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Press Release: 3700 Associates, LLC
November 24, 2004
LAS VEGAS, NV -- Two years ago, prominent real estate developer Ian Bruce Eichner was looking toward Las Vegas
for his next business venture. He was interested in applying a business model that had served him well in Manhattan
and Miami where he'd successfully developed more than six million square feet of urban, luxury residential, office,
hospitality and retail space over the past 25 years.
"The challenge was to find a prime location at the center of the Strip where I could create a mixed-use, urban,
high-rise property," said Ian Bruce Eichner, Chief Executive Officer of 3700 Associates, LLC, the developer
of the newly named Cosmopolitan Resort & Casino. "I wanted to merge the concept of a luxury condo-hotel
with an equally luxurious hotel, retail, gaming, and meeting space development and the existing Las Vegas business
model that was trending toward non-gaming attractions and facilities. The combination would greatly maximize real
estate values in a vertical fashion, something I had successfully accomplished at The Continuum in Miami, the Manhattan
Club and a multi-level retail center in Times Square, both in New York City," Eichner added.
Challenge met ... In April 2004, Eichner partnered with SFM Capital Management and top gaming developer David Friedman
to purchase 8 1/2 acres on Las Vegas Boulevard located between Bellagio and MGM Mirage's recently announced "CityCenter."
Prior to joining 3700 Associates LLC as its President, Friedman spent the past nine years as Assistant to Las Vegas
Sands, Inc. Chairman Sheldon Adelson, where he helped finance and develop The Venetian and lead The Venetian's
successful effort to secure a coveted gaming license in Macau, China.
"The announcement of MGM Mirage's CityCenter reaffirms our business model and is a tremendous boost for our
independently-owned project," said Eichner. "The MGM Mirage brand is known the world over for hospitality
and gaming excellence. Their mass appeal will compliment our hip, boutique property's unique mix of fine dining
restaurants, upscale retail stores, exciting nightclubs, high-end and mid-level gaming, and exclusive spa and salon.
Quite frankly, we couldn't think of a better set of neighbors," Eichner added.
With the receipt of Clark County Commission zoning approvals, the independent developers unveiled a name and design
that symbolizes the theme that you "can own it all ... in the middle of it all," said Eichner. "This
will be the very first opportunity for a buyer to own property right on the Strip. They will be able to take an
elevator from their condo-hotel unit directly to the casino floor. There's no other development on the Strip that
provides condo unit owners that type of 'one-button' accessibility to the casino," said Eichner.
When complete, The Cosmopolitan will infuse the Strip with a $1.5 billion development projected to break ground
in early in 2005 and open in late 2007 or early 2008. "Many regard our site as one of the last remaining prime
locations anywhere on the famed Las Vegas Strip," Eichner said. "And, the new CityCenter project further
accelerates visitor counts to our city and creates a critical mass of attractions to experience or, in the case
of our condo- hotel, own," Eichner added.
"We think the design is an architectural statement of things to come in Las Vegas," said Eichner. "We
anticipate that we will start pre-selling the condo-hotel units within the next few weeks, and look to sell out
shortly thereafter. The panoramic views of the Strip will be unmatched. You can peer out one window to see the
Bellagio fountains, another to see what will one day be MGM Mirage's CityCenter, then look across to the Eiffel
Tower and Planet Hollywood. Guests and condo-hotel owners are literally surrounded by the icons that make Las Vegas
exciting. You're in the middle of it all," Eichner said.
The condo-hotel will feature luxurious appointments and state-of-the-art amenities such as flat screen televisions
and VIP access to the rooftop Beach Club, as well as fantastic restaurants and nightclubs. Available Floor Plans
will include 600+ square foot studios and 900+ square foot one-bedroom condo- hotel units. The condos will be managed
by the hotel at the request of the owners.
The Cosmopolitan Resort & Casino will be comprised of the following components:
* Over 4 million square feet
* Over 2,400 keys comprised of condo-hotel and hotel rooms
* Over 150,000 square feet of convention and meeting space
* Over 70,000 square-foot casino
* Over 300,000 square feet of retail, restaurant, and entertainment
space
* 1,800 seat theatre
"We've assembled a dream team of innovative designers with international and local experience who collectively
provide a new perspective on luxury and urban architecture in the Las Vegas valley," said Eichner. "We
envision a project far beyond the traditional horizontal approach to architecture to a style and design that's
befitting the 22nd century," he added. The Cosmopolitan Resort & Casino design team is comprised of the
following:
I. Arquitectonica, founded in 1977, is one of the world's leading
architectural firms and has developed an international practice
recognized for excellence and innovation. The firm's designs have
won numerous American Institute of Architects and Progressive
Architecture Design Awards. Arquitectonica has vast urban design
experience throughout the world that will bring a renewed interest
in Las Vegas architecture.
II. Dougall Design is one of the top theme, retail, and interior design
firms in the United States. Its local credits include the Caesar's
Forum Shops, The Venetian, and The Hotel at Mandalay Bay. Their
designs have been recognized throughout the world. Dougall Design
projects can be seen in such places as Las Vegas, Japan, South
Africa, Monte Carlo, and Monaco.
III. The Friedmutter Group is one of the premier hospitality design firms
in the nation and has garnered acclaim over the past decade as the
foremost national architectural firm specializing in hotel-casino
planning and design. Their portfolio includes casino, hotels,
retail centers, and specialty shops from all corners of the United
States including projects at MGM Grand, The Venetian, Ritz Carlton,
Foxwood's Casino Resort, and the Atlantis Resort to name a few.
IV. Paul Duesing Partners, one of world's most unique, innovative, and
sought-after custom interior designers, pioneered the concept of
leisure and lifestyle design for an exclusive national and
international clientele. From celebrity residences in California to
a private hotel and club in Quaker Hill, New York; from Las Ventanas
al Paraiso in Los Cabos, Mexico to The Palms Grand Resort and Spa in
Turks and Caicos; and all points between -- Paul Duesing Partners'
craft can be seen. With a combined total of over 25 years in the
hospitality industry, Paul Duesing Partners is one of the nation's
leading interior architectural design firms and will oversee the
interior design of the project's condo-hotel units.
At a cost of approximately $1.5 billion, the project will generate thousands of full-time jobs and construction
jobs, as well as tens of millions of dollars in tax revenues to Clark County and the State of Nevada.
For more information on pre-sales of condo-hotel units located at the Cosmopolitan Resort & Casino, please
contact the Sales Department of 3700 Associates, LLC, 3900 Paradise Road, Suite U, Las Vegas, Nevada 89109, at
(702) 215-5500, or visit www.cosmolv.com. Stay tuned for news of the Cosmopolitan Resort & Casino sales center
opening in January 2005.
Source: 3700 Associates, LLC