The Signature at MGM Grand

Last updated
The Signature at MGM Grand
The Signature at MGM Gand logo.svg
The Signature at MGM Grand, Las Vegas.jpg
The Signature at MGM Grand
Alternative namesThe Residences at MGM Grand
General information
StatusOperating
Type Condo-hotel
Location Paradise, Nevada, U.S.
Address145 East Harmon Avenue
Coordinates 36°06′24″N115°10′00″W / 36.1068°N 115.1667°W / 36.1068; -115.1667
Construction started2004
OpeningMay 2006;18 years ago (May 2006)
Owner MGM Resorts International
Technical details
Floor count38
Design and construction
Architecture firm Bergman Walls & Associates
Developer Turnberry Associates/MGM Grand Towers LLC
Other information
Number of rooms1,728
Website
signaturemgmgrand.com

The Signature at MGM Grand is a condo-hotel at the MGM Grand resort in Paradise, Nevada, near the Las Vegas Strip. It consists of three towers, each 38 stories in height, with a total of 1,728 units. MGM Mirage and Turnberry Associates partnered to develop the project, which was announced in 2002. Construction was underway in 2004, and the first tower opened in May 2006. The project was built on land previously used by the MGM Grand Adventures Theme Park.

Contents

Individual buyers in the project had the option of renting out their unit and splitting the profit with MGM. Starting in 2007, hundreds of buyers filed suit against the property, alleging misleading sales pitches and income that was lower than expected.

History

Part of the property was previously occupied by the MGM Grand Adventures Theme Park, which was built just northeast of the MGM Grand resort; both opened in 1993. On December 5, 2002, MGM Mirage announced that it had partnered with Turnberry Associates to build a condominium and hotel complex on the property, following the closure of the theme park earlier that year. The project was part of an ongoing trend to build luxury condominiums in Las Vegas. Turnberry had previously developed the Turnberry Place condominium project, also located near the Las Vegas Strip. [1]

Unit sales for the condo-hotel project, known then as The Residences at MGM Grand, began in early 2004. [2] [3] The property could accommodate up to six towers, [2] and the ultimate number of towers was dependent on sales. [3] A total of three towers was ultimately decided upon. [4]

Construction of the first tower was underway later in 2004, near the corner of Harmon Avenue and Koval Lane. Construction of the second tower was expected to begin in early 2005. [5] Excavation for the final tower was underway in September 2005, three months earlier than initially planned. Construction began early after more than half of the tower's 576 units were sold. [4] The first tower was topped off on October 7, 2005, [6] and was opened in May 2006. [7] The second tower was finished later that year, [8] and the third was scheduled to open in July 2007. [9]

It was the first condo-hotel to open near the Las Vegas Strip. [10] [11] The project was designed by Bergman Walls & Associates. [12] The tower exteriors feature gold glass, [13] and each building is 38 stories. [14] Buyers had the option of renting out their units and splitting the profit with MGM. [5] Each tower was built with 576 units, and 90 percent of them were expected to be managed by the MGM Grand as condo-hotel units. [15]

The Signature was built with its own entrance, and it had a staff of bellhop, concierge and valet employees that was separate from the main resort. [16] Residents had access to the resort's amenities, and a moving walkway connected each tower to the resort. [10] The Signature property included a pool and a Starbucks. [17] Eventually, the property also started offering cooking classes with hotel chefs, through 30-minute television programs. [18]

The project's 1,728 units were largely sold prior to the Great Recession. In 2007, more than 40 buyers filed suit against the property with allegations of misleading sales pitches and income that was lower than expected. [19] [20] MGM stated that the poor state of the economy was to blame for low rental rates, while buyers stated that the low rates had started before the economic downturn. By May 2009, the case had grown to nine lawsuits and more than 300 buyers. [21] Meanwhile, unit prices had dropped 70 percent. Most of the unit sales at that time were resales or repossessions. [22]

In 2012, a judge ordered that 102 buyers in the case proceed through arbitration. [23] The project developer, Turnberry/MGM Grand Towers LLC, filed for chapter 11 bankruptcy in 2015. A lawyer for 545 buyers alleged that the bankruptcy filing was an attempt to delay discovery in the ongoing buyer suit. [24]

Related Research Articles

<span class="mw-page-title-main">Trump International Hotel Las Vegas</span> Hotel in Las Vegas, Nevada USA

The Trump International Hotel Las Vegas is a 64-story hotel, condominium, and timeshare located on Fashion Show Drive in Paradise, Nevada, US, named for part owner Donald Trump, who was later elected president of the United States. It is located down the street from Wynn Las Vegas, behind the former site of the New Frontier Hotel and Casino on 3.46 acres (14,000 m2), near the Fashion Show Mall, and features both non-residential hotel condominiums and residential condominiums. The exterior glass is infused with gold.

