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Breaking News: Harmon Hotel & Spa Eliminates Residential Component

Originally posted on The Prime Real Estate Las Vegas.com Blog.

After months of speculation, MGM Mirage has decided to eliminate the residential element from the Harmon Hotel, Spa & Residences (now known as the Harmon Hotel & Spa). Construction issues and lack of residential sales throughout the entire CityCenter project has helped in making the decision to change the scope of the project.

The Harmon is the blue tower to the front right

A press release issued by MGM Mirage this morning (January 7, 2009), had this to say for the 88 units under contract at the Harmon:

The Harmon as developed would have had approximately 200 residential units, of which 88 are under contract to be sold. Purchasers will be entitled to receive refunds of their deposits, but will be given the opportunity to purchase units at the Residences at Mandarin Oriental Las Vegas, Vdara and Veer Towers.

Construction of the Harmon Hotel & Spa also appears to be delayed by one year, however the other spectacular components of CityCenter, Aria Resort & Casino, Veer Towers, Mandarin Oriental Hotel & Residences and Vdara all appear to be on schedule to be fully open by the end of December of this year.

Stay tuned to the Prime Real Estate Las Vegas.com Blog for further developments.

Full Press Release: CityCenter Announces Scope Changes

Mike Dobranski, REALTOR®
Keller Williams Realty - The Marketplace
Las Vegas / Henderson, NV

Phone: 702-370-3521
E-Mail: Mike@PrimeRealEstateLasVegas.com
Web: http://www.PrimeRealEstateLasVegas.com

The information contained in this blog is often considered time-sensitive and/or can change without notice, and should be treated as such. The opinions of this blog are solely that of the author, and do not reflect the opinion of Keller Williams Realty.

Posted by Mike Dobranski - Las Vegas / Henderson Residential Real Estate Consultant on 01/07/2009 10:29 AM

Comments (5)

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5 Comments on Breaking News: Harmon Hotel & Spa Eliminates Residential Component

JAN

I heard it FIRST from you, thanks!

FYI I think I featured this in my group this AM.

JAN

Renee - Thanks for the gold star! I think I got it up pretty early this morning, but admittedly, I was scooped by Robin Leach. I don't think the man sleeps. I've been checking MGM Mirage's Investor Relations page when I get up in the morning for a while since we knew some kind of announcement was imminent. I think they put up the press release around 6am and it seems like Robin had it blogged at like 6:01! I don't think the man sleeps, he's ridiculous!

MAR

Actually, the Las Vegas Sun broke the story first and then MGM MIRAGE made their statement (as they had no choice). I was quoted in the story (as I was the top-selling agent in the building and obviously hurt).

At the link below, you can see that the post went live at 2am on the 7th. Robin found out later ;)

http://www.lasvegassun.com/news/2009/jan/07/builder-error-significant/

Aaron - Yeah, the rumor mill was churning for weeks before the official press release. I think one thing we have all learned the hard way from this market is to believe it when it when it turns from rumor to fact, and that a sale is a long, long way to a close. I guess if all the media does is swing for the fences, they'll hit a home run every now and then.

It's too bad because I think the Harmon could have really been a special project.

MAR

Yup. Good points.

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