Daily Real Estate News March 12, 2007Developers are embracing "vertical neighborhoods" to meet demand for downtown living at a time when undeveloped parcels of land are scarce.
These high-rises feature residential units, retail space, and scores of amenities, aiming to ensure that occupants are in the middle of the action.
An example comes courtesy of MGM Mirage, which is erecting a vertical neighborhood on 66 acres on the Las Vegas Strip. CityCenter will feature a 4,000-room hotel casino, 2,700 condominiums and condo-hotel units, and 500,000-plus square feet of commercial space.
"Developers here realized that you can't look at the cost of land on a per-acre basis but should look at it as a percentage of total project cost," says MGM Mirage President James Murren. "We're creating an urban environment that's dense, diverse and pedestrian-friendly.
"The first large-scale vertical neighborhood was put up four years in Manhattan by Apollo Real Estate Advisors and Columbus Center LLC. The $1.7 billion, 2.8-million-square-foot Time Warner Center on ColumbusCircle offers upscale condos in the two towers along with a Mandarin Oriental hotel, retail space on seven floors, and TimeWarner's headquarters. Vertical neighborhoods are also popping up in Dallas, Salt Lake City, and other cities nationwide.
Source: Investor's Business Daily, David Devoss (03/09/07)
Jennifer Bunker, CRS, GRI
Utah Real Estate Broker
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