The Las Ramblas Resort was a proposed mixed-use project that was to be constructed in Paradise, Nevada. The project was to be located on 25 acres (10 ha) of land on Harmon Avenue, east of the Las Vegas Strip. Las Ramblas would have included 11 towers encompassing a hotel and condominium residences for a total of 4,400 units, including 300 hotel rooms. Other amenities would have included a small casino, retail stores, a spa and health club, and nightclubs. The complex would have totaled 8 million sq ft (740,000 m2), and was designed by Arquitectonica. The design was inspired by La Rambla, an open-air street in Barcelona.

<span class="mw-page-title-main">CityCenter</span> Place

Aria Campus, commonly known by its former name CityCenter, is a mixed-use, urban complex on the Las Vegas Strip in Paradise, Nevada. It is located on 67 acres (27 ha) and contains a total of 18-million sq ft (1,700,000 m2). The complex includes Aria Resort and Casino, the Vdara condo-hotel, the Waldorf Astoria Las Vegas hotel and condominiums, the Veer Towers condominiums, and a mall known as The Shops at Crystals. Another hotel and condo project, The Harmon, never opened due to construction defects; the site was redeveloped as another shopping mall, known as 63.

<span class="mw-page-title-main">W Las Vegas</span> Casino, Condominium, Hotel, Retail in Nevada, United States

W Las Vegas was a planned condo-hotel and casino resort near the Las Vegas Strip in Paradise, Nevada. It was announced in August 2005 as a joint venture between Edge Resorts and minority partner Starwood. The project was initially expected to cost $1.7 billion, and would include approximately 3,000 hotel, condo hotel, and residential units, as well as a 75,000 sq ft (7,000 m2) casino, in addition to restaurants, nightclubs, and shopping. The project initially was to be built on 21 acres (8.5 ha) located east of the Las Vegas Strip. The cost of the project ultimately increased to $2.5 billion.

<span class="mw-page-title-main">The Ogden</span> Condominiums in Nevada, United States

The Ogden is a 21-story luxury condominium tower located at 150 North Las Vegas Boulevard in downtown Las Vegas, Nevada. The Ogden was announced in 2004 as the Streamline Tower condominium project, to be built on the former 1-acre (0.40 ha) property of the Golden Inn motel, which was demolished at the end of the year. Work on the property began in 2005, to prepare it for the new project, which began construction the following year. The project was financed by Corus Bank, and was developed by a half-dozen investors, including Las Vegas Stars baseball player Dusty Allen.

<span class="mw-page-title-main">Palms Place</span> Condo hotel in Paradise, Nevada

Palms Place is a 47-story condo hotel in Paradise, Nevada, near the Las Vegas Strip. It is connected to the Palms Casino Resort. The project was announced in March 2005, to capitalize on a condominium boom occurring in Las Vegas at the time. Groundbreaking took place in May 2006, and the tower was topped off in August 2007. Palms Place opened in 2008, during the Great Recession, and some buyers had difficulty completing their unit purchases because of poor economic conditions.

<span class="mw-page-title-main">Turnberry Place</span> Residential in Winchester, Nevada

Turnberry Place is a luxury high-rise condominium complex near the Las Vegas Strip in Winchester, Nevada. It includes four, 38-story towers, each rising 477 ft (145 m). The complex also includes the 80,000 sq ft (7,400 m2) Stirling Club, offering various amenities to residents and other members.

<span class="mw-page-title-main">Turnberry Towers</span> Residential in Winchester, Nevada

Turnberry Towers is a 45-story twin tower condominium complex in Winchester, Nevada, near the Las Vegas Strip. Initially, plans were announced in 1998 for Great Masters, a $300 million condominium project consisting of 56-story twin towers. The land was sold in 2000 to Turnberry Associates, which announced plans to build Madison Towers on the property. The $250 million condominium project would include 25-story twin towers, but the start of construction was delayed due to poor economic conditions as a result of the September 11 attacks. Conditions improved and the project was redesigned to be larger, with the new name of Turnberry Towers. Construction of the first tower began in June 2005, and was finished in 2007, followed by the completion of the second tower a year later.

