Project City Center, a mammoth $7-billion mixed-use complex that will sit on Las Vegas Boulevard, broke ground in early July. The 66-acre project is the most expensive commercial real estatein U.S. history.
Spearheaded by MGM, the project, which will sit between the Bellagio and Monte Carlo casinos, will feature a 4,000-room casino, a pair of super-upscale non-gaming hotels, 1,543 condominium units, residential towers with 810 lofts and 500,000 square feet of retail space.
Taubman Centers is signed on as MGM's partner to develop the retail space, which they anticipate will be one of the highest-grossing shopping centers in the nation when it opens. The project will be bookended by two hotels — a 215-room Mandarin Oriental Hotel and Residences and another property that has not yet been branded.
The project is slated to open in November 2009.
Taubman has made a push to get in on the casino retailing business. It developed the retail component at the new The Pier at Caesars project in Atlantic City, which opened in late June. It was also part of Harrah's bid to develop a new casino and shopping center in Singapore, a contract which was ultimately awarded to Las Vegas Sands Corp.