$1.5 Billion Cosmopolitan Resort & Casino Sets New Trend in Retail & Restaurant Leasing

Center Strip Location, Retail at Property Entrance Key to 300,000 Lease-able Sq. Ft. at Luxury, Mixed-Use Project

LAS VEGAS, May 10 /PRNewswire/ — As Las Vegas pushes skyward, the new $1.5 billion Cosmopolitan Resort & Casino pushes to “the Boulevard.” By placing retail at its front door, this luxury, mixed-use high-rise creates a stunning architectural design that boldly addresses an emerging trend in Las Vegas — where a tourist’s primary vacation purpose is shopping, dining and entertainment.

Scheduled to break ground in Summer 2005, The Cosmopolitan’s focus on retail stems from the developer’s Manhattan and Miami roots, where retail opens onto Park Avenue or Ocean Drive with transparent “floor-to-ceiling” window displays that capture the attention of tourists and visitors alike. To date, no other resort has integrated retail and dining in such a manner.

“Unlike Las Vegas’ traditional property design, we’re placing retail at the front door,” said Ian Bruce Eichner, CEO of 3700 Associates, LLC, the developer of The Cosmopolitan. “The nature of The Cosmopolitan’s design places shopping and dining at the threshold of our property. This new Las Vegas paradigm allows restaurants and shops direct exposure to Las Vegas Boulevard to brand their product to the millions of people that travel along the Strip,” Eichner said.

Centrally located at the heart of Las Vegas Boulevard, next to Bellagio, The Cosmopolitan is a modern yet visionary mixed-use development that encapsulates luxury and sophistication in its integration of a condo-hotel-resort featuring hotel rooms, condo-hotel residences, a casino, retail, dining and entertainment venues, meeting rooms, and The Cosmo Beach Club — all in one location and under-one-roof.

“We’ve designed The Cosmopolitan to capture the aura and excitement found only in famous, metropolitan cities,” said David Friedman, President of 3700 Associates, LLC. “Our vertical, urban design harnesses the kinetic energy and chic lifestyle that make Las Vegas one of the country’s most sought after shopping and dining destinations,” said Friedman.

The Cosmopolitan has begun leasing 300,000 sq. ft. of retail and restaurant space built-to-the-sidewalk on three separate levels overlooking Las Vegas Boulevard. The space 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 each with panoramic balcony views of The Strip.

“Targeted tenants include proven successful retailers and restaurateurs from other evolved shopping and dining destinations such as New York, Los Angeles, Miami, San Francisco, and Chicago in the US, as well as London, Paris, Barcelona, and Milan abroad,” said Jim Reding, director of retail for 3700 Associates, LLC.

“Retail stores and restaurants will be vertically integrated into the mixed-use luxury of The Cosmopolitan,” said Reding. “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 Reding.

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.

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