<span class="mw-page-title-main">Allure Las Vegas</span> Residential in Las Vegas, Nevada

Allure Las Vegas is a condominium tower in Las Vegas, Nevada. The 41-story, 466 ft (142 m) tower was built between 2005 and 2007 and was designed by EDI Architecture. Construction was managed by Bovis Lend Lease.

<span class="mw-page-title-main">Fontainebleau Las Vegas</span> Resort and casino in Las Vegas, Nevada

The Fontainebleau Las Vegas is a resort and casino on the Las Vegas Strip in Winchester, Nevada. It is owned and operated by Fontainebleau Development and is a sister property to Fontainebleau Miami Beach, and sits on the 24.5-acre (9.9 ha) site previously occupied by the El Rancho Hotel and Casino and the Algiers Hotel. Ownership and development has changed several times since the project was announced in May 2005. It was originally proposed by developer Fontainebleau Resorts, owned by Jeff Soffer.

Turnberry Associates is a real estate development and management company in the United States. The company has developed over $10 billion worth of properties during the course of its history. Current holdings in its portfolio include the Aventura Mall, the JW Marriott Nashville Marriott, and SoLé Mia. Jackie Soffer is chairman and chief executive officer. The company was founded in 1967 by Donald Soffer.

The Ivana Las Vegas was a proposed 73-floor, 923-foot condominium high-rise, named after Ivana Trump. The project was initially announced in August 2004, as The Summit, and was to be constructed on the 2.17-acre site of the closed Holy Cow Casino and Brewery, located on the Las Vegas Strip in Las Vegas, Nevada. Trump became involved with the project in June 2005, when it was renamed.

Las Vegas Grand is an apartment complex located east of the Las Vegas Strip in Paradise, Nevada. It was developed by Chris DelGuidice through his Florida-based company, Del American. Originally, DelGuidice planned to build apartments on the site around 2001, and he subsequently added a condominium component. The project was announced in August 2003, but the apartment aspect was removed from the project later that year because of rising construction costs. The project, to be known as Vegas Grand, was to consist of 880 condominium units.

<span class="mw-page-title-main">Park Towers at Hughes Center</span> Condominiums in Nevada, United States

Park Towers is a 20-story twin-tower condominium property located east of the Las Vegas Strip, in Paradise, Nevada. The project was announced in 1998, and began construction the following year. The property was developed by Irwin Molasky and Steve Wynn, and was completed in 2001.

<span class="mw-page-title-main">The Platinum</span> Condo hotel in Nevada, United States

The Platinum is a 17-story, 255-unit condo hotel located at 211 East Flamingo Road in Paradise, Nevada, east of the Las Vegas Strip. The project was approved in 2003, and began construction in 2005, as a joint venture between Diversified Real Estate Concepts, Inc. and Marcus Hotels and Resorts. The project was topped out in December 2005, and was opened in October 2006. In 2009, buyers filed lawsuits against Marcus for various allegations; the last of the lawsuits were settled in March 2013.

One Las Vegas is a condominium property in Enterprise, Nevada, south of the Las Vegas Strip. It consists of two 20-story towers with a total of 359 condominium units. Construction was underway in 2006, and the towers opened in June 2008. The following year, One Las Vegas entered foreclosure because of low sales, caused by the Great Recession.

Krystle Sands was a proposed 45-story condo hotel that was to be built on the Las Vegas Strip in Winchester, Nevada. Reservations for the project's condominium units began in 2004, and construction was scheduled to start later that year, with the opening planned for 2006.

Pinnacle was a proposed two-tower condo hotel project that was to be built near the Las Vegas Strip in Paradise, Nevada. The project was announced in 2005, and would have included 1,104 units across two 36-story towers. Construction was to begin in 2006, but was delayed several times. Pinnacle was ultimately canceled in March 2008, due to financing issues caused by the Great Recession.

