the project are general contractor Perini Construction Corporation, executive architect The Friedmutter Group and design architect Arquitectonica. Furthermore, W.A. Richardson Builders and Related Companies, a national real estate developer with a 35-year track record with world-renowned projects including the Time Warner Center in New York City and the successful World Market Center in Las Vegas, have been added to bring their expertise and energy to this first-class lifestyle-based casino casino and residential project.

To date, 50 percent of the exterior construction has been built, and in December 2008 we expect to celebrate the "topping off" - the completion of the top floors of both towers including our penthouses. We anticipate unit closings to begin by second quarter 2010.

We are fully committed to the completion of The Cosmopolitan and will continue to update you on the progress of the project throughout the upcoming months. In the meantime, if you have any questions, please feel free to call us at 702.215.5500.

The Cosmopolitan Resort & Casino will be an exciting and important new presence in the heart of the Las Vegas Strip, and we look forward to you being part of our community.

Very truly yours,
Ron Wackrow
Executive Vice President, Related Companies
Development Manager, The Cosmopolitan Resort & Casino

The Cosmopolitan Resort & Casino
4285 Polaris Avenue
Las Vegas, NV 89103

[Skyscrapers 2009]

From November 28, 2008.

http://farm4.static.flickr.com/3186/3088167472_0c1673e4e1_b.jpg

[BarbaricManchurian]

12.2 vegastodayandtomorrow.com

http://i17.photobucket.com/albums/b96/fccDaniel/cosmopolitan_081205d.jpg

Left tower is at 47 out of 53 floors and right tower is at 48 out of 61 floors.

[mac78130]

I thought cosmo towers were going to be 50 stories each. Topping out is planned by the end of this year, I don't think 10/11 floors can be built in a short time??

[BarbaricManchurian]

^^Probably the construction slowed because of the frequent ownership changes so as a result, top-out is delayed a little, and I am confident of the floor count, it's supposed to be about the same height as CityCenter where the tallest towers are 60 floors.

[cosmo2k9]

http://www.sixteenfifty.com/cosmopolitan/e/happy-holidays/

[mdiederi]

North face.

http://img.photobucket.com/albums/v120/mdiederi/Cos.jpg

[mdiederi]

Glass out front.

http://img.photobucket.com/albums/v120/mdiederi/Cosm.jpg

http://img.photobucket.com/albums/v120/mdiederi/cosmo.jpg

[mdiederi]

http://img.photobucket.com/albums/v120/mdiederi/buildings/Cosmopolitan/CosmoTowers.jpg

[HD]

impressive.


and scary

http://img.photobucket.com/albums/v120/mdiederi/Cos.jpg

[Msradell]

^^I agree, it is impressive and scary but there's one other thing it isn't. It isn't part of the Cosmopolitan which means it doesn't belong in this thread.

[mac78130]

^^I agree, it is impressive and scary but there's one other thing it isn't. It isn't part of the Cosmopolitan which means it doesn't belong in this thread.

I'm lost, what do you mean it's in the wrong thread? That picture is the Cosmopolitan Spa tower!

[Eric Offereins]

^^ Tower?? it looks like a huge wall. Impressive, but not my taste. :ohno:

[Msradell]

I'm lost, what do you mean it's in the wrong thread? That picture is the Cosmopolitan Spa tower!
Maybe it's the angle of the picture but it certainly looks like the building pictured has too much of an angle in it to be the Cosmopolitan Spa Tower and it also looks to wide. It just doesn't look like the right building.

[mac78130]

Maybe it's the angle of the picture but it certainly looks like the building pictured has too much of an angle in it to be the Cosmopolitan Spa Tower and it also looks to wide. It just doesn't look like the right building.

Older pic from flickr that is taken a little further back, hopefully you can see it's the spa tower.
Photo by five hundy (http://flickr.com/photos/fivehundy/3070120416/)

http://farm4.static.flickr.com/3064/3070120416_489163bcc9_o.jpg

[towerwizard]

the art is awesome. Keep 'em rising.
Vegas, New York and Hollywood-Cities that never sleep

[mac78130]

Just a little note, Cosmo Spa tower is topped out and is working on the crown. The beach tower is almost topped out as well.

[yramsin]

Anyone got news on this dream project.looks like no one is interested sincejAN 18th.

[smp7032b]

i think the project is dead in the water....unfortunately I purchase a piece of the "dream"

[jts2009]

Work has been continuing on the east tower. Work on the west tower restarted on Tuesday, 6/30. West tower will only be completed through the 30th floor.

[voice of reason]

Why are they only working up to the 30th floor on the West Tower?
Are they working on the insides of the East Tower units?
Thanks for any other info on Cosmo.

[VegasCharlie]

Last I heard (from a union employee who is working on site) they are going to finish all of the outside of both towers... Finish the casino (and open it) and "re-do" the interior because the new owners wanted to go with a completely different design the the other 47 owners...

The east tower "should" open when the "4 story/level" casino opens... But banquet rooms, other type of spaces will open at a much later date, along with the west tower...

[yramsin]

Thank you for the latest news,i also have a unit in the East tower,hope by the time they complete the project ,economy gets better as well.
Thanks again for the news.

[spicytimothy]

http://i780.photobucket.com/albums/yy86/hkpuipui99/IMG_2144.jpg

http://i780.photobucket.com/albums/yy86/hkpuipui99/IMG_2157.jpg

http://i780.photobucket.com/albums/yy86/hkpuipui99/IMG_2158.jpg

bonus:
http://i780.photobucket.com/albums/yy86/hkpuipui99/Vegas1.jpg

[spicytimothy]

http://i780.photobucket.com/albums/yy86/hkpuipui99/IMG_2196.jpg

[-Corey-]

I cant see your pictures ^^

[Imperfect Ending]

finally almost finished eh? :D

[yramsin]

Thank you for the photos

[mdiederi]

http://img.photobucket.com/albums/v120/mdiederi/buildings/citycenter/crane.jpg

http://img.photobucket.com/albums/v120/mdiederi/buildings/citycenter/cos.jpg

http://img.photobucket.com/albums/v120/mdiederi/buildings/citycenter/Cos2.jpg

http://img.photobucket.com/albums/v120/mdiederi/buildings/citycenter/smut1.jpg

http://img.photobucket.com/albums/v120/mdiederi/buildings/citycenter/cosar.jpg

[Msradell]

What is the status of this project? Is construction stopped or just slowed down significantly? It certainly doesn't look like much is going on from the pictures.

[Viperfreak2]

On my first trip to Vegas I asked a stupid question: Why don't any of the high-rise buildings in the center of the strip have balconies?

I'm glad to see this project has plenty!

[mac78130]

What is the status of this project? Is construction stopped or just slowed down significantly? It certainly doesn't look like much is going on from the pictures.

It's moving slowly.. Interior is under redesign. Supposed to open in the Fall 2010.

[brewers0048]

Anybody know what's going on with this project right now? Is the exterior completely finished?