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Sam Morris / Las Vegas Sun
The soaring, 80-foot tall lobby area of Veer Towers frames the Mandarin Oriental at CityCenter.
By Kyle B. Hansen (contact) 
Thursday, July 15, 2010 | 8:23 p.m.
CityCenter's Veer Towers
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First look inside Veer Towers at CityCenter.
The last of the residential buildings at CityCenter officially opened Thursday, with the two leaning Veer Towers welcoming its first residents and opening model units.
The two 37-floor towers include a mix of studios, one-, two- and three-bedroom units and penthouses.
The units range in size from 500 to 3,300 square feet and cost between $348,000 and about $2 million, depending on the size and features of the unit.
About six of the 100 people who have closed on units have already moved in, said Tony Dennis, the executive vice president of CityCenter’s residential division.
Of the 600 units in the two towers, about 440 units were sold, Dennis said, but about 40 buyers have backed out of their contracts.
MGM Resorts International, the managing partner of CityCenter, began closing on contracts for the Veer units last month and expects the first round to be done by mid-October, Dennis said.
The entire CityCenter complex should have 300 residences closed in the next week, with Mandarin Oriental currently closed on 47 units and Vdara closed on about 150, Dennis said.
Dennis said about a third of the buyers so far are from Nevada, with another third from California and the remaining third from Canada, Mexico, Europe and Asia.
About 90 percent of the buyers were already affiliated in some way with MGM Resorts, Dennis said.
“These are our customers. We know who they are, and that’s why we’re outperforming the market on the closings,” he said.
“They know while they are paying a premium, they’re getting value and value that’s unique and special to them,” he said. “It’s about them and their needs, and we service them. And so they’re prepared to pay a pretty penny for what they want.”
MGM Resorts and its partner Dubai World have also offered seller-financing to help buyers who can’t get loans other places, Dennis said.
“In a marketplace that provides almost no financing for new homes, we are providing that vehicle to our buyers,” he said. “It’s really helped a lot of people, but by and large, most of our buyers are paying cash, even in this economy.”
The market also appears to be turning around, Dennis said.
Earlier this year, most of the buyers were interested in smaller units, but now the higher-end buyers are coming forward, including four currently in negotiations to buy penthouses that range from $1.8 million to $3 million.
Veer appeals to affluent, young people who want to live in a hip, urban environment with easy access to the Strip and other amenities, Dennis said.
“CityCenter is an innovative, inventive, future-minded place, and Veer is sort the example of that in its fullest form,” Dennis said.
Francisco Gonzalez-Pulido, one of the designers who worked with architect Helmut Jahn on the buildings, said the dynamic design is a move to making Las Vegas a more urban city.
“The most significant thing was the challenge of the background being in Las Vegas,” he said.
“Almost every architect that you talk to, nobody wants to do anything here because it’s not a very serious town,” he said. “This is a great opportunity to introduce a piece of truly urban fabric to a city that doesn’t have one yet.”
The buildings are expected to use at least 30 percent less energy than a typical building and are LEED Gold certified, despite being a “glass box in the desert,” Gonzalez-Pulido said.
The building uses external fins on the windows and glass that reflects the light, Gonzalez-Pulido said.
The two buildings are designed to interact with one another, with each leaning five degrees in opposite directions.
“By making these buildings parallelograms and leaning them, they became, obviously, more interesting,” he said.
“We’re very proud of these towers because we were against everything here, contractors were whining all the time about how expensive these buildings would be and how difficult, how challenging (it is) to build a leaning tower,” he said. “In the end, the buildings weren’t more expensive than a straight building would be.”
The building is unique not just compared to other structures in Las Vegas, but compared to buildings nationwide, he said.
This stuff is awful. Has no place in our City. $350,000 for a 500 foot studio. Crazy.
Richard Long's artwork looks like the work of several six years olds running their fingers through wet paint. It is awful. And they call this artwork?
"Has no place on our city"? Why? I might expect that comment in "historic" Charleston, S.C. or old money spots like San Francisco or Boston, but why not here? Las Vegas is nothing if not innovative... what would you prefer? More buildings like the apartments at the Las Vegas Country Club that scream the 60s?
