LAS VEGAS, June 7 /PRNewswire/ — The Cosmopolitan Resort & Casino has begun leasing 300,000 sq. ft. of retail and restaurant space uniquely built-to-the-sidewalk of Las Vegas Boulevard. The property’s center strip location takes advantage of the estimated 60,000 visitors that stroll the Strip at that location each today. By that same token, potential retailers and restaurateurs can capture that external audience and the internal audience provided by the resort itself.
“Our pre-sale of luxury condo-hotel units creates in-house business for all shops and restaurants to market to,” said Ian Bruce Eichner, CEO of 3700 Associates, LLC, the developer of The Cosmopolitan. “It builds a unique clientele from inside our property line that assures retail and restaurant visitation,” said Eichner.
“Another added plus for any retailer or restaurateur is our partnership with the Grand Hyatt,” said Eichner. “As the Cosmopolitan’s hotel operator, the Grand Hyatt incorporates a built-in corporate meetings expertise, an international reservations system, and an extensive inventory of international contacts to drive occupancy and generate room nights during the mid-week creating a consistent ‘on-property’ target market population,” said Eichner.
“All retail stores and restaurants will be vertically integrated into the mixed-use luxury of The Cosmopolitan,” said Eichner. “Unlike other retail opportunities, The Cosmopolitan’s critical mass of internal attractors ranging from approximately 3,000 hotel and condo-hotel rooms, a 75,000 sq. ft. casino, an 1,800 seat theater, 150,000 sq. ft. of meeting rooms, a 3,800 space underground parking garage, the five acre Cosmo Beach Club, and a combined 300,000 sq. ft. of retail shops and restaurants equip the Cosmopolitan with all of the attributes to be the most successful retail center, in terms of sales per square foot, in the world,” said Jim Reding, director of retail for 3700 Associates, LLC..
“We provide tenants with the best of both worlds,” said Eichner. “The Cosmopolitan will generate traffic and visitation from its internal ‘engine’ of attractions that is enhanced by our partnership with the Grand Hyatt. When you combine this enticement with the sheer volume of pedestrian traffic at this section of the ‘Entertainment Corridor’, you have the best of both internal and external worlds,” said Eichner.
At 300,000 sq. ft. of retail shops and restaurants on three separate levels, the Cosmopolitan shopping and dining venue is divided between 170,000 sq. ft. of prime retail space, housing between 45 and 50 retail stores and boutique tenants, and 130,000 sq. ft. of restaurants and lounges.
About 3700 Associates, LLC
Formed in April 2004, 3700 Associates, LLC brings together one of the nation’s foremost real estate moguls from New York City and Miami with one of the gaming industry’s top developers and a major, world-wide financier. The trio will develop the $1.5 billion Cosmopolitan Resort & Casino on previously undeveloped acreage at the center of the famous Las Vegas Strip (next door to Bellagio). The Cosmopolitan will be a boutique, mixed-use luxury condo-hotel-resort featuring condominiums, hotel rooms, a casino, retail, dining and entertainment venues, meeting rooms, and The Cosmo Beach Club and is scheduled to break ground in mid-2005 and open in early 2008. The 3700 Associates partnership is led by Miami and New York City developer Ian Bruce Eichner, one of the country’s leading real estate developers who serves as the group’s Chief Executive Officer. Eichner has developed more than six million square feet of luxury residential, office, hospitality and retail space in the Northeast and Florida totaling more than $2 billion in the last 25 years. Eichner most recently opened the Continuum on South Beach, a luxury condominium project in Miami’s trendy South Beach area that has achieved record sales per square foot. Eichner partnered with noted gaming developer David Friedman, a former executive at The Venetian where he served as Assistant to Chairman Sheldon Adelson. Friedman serves as the President of the Las Vegas-based group. During his nine-year tenure, he helped finance and develop The Venetian and led The Venetian’s successful effort to secure a coveted gaming license in Macau, China. Eichner and Friedman are joined by an affiliate of Dune Capital Management LP which is controlled by Steven T. Mnuchin. Dune provided the majority of the capital to, and is the Managing Member of, 3700 Associates LLC.