The Signature at MGM Grand

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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 Coordinates: 36°06′24″N115°10′00″W / 36.1068°N 115.1667°W / 36.1068; -115.1667
Construction started2004
OpeningMay 2006;16 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]

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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. 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. Retrieved October 28, 2020.
  11. ↑ Padgett, Sonya (September 10, 2006). "Suite luxury" . Las Vegas Review-Journal. Retrieved October 29, 2020.
  12. ↑ "The Sarno Awards". University of Nevada, Las Vegas . 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. Retrieved October 23, 2020– via NewsLibrary.
  14. ↑ "MGM Grand". Emporis . Archived from the original on May 14, 2015. Retrieved October 30, 2020.
  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. Retrieved October 28, 2020.
  17. ↑ Hamm, Catharine (August 27, 2006). "Feeling grown up at MGM's Signature". Los Angeles Times. 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. 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. Retrieved October 30, 2020.
  21. ↑ Benston, Liz (May 15, 2009). "Arbitration or trial? Judges in condo-hotel cases split". Las Vegas Sun. Retrieved October 30, 2020.
  22. ↑ Stutz, Howard (August 31, 2009). "Strip condo sales 'anemic'". Las Vegas Review-Journal. Retrieved October 30, 2020.
  23. ↑ O'Reiley, Tim (September 25, 2012). "Signature at MGM condo buyers ordered into arbitration". Las Vegas Review-Journal. Retrieved October 30, 2020.
  24. ↑ Horne, Robert (July 13, 2015). "Turnberry's bankruptcy merely a ploy, condo owners say". Las Vegas Business Press. Retrieved October 30, 2020.
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