I don't believe a project like this was ever intended to attract "working-stiffs" like me, but rather jet-set type people who can shop at Crystals, etc. They do exist you know... even in this economy. I hope they sell 'em all and the new residents spend money and have a ball. I doubt they fill-up our classrooms with kids needing reduced lunches or over-crowd our emergency rooms for medical care. I can't think of a single thing they'd do that most likely wouldn't benefit most of the rest of us.
2 of the ugliest buildings I've ever seen. And where did they get that color scheme? It looks like puke.
There's very little that is "hip and trendy" about Las Vegas. The Valley had the opportunity to be something unique--a jewel in the desert. But little was spent on what a city needs to be a progressive place to live. Marketing only goes so far before people realize it's a giant facade.
They should just convert the entire place into hotel rooms like the Cosmo next door is doing.
Who in their right mind would live at this place? Vacation condo, fine. But to live there, please.
Here's my questions for a resident of this place:
-- Where does one go for a walk or a run? The Strip? Aria? Crystals?
-- Where is the closest supermarket?
-- Where is the nearest park?
I hope they sell the place out -- that's good for the city and MGM. But this condo thing still makes no sense to me -- and these condos are all over the place in town.
As always, please peruse my LV blog:
http://jimmyhoofa-lv.blogspot.com/
Based on this and previous reports, 297 of the 2392 units in the three City Center establishments (Veer, Vdara, Mandarin) have closed, plus an empty Harmon Hotel which now is being touted as the world's largest and most expensive billboard.
@jimmy
Yes, most if not all of the people buying these condos at City Center will buy them as vacation getaways and even if they purchase it as their primary residence, I see nothing wrong with it if they can afford it. Why not? Obviously they like the 24 hour lifestyle with world class shopping, dining and nitelife. The more the buyers the better for the city coffers.
I'm pretty sure someone was changing a baby's diaper when they came up with the color scheme.
I like it and I wouldn't mind living there.
Its great to see these condos selling, condo life is not for everyone but we shouldn't make negative comments just because there are people that can afford to buy these condos. Its nice to live in a big city and you would want to live above the city, not on the ground. As for stores, most people drive to the store, so what is the difference if you live in a condo, and I found that if you live in a condo, you seldom eat in your condo, you snack. I would love to live in a high rise condo, but like most people I cannot afford too. The positive aspect of these people buying these condo, our property tax revenue will go up, and thats a good thing.
'The buildings are expected to use at least 30 percent less energy than a typical building and are LEED Gold certified, despite being a "glass box in the desert," Gonzalez-Pulido said.'
That's because they're 40 percent unoccupied! Hahahahaa!
But to be serious for a moment, what we have here is a playing out of what the economists feared would happen. If 90 percent of the owners are MGM customers then chances are when they come to town they won't be staying in a hotel room, which will lead to the further glut of vacant hotel rooms, which will lead to ever more price cuts in rates and the gaming companies losing more money. They've cannibalized their own customers. Furthermore, we don't know the details of the final agreements. I sincerely doubt in this real estate climate that the majority of the buyers closed (or will close) at the original prices.
So in the end what has this done for Las Vegas? Not much. MGM has just managed to play a shell game with its customers and revenues. If thirty percent are locals then we can count those people out of the tourist revenue factor.
I'm glad it's finally open as these buildings have served as a monument to the poor planning and lack of vision of MGM's out-of-touch executives. For all of their hot air that corporation is still at 90 percent of it's value prior to this debacle. And as for the Harmon. Let's just throw a sheet over it and pretend it's not there...
The people who would buy these condos are most likely not the type who will ever use their kitchen. They are most likely frequent Vegas visitors who can afford to opt for a pricey apartment in the center of things and who will eat out for every meal. I doubt anyone who buys there will actually be living there full-time. And as someone pointed out, it is good for the community as a whole, as these are the types who will not only patronize the upscale shops and restaurants of the central strip, but most likely not utilize much or any city or county resources despite the fact that they will be contributing to the revenue base with their real estate taxes.
@PGelsman-
So you prefer the United Colors of Maalox hues of fake Italian cities? How about the fake Lake Como (they say taupe is very soothing)? Fake NYC? Or do you prefer something more original like the lovely facades of the Riviera and Planet Hollywood, both of which look like they were done by the Romper Room Design Group based on cocktail napkin sketches by Bob Stupak?
