One of the last major developments of Las Vegas's recent building boom, MGM's $8.5 billion CityCenter opened during the depths of the recession. Three years later, after slashing prices for hotel rooms and condos, the clouds are beginning to lift.
Alison Gregor examines the shifting fortunes of the 67-acre CityCenter project, one of the largest privately financed developments in the United States, which opened in late 2009 just as the Las Vegas's tourism and housing industries crashed.
"Nearly three years since it opened, CityCenter is seen as, at best, a
qualified success," says Gregor. "A majority of the hotel rooms have been filled, but
at much lower room rates than originally planned. Condominium sales have
not taken off, though, and the units that have sold have gone at big
discounts. Many luxury retailers have moved into the shopping center,
but about 12 percent of the mall is still vacant."
Although experts believe that CityCenter has "finally been fully absorbed by the local economy," in a city known for splashy excess, it may be quite a long time before a project of a similar magnitude appears on the Strip.
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Las Vegas Solar Arrays and the Future of Power Utilities
Casinos are energy intensive and often located in areas with specific resource constraints and surpluses (i.e., Las Vegas), thus they offer a perfect case study for the future of solar energy.
Norman Foster-Designed Tower to be Demolished in Las Vegas
Around the corner from buildings by Daniel Libeskind and Rafael Vinoly (just to name two) in the CityCenter section of the Las Vegas Strip, a never-complete building, designed by Forster + Partners, stood empty for years. Not for long.
Central Florida’s SunRail Plans Major Expansion
The expanded train line will connect more destinations to the international airport and other important destinations.
Las Vegas Golf Course to Become Over 1,000 Units of Affordable Housing
The project is part of an initiative to build affordable housing on shuttered golf courses.
Planning for True Transportation Affordability: Beyond Common Misconceptions
Transportation affordability is important but often misunderstood, resulting in misguided solutions. New research helps identify ways to provide true affordability for economic freedom, opportunity and happiness.
California Governor Vows to Protect EV Credits
If the federal government eliminates the tax credit for electric vehicles, the governor will need legislative support to restart a state-level incentive program.
Seattle Legalizes Co-Living
A new state law requires all Washington cities to allow co-living facilities in areas zoned for multifamily housing.
NYC Officials Announce Broadway Pedestrianization Project
Two blocks of the marquee street will become mostly car-free public spaces.
Urban Design for Planners 1: Software Tools
This six-course series explores essential urban design concepts using open source software and equips planners with the tools they need to participate fully in the urban design process.
Planning for Universal Design
Learn the tools for implementing Universal Design in planning regulations.
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American Planning Association, Sustainable Communities Division
HUDs Office of Policy Development and Research
HUDs Office of Policy Development and Research
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Rockdale County Board of Commissioners