Work gets humming for Project CityCenter - Friday 12th of August 2005
Like the swallows of San Juan Capistrano, the cranes have returned to Las Vegas.
Theyve swarmed the Strip, with five of them nesting between the Bellagio and Monte Carlo on MGM Mirages $10 billion Project CityCenter.
Dick Rizzo, chairman of Perini Buildings Western U.S. Division, general contractor for the job, said its the largest privately funded building project ever in the United States with a construction value of $5 billion.
"Its certainly the largest, most significant project to happen in Las Vegas," he said. "It should change the face of Las Vegas."
Perini has started work on the first piece of the 66-acre project, a 5,300-car parking structure that will let MGM Mirage consolidate its employee parking.
Next comes the demolition of the Boardwalk and its parking garage.
By next summer, Perini will start on the centerpiece hotel-casino, with the remainder of the mixed-use development falling into place, Rizzo said.
The 18 million-square-foot first phase of the project calls for a 4,000-room hotel and casino, three 400-room boutique hotels, 1,650 luxury condo-hotel units and 550,000 square feet of retail, dining and entertainment space.
Construction will peak in 2008 with an expected 6,300 trade workers on the job, using about one-third of the union trade capacity in Las Vegas, Rizzo said.
Upon completion in late 2009, Project City Center is expected to employ about 12,000 people and be home to 10,000 residents.
TOPPING OFF: The Pinnacle, the first mixed-use development in downtown Henderson in more than 30 years, topped off construction with 60 tons of steel for the three-story, 12,000-square-foot office and retail building. Developer Vicki Pullen of VLP Investments said completion is scheduled for early third quarter with a November move-in for tenants.
The Henderson Redevelopment Agency is providing interim financing for the $3 million project in the Water Street District, across from the Henderson Convention Center.
It is projected to contribute more than $150,000 in business and property tax revenue over the next 10 years.
SCHOOL CONTRACTS: Core Construction has been contracted by the Clark County School District to build Sandra Lee Thompson Elementary School at 7351 N. Campbell Road and Kitty McDonough Ward Elementary School at 5555 Horse Drive, both in Las Vegas.
The 66,000-square-foot schools will be constructed of masonry and structure steel on about 10 acres with playgrounds and parking lots.
Construction costs are $15.1 million for Thompson School and $15.6 million for Ward School, with expected completion in summer 2006.
LAND LOAN: Silver State Bank Senior Vice President Steve Haynes recently negotiated a $661,864 loan for Teco Commons.
The loan is for the purchase of 2.5 acres of property at Teco Road and Santa Margarita Drive in southwest Las Vegas, which will be used for the future construction of a three-story medical office building.
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