Taubman,
MGM Mirage Sign Agreement
Taubman Centers, Inc.
) today announced that it has finalized an agreement
with MGM MIRAGE to lead the retail leasing and
provide development and design advisory services
for Project CityCenter, a multi-billion dollar
mixed-use urban development project in the heart
of Las Vegas.
Sixty-six acres of prime land along
the Las Vegas Strip between Bellagio and Monte
Carlo casino resorts will be transformed into
a master-planned urban environment. The entire
project is scheduled to open in late 2009.
"We are thrilled to be playing an important
role in one of the most exciting mixed-use developments
ever undertaken in the United States,"
said Robert Taubman, chairman, president and
CEO of Taubman Centers, Inc. "Our organization
is energized by this extraordinary opportunity
to work with MGM MIRAGE. We're confident that
our unique experience with high-end, point-of-
difference retail and our relationships with
leading merchants around the world will complement
and help fulfill the vision for this world-class
complex."
"Taubman's depth of experience and global
connections will go far in achieving our goal
of delivering the best possible combination
of elements for this unique urban-like district
on the Las Vegas Strip," said Frank Visconti,
President of Retail for MGM MIRAGE. "The
retail, dining and entertainment venues will
play an integral role in the personality, atmosphere,
and ultimately, the success of CityCenter. The
mood and environment created by them will be
one of the trademarks of this new Las Vegas
experience."
Project CityCenter will be developed over time
into a master-planned urban complex. The first
phase will include the development of 18 million
square feet of space consisting of a 4,000-room
hotel/casino, additional boutique hotels to
be operated by world-famous hoteliers not currently
represented in Las Vegas, approximately 500,000
square feet of retail shops, dining and entertainment
venues, and 1,640 luxury condominium and hotel/condominium
units.
The term of the fixed-fee contract between
MGM MIRAGE and Taubman is approximately 25 years,
effective June 1, 2005.
Taubman Centers, a real estate investment trust,
owns and/or manages 23 regional and super regional
shopping centers in 11 states. The company is
headquartered in Bloomfield Hills, Michigan.
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