References

  1. Simpson, Jeff (December 6, 2002). "MGM Mirage, Turnberry to build luxury condos". Las Vegas Review-Journal. Archived from the original on December 20, 2002.
  2. 1 2 Smith, Hubble (January 19, 2004). "Turnberry begins sales of condos at MGM Grand". Las Vegas Review-Journal. Archived from the original on January 21, 2004.
  3. 1 2 Milhailovich, Steven (January 23, 2004). "MGM is building some Strip 'neighborhood casinos'". Las Vegas Business Press. Archived from the original on January 27, 2004.
  4. 1 2 Smith, Hubble (September 12, 2005). "Work starts early for last Residences tower" . Las Vegas Review-Journal. Archived from the original on February 9, 2019. Retrieved October 28, 2020.
  5. 1 2 Smith, Hubble (October 23, 2004). "Plans for high rises plentiful, exec says". Las Vegas Review-Journal. Archived from the original on November 25, 2004.
  6. Illia, Tony (October 13, 2005). "Industrial market posts record numbers". Las Vegas Business Press. Archived from the original on April 27, 2006.
  7. Smith, Hubble (June 6, 2006). "Broker: Rooms are still needed". Las Vegas Review-Journal. Archived from the original on June 8, 2007.
  8. Smith, Hubble (November 14, 2006). "Allure developers thinking even bigger". Las Vegas Review-Journal. Archived from the original on December 19, 2006.
  9. "July Opening of The Signature at MGM Grand's Tower 3 Marks Completion of Las Vegas' First Condo Hotel Project". MGM. 2007. Archived from the original on November 23, 2007.
  10. 1 2 Shubinski, Jennifer (January 2, 2006). "Developers offering a new kind of suite deal with condo-hotels". Las Vegas Sun. Archived from the original on March 17, 2017. Retrieved October 28, 2020.
  11. Padgett, Sonya (September 10, 2006). "Suite luxury" . Las Vegas Review-Journal. Archived from the original on February 9, 2019. Retrieved October 29, 2020.
  12. "The Sarno Awards". University of Nevada, Las Vegas . Archived from the original on March 1, 2019. Retrieved October 30, 2020.
  13. "Now this is a 'grand' way to live, The Residences give owners Strip views with hotel amenities" . Las Vegas Business Press. September 5, 2006. Archived from the original on June 4, 2019. Retrieved October 23, 2020 via NewsLibrary.
  14. "MGM Grand". Emporis . Archived from the original on May 14, 2015. Retrieved October 30, 2020.{{cite web}}: CS1 maint: unfit URL (link)
  15. "MGM Grand to begin taking reservations at The Signature". Las Vegas Review-Journal. February 6, 2006. Archived from the original on February 15, 2006.
  16. Van Vechten, Ken (February 26, 2006). "Mini-hotels play the luxury card". Los Angeles Times. Archived from the original on November 1, 2020. Retrieved October 28, 2020.
  17. Hamm, Catharine (August 27, 2006). "Feeling grown up at MGM's Signature". Los Angeles Times. Archived from the original on April 22, 2023. Retrieved October 29, 2020.
  18. Jones, Jay (November 29, 2010). "Las Vegas: Whip up your own dinner at the Signature at MGM Grand". Los Angeles Times. Archived from the original on November 4, 2020. Retrieved October 30, 2020.
  19. O'Reiley, Tim (July 14, 2008). "Housing slide hits home for buyers of condo hotel units". Las Vegas Business Press. Archived from the original on June 29, 2009.
  20. "Jeff Simpson explains why he doesn't think Signature towers buyers will win in court". Las Vegas Sun. March 2, 2008. Archived from the original on May 19, 2022. Retrieved October 30, 2020.
  21. Benston, Liz (May 15, 2009). "Arbitration or trial? Judges in condo-hotel cases split". Las Vegas Sun. Archived from the original on March 9, 2021. Retrieved October 30, 2020.
  22. Stutz, Howard (August 31, 2009). "Strip condo sales 'anemic'". Las Vegas Review-Journal. Archived from the original on November 4, 2020. Retrieved October 30, 2020.
  23. O'Reiley, Tim (September 25, 2012). "Signature at MGM condo buyers ordered into arbitration". Las Vegas Review-Journal. Archived from the original on November 4, 2020. Retrieved October 30, 2020.
  24. Horne, Robert (July 13, 2015). "Turnberry's bankruptcy merely a ploy, condo owners say". Las Vegas Business Press. Archived from the original on November 3, 2020. Retrieved October 30, 2020.