Four years ago, the Cosmopolitan Resort and Casino project was announced to great fanfare. It started off as one of the few privately owned and financed buildings in Las Vegas, designed by the avant-garde architecture firm Arquitectonica under the direction of development company 3700 Associates Ltd.
Unfortunately, last February Deutsche Bank foreclosed on the Cosmopolitan property when 3700 Associates Ltd missed a crucial construction loan payment.
Although Grand Hyatt Corp stepped in to offer funding to the Cosmopolitan’s condominium units, the entire under-construction property is still owned by Deutsche Bank.
The Cosmopolitan Resort and Casino is designed to be a multi-use facility, with two hotel and condo-hotel towers, a casino, boutique and restaurant spaces, a theater, a cabaret, several nightclubs, convention and conference rooms, and a spa.
Ground broke on the underground parking garage in October 2005, right next to the Jockey Club, a local timeshare building. The Cosmopolitan is located on what used to be the parking lot for the Jockey Club. A compromise was reached when it was announced that space would be made for Jockey Club patrons to share the new underground garage.
The Friedmutter Group is serving as executive architects on the Cosmopolitan project, organizing all of the designers who are working on the many aspects of the interior of the building.
The glass and steel towers are expected to rise 600 feet above the Las Vegas strip. Construction should be done sometime in early 2010. Hopefully by then the properties’ financial problems will be worked out and it can have the Grand Opening that it deserves.
Unfortunately, last February Deutsche Bank foreclosed on the Cosmopolitan property when 3700 Associates Ltd missed a crucial construction loan payment.
Although Grand Hyatt Corp stepped in to offer funding to the Cosmopolitan’s condominium units, the entire under-construction property is still owned by Deutsche Bank.
The Cosmopolitan Resort and Casino is designed to be a multi-use facility, with two hotel and condo-hotel towers, a casino, boutique and restaurant spaces, a theater, a cabaret, several nightclubs, convention and conference rooms, and a spa.
Ground broke on the underground parking garage in October 2005, right next to the Jockey Club, a local timeshare building. The Cosmopolitan is located on what used to be the parking lot for the Jockey Club. A compromise was reached when it was announced that space would be made for Jockey Club patrons to share the new underground garage.
The Friedmutter Group is serving as executive architects on the Cosmopolitan project, organizing all of the designers who are working on the many aspects of the interior of the building.
The glass and steel towers are expected to rise 600 feet above the Las Vegas strip. Construction should be done sometime in early 2010. Hopefully by then the properties’ financial problems will be worked out and it can have the Grand Opening that it deserves.
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