Cosmopolitan Resort Sets Trends

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.

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“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.
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