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Commonly asked Questions about the MGM CityCenter
- How much are the units? There will probably not be specific unit pricing until January of 2007. Prices are estimated to range from approximately $1,000 per foot on up in Vdara and Veer and from $1500 per foot on up in the Mandarin Oriental. That is why earnest deposit checks are totally refundable.
- Are there floor plans available? Floor plans are not yet ready, but of course they will be available prior to unit selection.
- Why should I register before pricing and floor plans are available? It is very common in the early stages of preconstruction to commence client registrations with no floor plans and very few details about a project. The good news is that you are able to get in on the ground floor at the very lowest prices, the flip side is that you have little real information. That is why the earnest deposits that are collected are totally refundable for any reason prior to going to actual contract should you decide the project is not for you.
- What are the HOA fees going to be?
- That has not yet been determined, but will be announced prior to unit selection. What will the management split be on the condo hotels? That has not yet been determined - the standard in other projects so far in Las Vegas seems to be 50/50.
- Will the condo hotel units cash flow? We are unable to supply that information. It is an SEC (Securities and Exchange Commission) violation to give an estimate of income on a property with no established income history.
- How much will the condo hotel suites be rented out for? We do not know yet, but you could call the Bellagio Hotel and see what they rent out their suites for on a nightly basis to give yourself an idea.
- Are deposits refundable? Deposits are totally refundable for any reason until you sign an actual sales contract for a specific unit at a specific price with the developer.
- Are deposit checks cashed? Yes, they are cashed and are deposited in an account with the title company in a non interest bearing account.
- Can I buy more than one unit? Yes, but if you want more than one unit or are interested in units in different towers, you must fill out a separate registration form and mail in a separate deposit check payable to the appropriate title company for each unit.
Possible MGM CityCenter Deposit Structure at Reservation (this is not yet confirmed)
- The Residences at Mandarin Oriental - $25,000 payable to Commonwealth Land Title Insurance Companyy
- Veer Tower West - $10,000 payable to Lawyers Title of Nevada
- Vdara Condo/Hotel - $10,000 payable to Nevada Title Company
Possible MGM CityCenter Deposit Structure at Contract (this is not yet confirmed)
- At the time of contract (January 2007) there will be the balance of a 10% deposit required, less the initial reservation deposit..
- There will be an additional deposit of 10% approximately 6 months after contract signing.
- The 80% balance will not be due until close of escrow, either in cash or financed.
About the MGM CityCenter Project
The MGM CityCenter is a mixed use development on 66 acres in the heart of the Las Vegas Strip between the Bellagio Resort Hotel and Casino and the Monte Carlo. At the rear of the seven tower project will be a 60 story resort hotel and casino featuring two massive curved hotel towers with 4,000 rooms plus an ebony condo hotel tower with 1,543 units. At the north and south ends of the project will be two small boutique hotels including the Mandarin Oriental Hotel and Residences, which is expected to draw sophisticated overseas guests. The project's centerpiece will be two glass residential towers with more than 700 loft style units. There will be over 500,000 square feet of fabulous boutiques, clubs, theaters, shops and gourmet restaurants for residents to choose from, truly allowing them to live, play and work without ever leaving the development.
The four types of properties being offered for sale:
Condo Hotel High Rise - Vdara will be an elegant 50 story luxury condo hotel tower rising from the MGM CityCenter project designed by RV Architecture and Rafael Vinoly. In muted shades of ebony, the Vdara tower will feature 1543 fully furnished condo hotel suites ideally located between the Bellagio and the CityCenter's main gaming resort. The interiors will feature subtle understated decor, wide open floor plans and floor to ceiling walls of glass with spectacular views of the city.
Residential High Rise - The Veer residential condos will be ideally located in the center of the MGM CityCenter's retail district. The two distinctive leaning glass towers will rise 36 feet and house more than 700 modern loft-like residences. The building's surface will feature horizontal metal blades that slowly change color during the day and that will shade floor-to-ceiling windows from the burning Las Vegas heat. The design will challenge engineers working on the project, but residents will enjoy less obstructed views than would be possible in a more conventional high rise.
The Mandarin Oriental Hotel and Residences - The Mandarin will mix the prestige of an internationally renowned resort brand and its unparalleled level of amenities with a world-class, five star hotel and residential experience. Located on the south side of the MGM City Center project and fronting the famed Las Vegas Strip, the Mandarin Oriental owners are offered custom-made services and amenities to complement their lifestyle - condominium owners are treated as permanent guests and every whim is catered to. In addition to regular hotel suites, the Mandarin Oriental will offer 227 luxury residential units on its top floors, and will be the most lavish and costly of the City Center's four residential elements.
The Harmon Hotel and Residences - The Harmon Residences will bring the ultimate in hip and trendy to the MGM City Center project. Designed by Foster and Partners, the Harmon will be operated by Andrew Sassoon's Light Group, one of the leading nightclub and bar management companies in the country, which also operates "Light" in the Bellagio, one of Las Vegas' most popular clubs. The Harmon, a "lifestyle" hotel, will define urban living on the Strip and deliver top-flight services and amenities. Atop the Harmon hotel suites there will also be 228 luxury condo residences catering to the ultra chic and young celebrities. The Harmon Residences will not be open for sales until later in 2007.
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