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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