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Latest Update: Project is For
Sale-no units selling until further notice
$1 billion condo-hotel project next to his Hard Rock Hotel &
Casino, joining more than a half-dozen condo-hotel developments
in Las Vegas that are selling like hotcakes, at New York-style
prices.
Like the Hard Rock itself, these projects are aimed mainly at
second- or third-home buyers who will spend only a few weeks a
year in Las Vegas and will throw their units into a rental pool
the rest of the time. That provides a new source of suites for
the casinos that are developing several of the projects, like
the Hard Rock and the nearby Residences at MGM Grand.
The Hard Rock's 1,500 hotel-condo units will spread over 24
acres in four buildings. They'll include a half-dozen new
restaurants, a spa, gym and retail shops -- and the signature
bare-bodied poolside action for which the Hard Rock is famous.
The condos will be designed by celebrity architects Richard
Meier and Michael Palladino.
Many details, including size and price, are yet to be finalized.
But a person close to the plans said the units will range in
size from about 600-square-foot studios to 6,000-square-foot
penthouses. There will also be poolside bungalows. They'll sell
for roughly $700 per square foot, the person said, which would
give them a range of $420,000 to more than $4 million.
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