City in a City
June 16, 2009
I've recently become intrigued by the new City Center project slated to open in Las Vegas later this year. The project promises to be an "urban metropolis" and a "city within a city". Admittedly, it looks extremely cool, but I have my doubts.
At first glance, this development seems to have everything: 2000+ condo units, 5000+ hotel rooms, casino gambling, public transportation, shopping, Cirque du Soleil, and its own fire department and power plant. At $8.5 billion it's supposedly the biggest private development in U.S. history. MGM Mirage has put a lot on the line to get it built. They've already sold their Treasure Island property to raise desperately needed cash. Now they've put up their Circus Circus property as collateral against cost overruns.
When (and if) City Center opens this winter, it will certainly be a spectacular sight. But will it be the great urban place it promises to be? Or will it be more like a cartoon of a great urban place? I guess the answer to those questions requires us to consider the philosophical question of what a city is.
At the end of the day, City Center is a luxury resort, designed to make as much money for its investors as possible. Of the 12,000 employees who will work there, my bet is that only a few executive types will be able to afford any of City Center's residences. The majority of the condo units will be sold to the ultra wealthy, those looking for a place to park money, and people interested in having a guaranteed great view of the Strip each time they visit Las Vegas.
Of course, a lot of the hotel clerks, restaurant servers and valet parkers working in Manhattan can't afford to live in Midtown, either; but a lot of people who work in the New York City do live there. A great city has local stakeholders and a healthy degree of tourism. It has a diverse population of people, from the wealthy to the working class. It has a diverse selection of restaurants, from upscale sushi bars to greasy hamburger joints. A great city has an economy that doesn't put all of its eggs in one basket and reinvests money locally.
City Center has some awesome architecture, exciting urban designs, and lofty aspirations. As awesome as it would be for a developer to build an entire city from scratch in less than a decade, I think it can only go so far. When you think about it, the billions of dollars that MGM Mirage has invested in this project and pushed itself toward the brink of bankruptcy is a drop in the bucket compared to the money governments can and do spend on development. I'd like to visit City Center next year to see how it lives up to the hype. For now, it will be interesting to see how things progress.
At first glance, this development seems to have everything: 2000+ condo units, 5000+ hotel rooms, casino gambling, public transportation, shopping, Cirque du Soleil, and its own fire department and power plant. At $8.5 billion it's supposedly the biggest private development in U.S. history. MGM Mirage has put a lot on the line to get it built. They've already sold their Treasure Island property to raise desperately needed cash. Now they've put up their Circus Circus property as collateral against cost overruns.
When (and if) City Center opens this winter, it will certainly be a spectacular sight. But will it be the great urban place it promises to be? Or will it be more like a cartoon of a great urban place? I guess the answer to those questions requires us to consider the philosophical question of what a city is.
At the end of the day, City Center is a luxury resort, designed to make as much money for its investors as possible. Of the 12,000 employees who will work there, my bet is that only a few executive types will be able to afford any of City Center's residences. The majority of the condo units will be sold to the ultra wealthy, those looking for a place to park money, and people interested in having a guaranteed great view of the Strip each time they visit Las Vegas.
Of course, a lot of the hotel clerks, restaurant servers and valet parkers working in Manhattan can't afford to live in Midtown, either; but a lot of people who work in the New York City do live there. A great city has local stakeholders and a healthy degree of tourism. It has a diverse population of people, from the wealthy to the working class. It has a diverse selection of restaurants, from upscale sushi bars to greasy hamburger joints. A great city has an economy that doesn't put all of its eggs in one basket and reinvests money locally.
City Center has some awesome architecture, exciting urban designs, and lofty aspirations. As awesome as it would be for a developer to build an entire city from scratch in less than a decade, I think it can only go so far. When you think about it, the billions of dollars that MGM Mirage has invested in this project and pushed itself toward the brink of bankruptcy is a drop in the bucket compared to the money governments can and do spend on development. I'd like to visit City Center next year to see how it lives up to the hype. For now, it will be interesting to see how things progress.
