I know the focus of this blog is to discuss urban condominiums in the Phoenix market, but since the majority of news is dismal these days, I figured this story from Las Vegas might be of interest.  Over the last several years, MGM Grand has been developing CityCenter, a massive $9 billion mixed-use "mini city" right on the strip between the Bellagio and the Monte Carlo.  Construction is nearly complete with almost 18-million square feet of buildings on 67 acres.  With a late 2009 opening, jobs will begin filling soon, in fact 12,000 employees are needed at this stage of the project.

The project includes a 61-story hotel tower with 4000 rooms and a casino; three non-gaming high-end hotels; 2,600 luxury high rise condominiums; a 500,000 square foot retail and entertainment district; and a $40 million Fine Art program.  The buildings are individually designed by world renowned architects and interior designers.  Each tower has a unique identity, but is also able to blend into the entire vision of the development.  The developers are also in the process of getting the project LEED certified, which would make it one of the largest sustainable developments in the world.

MGM Grand, the operator of the 61-story ARIA hotel, the Vdara Hotel and Spa, is also the retail and entertainment district operator.  They began accepting applications last week for all three portions they are operating.  The other two hotels; the Mandarin Oriental and the Harmon Hotel, Spa & Residences are being operated by other companies and will begin accepting applications in the Spring.  Separate portions of the development will debut between September and December.

The project was in a lot of trouble in the Summer of 2007, as it halted construction and desperately needed a lifeline of emergency funds to finish. MGM Grand partnered up with Dubai World, who are now co-developing the mini urban metropolis.