MGM Mirage Increases Size of Project CityCenter
LAS VEGAS, NV, February 03, 2006. MGM Mirage will add roughly $1 billion to what already is the biggest and most expensive construction project ever attempted on the Strip. MGM Mirage plans to expand the number of hotel rooms and residences at its massive Project CityCenter development, according to published reports.
The company now expects to build more than 2,800 condo-hotel and condominium units, a sizable jump from initial plans calling for about 1,650 units. The increase also means taller buildings that would tower 40 to 60 stories above the Strip as well as building condos above a Manhattan-like retail streetscape to be built on the former Boardwalk site, south of Bellagio.
CityCenter, which will include a 4,000-room resort hotel and more than 500,000 square feet of retail space, is now expected to cost about $6 billion. The original $4 billion price estimate had been pushed up to about $5 billion by rising construction costs and earlier design changes. With construction on the main resort expected to start in April, the designs are close to becoming final, according to officials. CityCenter is expected to open in phases starting in 2009, with the entire project scheduled to open in 2010.
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