Perini Building Company Selected to Build The Cosmopolitan Resort & CasinoPerini Bldg. Co. Selected to Build The Cosmopolitan Re
October 11 2005 - 9:31AM
Business Wire
Perini Building Company, a wholly owned subsidiary of Perini
Corporation, (NYSE: PCR), signed a construction contract with a
value of approximately $1 billion with 3700 Associates, LLC to
build The Cosmopolitan Resort & Casino. The total estimated
project cost, including construction is over $1.8 billion. Perini
will officially break ground at the end of this month. The
Cosmopolitan Resort & Casino will open in mid-2008. As a
spectacular mixed-use, urban high-rise development, The
Cosmopolitan will redefine Las Vegas' skyline with its stunning
architecture and vertically integrated design. Rising on
approximately 8.5 acres, the project's iconic look includes over 5
million sq. ft. of development on the Las Vegas Strip. Perini's
contract includes constructing two high-rise hotel and condo-hotel
towers approximately 600 ft. tall with a total of approximately
3,000 luxury hotel rooms and suites and condo-hotel residences;
over 150,000 sq. ft. of integrated, business convention and
conference space; a 75,000 sq. ft. casino; 300,000 sq. ft. of
exclusive and brand-name retail boutiques and fine-dining
restaurants; an 1,800 seat theater; a 500 seat cabaret; a 50,000
sq. ft. exclusive spa, salon and fitness center; multiple nightclub
venues; and a 3,800-car underground parking structure. Chief among
these attractions is The Cosmo Beach Club, a five-acre pool deck
overlooking the Strip, featuring al fresco dining, a riveting
nightclub, and aquatic designs never seen before in Las Vegas. "The
project's unique architecture makes The Cosmopolitan one of the
most stunning projects Perini has been involved with. The
property's prime location and sleek, contemporary glass design
combined with its vertical integration of attractions will make
this a Las Vegas centerpiece," said Dick Rizzo, chairman of Perini
Building Company. The first major construction activity will be to
construct the 3,800 space subterranean parking garage. Because the
project fills the 8.5-acre site, the four-story low-rise will sit
directly on top of the garage. To build the garage will require one
of the largest excavations in the history of Las Vegas. Perini will
move over 1 million cubic yards of dirt from the site to create a
90 ft. deep excavation to begin construction. According to Steve
DeWees, project manager for Perini Building Company, "In addition
to the massive excavation, constructing the larger of the two
towers is the most critical component of the building schedule.
Construction of the two structures will be simultaneous." Perini is
working closely with The Cosmopolitan's renowned dream team of
designers that includes Arquitectonica, the project's design
architect, famous for iconic architecture found throughout the
world. Landscape designer Martha Schwartz Partners, known for
artistic, urban projects, will design The Cosmo Beach Club. Dougall
Design, creator of the most sought after themed and luxury venues
will be responsible for the casino and retail spaces. Paul Duesing
Partners, recognized for work in exclusive five-star resorts and
celebrity homes, will be responsible for the condo-hotel and hotel
units and public spaces. Additionally the Friedmutter Group, one of
the premier hospitality design firms in the nation, will serve as
the executive architect. Joining this group of designers is the
internationally acclaimed Grand Hyatt, which will operate the
project's hotel. About Perini Corporation Perini Corporation is a
leading construction services company offering diversified general
contracting, construction management and design-build services to
private clients and public agencies throughout the world. We have
provided construction services since 1894 and have established a
strong reputation within our markets by executing large complex
projects on time and within budget while adhering to strict quality
control measures. We offer general contracting, preconstruction
planning and comprehensive project management services, including
the planning and scheduling of the manpower, equipment, materials
and subcontractors required for a project. We also offer
self-performed construction services, including sitework, concrete
forming and placement and steel erection. We are known for our
hospitality and gaming industry projects, sports and entertainment,
educational, and healthcare facilities as well as large and complex
civil construction projects, and construction management services
to U.S. military and government agencies. Visit: www.perini.com for
more information about Perini. About 3700 Associates, LLC Formed in
April 2004, 3700 Associates, LLC brings together one of the
nation's foremost real estate developers 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 over $1.8 billion
Cosmopolitan Resort & Casino currently 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 is scheduled to break ground in October 2005 and
open in mid-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. For further
information, visit www.cosmolv.com.
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