Thrill us all with your idea of a truly interesting, eye-catching, clever, aesthetically pleasing building in Las Vegas. Can't wait...
Jimmyhoofa, I can answer your question about where one will go for a walk. I'm thinking it will be the long walk from their apartment to wherever their car is parked. Probably a fair distance.
I imagine If I had lots of money and wanted to spend a lot of time in L.V. These would be something worth looking at. The HOA fee is probably more than the mortgage on my house.
In reading most of the comments I find the politics of envy clearly evident. I'd wager to say that most of you with negative comments are jealous of others success, live paycheck to paycheck and don't have two dimes to rub together.
Not sure investing in these properties is a good idea, for those of you who think the property market is about to improve read the following link
http://www.telegraph.co.uk/finance/curre...
this is a small extract of the link (courtesy of telegraph papers)
The US workforce has shrunk by a 1m over the past two months as discouraged jobless give up the hunt. Retail sales have fallen for the past two months. New homes sales crashed to 300,000 in May after tax credits ran out, the lowest since records began in 1963. Mortgage applications have fallen by 42pc to 13-year low since April. Paul Dales at Capital Economics said the "shadow inventory" of unsold properties has risen to 7.8m. "The double dip in housing has begun," he said.
10% of the units should be set aside for the unemployed. 20% of there unemployment would go twords rent, if congress refuses to extend benefits then they can live there for free!
This is very good news for the Strip. As more purchases close, there will be more activity, and CityCenter will start to come alive, and not look either deserted or under construction. MGM Resorts International has weathered the worst of the economical storm, and its future will likely improve year by year. Eventually CityCenter might even be appreciated by most residents and tourists.
do you really believe MGM when it says they are closing on apartments? I still don't believe the statements they made sometime ago. They are not safe, the debt is too high and MGM are in serious risk of collapse
City Center is a corporate graveyard!!
$348,000 for 500 sq ft?
Obviously the developer thinks he's in CA.
"About 90 percent of the buyers were already affiliated in some way with MGM Resorts"
hmmmm
<I'd wager to say that most of you with negative comments are jealous of others success, live paycheck to paycheck and don't have two dimes to rub together.>
Welcome to the REAL Las Vegas. You know, the REAL people who actually LIVE there 12 months out of the year.
What MGM Resorts fails to mention in this story is that those 90% affiliated with MGM are...............executives. I know this for a fact that about 70% of the condos at CityCenter that have closed are ALL high level MGM executives who got sweet pricing. Shame on you MGM for spinning it any differently. The fact is the majority of these condos will sit unoccupied not for months, but a few years..
That swimming pool!! You will need 100 spf to spend just a half hour at the thing!! It's bad enough to lay in the sun/swim at ground level - but on a ROOF???? Sizzle sizzle.
I actually like the units, at least what you can see of them. But that price tag of $348,000 for 500 sq ft - that's robbery (but I don't believe that is what people actually paid for those units, especially recently). But the people who buy these units are going to be wealthy. Not one Lazy Boy in any of the units!!!
PS Who would buy ANYTHING in a high rise built in Las Vegas??? Builders couldn't build one story homes without a bevy of construction defects. Who would want to risk their lives in a high rise? If people only knew.....
Those developers have their heads in the clouds, way up there into the Mesosphere.
"The market also appears to be turning around, Dennis said."
The Titanic also turned around before it sank.
$348,000 for 500sf. Wow. I wonder what they take out of you monthly on top of that for the association dues.
Id rather buy the cosmopolitan places, at least they have balconies so you don't feel like you're living in a hotel.
Not a big fan of the shag carpeting in photo #7.
500sf is like opening the front door & hitting the window.
@lvfacts101-
Bingo! On the money!... or, um, perhaps money isn't the right choice of words.
You'll never meet more jealous, status-conscious people with inferiority complexes as you will in Las Vegas!
Maybe there's some deal with MGM and their whales to get a discount on a unit?
I would imagine rich Arabs out of Dubai will be buying these places at a discount also.
Never visited City Center - drive by it 5 days a week but never visited. Its not for me (a local) but if out of towners want to pay outrageous prices for a piece of the strip, and pay property taxes - good for them. And to the person who questioned where they would go for parks trails, etc - these people are not interested in that. The only park they care about is valet PARKing and the only trail they need is the red carpet to the nearest high stakes gaming room.
There will be enough people who have the available $$$$ to 'waste' on these units because that is what they do when they've got more money than they need!
As to the 'ordinary folk' who wouldn't pay those kind of prices if they had the money, it's because they prefer a place where there are signs of nature; trails to walk and hike - fresh water and no neon lights; glitter, and artifice!
I like visiting Las Vegas periodically, just to remind me why I like living where I do (which is NOT in Las Vegas) and also view the tourists - many of whom, are taken in with the noise; the sounds - the tinsel and the provocative that is all over the strip.
At least it's an education of sorts, but you only need a tiny taste of it to get terribly sick from the experience.
Those who are commenting about the over-priced units are not necessarily people who don't have two dimes to rub together (as one poster said), but they just have a different value system by which they invest their money versus just spending it with no potential (or little) return on the investment.
Lets see, 90% of the buyers are affiliated with MGM Resorts and MGM is carrying the paper. It sounds to me like their selling most of these to their own people but trying to make it sound like their beating the market. Lets wait & see what MGM's second quarter SEC filing says about City Center's financial situation. I suspect it will be in the toilet.
We go to shows ar MGM and I have stayed at the Luxor, and I own stock in a couple of their vendors, I guess that means I'm "affiliated" with MGM. If I had the money (I don't), and didn't care abour ever turning a profit, maybe I'd buy. And I'd bring the La-Z-boy in too! While we might retire to Nevada in 15 years to escape the California tax system, I'd probably be more likely to buy a place in Henderson, or maybe Mesquite.
udeboda, If you bring your cat to my house, make sure he has a helmet, my rooms are mot that big!
I withdrew my offer for a 3 bedroom penthouse unit.I heard there was no chinese take-out.$1-2 million in Las Vegas TODAY....will buy you so much more than one high rise flat.They've lowered the prices some (very little) I had read they wanted to keep out a certain "element" So for $2,000,000.00 you get no element..isn't that special !!
Photo 4 of "An Inside Look.." makes me laugh. Did somebody really consider that art? It does nothing for me, other than make me wonder if there's a major leak in the sewer system.
Hey, that's just my opinion, I'm sure someone out there thinks that THAT is just beautiful!!
If these poor souls that bought these condos had been informed of the annoyingly loud HOWL that is created by those sun light reflecting FINS in a strong wind, I guarantee they wouldn't have coughed up the money. Expect to see numerous lawsuits associated with this FACT. Been there heard it.
will be 50%-70% empty like the rest of city center. This is a slow, continuing train wreck. Not enough suckers left to buy all these overpriced boxes. Any condo owner in this town is totally upside down and will never get out, but still has to pay the crazy maintenance fees and taxes--good luck.
Las Vegas is OVER!!!
(Article)
"Tony Dennis: These are our customers. We know who they are, and that's why we're outperforming the market on the closings," he said.
..
....
Yeah, those more sophisticated customers, are same fools who signed buying contracts top of the condo market.
"Tony Dennis: They know while they are paying a premium, they're getting value and value that's unique and special to them," he said. "It's about them and their needs, and we service them. And so they're prepared to pay a pretty penny for what they want."
..
...
I don't think they know better, they are just easier to misled.
I never understood why someone would want to spend $350k + for a condo + furniture + HOA fees + utilities (?) to buy a place on the strip. Who really needs to live on the strip? So much easier and cheaper just to stay in any number of hotels here. I just dont get it,maybe that's why the concept failed. Did Cosmo's owners really think they could fill an entire building with condos??
At least they got the name right.. they veered far from the path of what vegas is and should be. They thought they could con some rich idiots into buying Murren's "vision". Turns out the only rich idiots were MGM brass and Dubai.
well said mrtmtrvlr---its almost sad to listen to these condo "owners" who still think they are "investors". They are just starting to realize they were the sucker at the table. Too many of them are still holding on to call a bottom in the condo market in lv--all these "investors" need to throw in the towel before we reach bottom. I think most of these empty buildings will end up being time shares and apartments around town--there must be 10-12 empty (or near empty) condo towers around town--maybe more!