The Signature at MGM Grand
The Signature at MGM Grand | |
---|---|
Condo-hotel | |
Location | Paradise, Nevada, U.S. |
Address | 145 East Harmon Avenue |
Coordinates | 36°06′24″N 115°10′00″W / 36.1068°N 115.1667°W |
Construction started | 2004 |
Opening | May 2006 |
Owner | MGM Resorts International |
Technical details | |
Floor count | 38 |
Design and construction | |
Architecture firm | Bergman Walls & Associates |
Developer | Turnberry Associates/MGM Grand Towers LLC |
Other information | |
Number of rooms | 1,728 |
Website | |
signaturemgmgrand |
The Signature at MGM Grand is a
Individual buyers in the project had the option of renting out their unit and splitting the profit with MGM. Starting in 2007, hundreds of buyers filed suit against the property, alleging misleading sales pitches and income that was lower than expected.
History
Part of the property was previously occupied by the
Unit sales for the
Construction of the first tower was underway later in 2004, near the corner of Harmon Avenue and Koval Lane. Construction of the second tower was expected to begin in early 2005.[5] Excavation for the final tower was underway in September 2005, three months earlier than initially planned. Construction began early after more than half of the tower's 576 units were sold.[4] The first tower was topped off on October 7, 2005,[6] and was opened in May 2006.[7] The second tower was finished later that year,[8] and the third was scheduled to open in July 2007.[9]
It was the first condo-hotel to open near the Las Vegas Strip.[10][11] The project was designed by Bergman Walls & Associates.[12] The tower exteriors feature gold glass,[13] and each building is 38 stories.[14] Buyers had the option of renting out their units and splitting the profit with MGM.[5] Each tower was built with 576 units, and 90 percent of them were expected to be managed by the MGM Grand as condo-hotel units.[15]
The Signature was built with its own entrance, and it had a staff of bellhop, concierge and valet employees that was separate from the main resort.[16] Residents had access to the resort's amenities, and a moving walkway connected each tower to the resort.[10] The Signature property included a pool and a Starbucks.[17] Eventually, the property also started offering cooking classes with hotel chefs, through 30-minute television programs.[18]
The project's 1,728 units were largely sold prior to the Great Recession. In 2007, more than 40 buyers filed suit against the property with allegations of misleading sales pitches and income that was lower than expected.[19][20] MGM stated that the poor state of the economy was to blame for low rental rates, while buyers stated that the low rates had started before the economic downturn. By May 2009, the case had grown to nine lawsuits and more than 300 buyers.[21] Meanwhile, unit prices had dropped 70 percent. Most of the unit sales at that time were resales or repossessions.[22]
In 2012, a judge ordered that 102 buyers in the case proceed through
Gallery
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Construction in 2006
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View from East Harmon Avenue
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The Signature in 2007
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The Signature in 2015
References
- ^ Simpson, Jeff (December 6, 2002). "MGM Mirage, Turnberry to build luxury condos". Las Vegas Review-Journal. Archived from the original on December 20, 2002.
- ^ a b Smith, Hubble (January 19, 2004). "Turnberry begins sales of condos at MGM Grand". Las Vegas Review-Journal. Archived from the original on January 21, 2004.
- ^ a b Milhailovich, Steven (January 23, 2004). "MGM is building some Strip 'neighborhood casinos'". Las Vegas Business Press. Archived from the original on January 27, 2004.
- ^ a b Smith, Hubble (September 12, 2005). "Work starts early for last Residences tower". Las Vegas Review-Journal. Archived from the original on February 9, 2019. Retrieved October 28, 2020.
- ^ a b Smith, Hubble (October 23, 2004). "Plans for high rises plentiful, exec says". Las Vegas Review-Journal. Archived from the original on November 25, 2004.
- ^ Illia, Tony (October 13, 2005). "Industrial market posts record numbers". Las Vegas Business Press. Archived from the original on April 27, 2006.
- ^ Smith, Hubble (June 6, 2006). "Broker: Rooms are still needed". Las Vegas Review-Journal. Archived from the original on June 8, 2007.
- ^ Smith, Hubble (November 14, 2006). "Allure developers thinking even bigger". Las Vegas Review-Journal. Archived from the original on December 19, 2006.
- ^ "July Opening of The Signature at MGM Grand's Tower 3 Marks Completion of Las Vegas' First Condo Hotel Project". MGM. 2007. Archived from the original on November 23, 2007.
- ^ a b Shubinski, Jennifer (January 2, 2006). "Developers offering a new kind of suite deal with condo-hotels". Las Vegas Sun. Archived from the original on March 17, 2017. Retrieved October 28, 2020.
- ^ Padgett, Sonya (September 10, 2006). "Suite luxury". Las Vegas Review-Journal. Archived from the original on February 9, 2019. Retrieved October 29, 2020.
- ^ "The Sarno Awards". University of Nevada, Las Vegas. Archived from the original on March 1, 2019. Retrieved October 30, 2020.
- ^ "Now this is a 'grand' way to live, The Residences give owners Strip views with hotel amenities". Las Vegas Business Press. September 5, 2006. Archived from the original on June 4, 2019. Retrieved October 23, 2020 – via NewsLibrary.
- ^ "MGM Grand". Emporis. Archived from the original on May 14, 2015. Retrieved October 30, 2020.
- ^ "MGM Grand to begin taking reservations at The Signature". Las Vegas Review-Journal. February 6, 2006. Archived from the original on February 15, 2006.
- ^ Van Vechten, Ken (February 26, 2006). "Mini-hotels play the luxury card". Los Angeles Times. Archived from the original on November 1, 2020. Retrieved October 28, 2020.
- ^ Hamm, Catharine (August 27, 2006). "Feeling grown up at MGM's Signature". Los Angeles Times. Archived from the original on April 22, 2023. Retrieved October 29, 2020.
- ^ Jones, Jay (November 29, 2010). "Las Vegas: Whip up your own dinner at the Signature at MGM Grand". Los Angeles Times. Archived from the original on November 4, 2020. Retrieved October 30, 2020.
- ^ O'Reiley, Tim (July 14, 2008). "Housing slide hits home for buyers of condo hotel units". Las Vegas Business Press. Archived from the original on June 29, 2009.
- ^ "Jeff Simpson explains why he doesn't think Signature towers buyers will win in court". Las Vegas Sun. March 2, 2008. Archived from the original on May 19, 2022. Retrieved October 30, 2020.
- ^ Benston, Liz (May 15, 2009). "Arbitration or trial? Judges in condo-hotel cases split". Las Vegas Sun. Archived from the original on March 9, 2021. Retrieved October 30, 2020.
- ^ Stutz, Howard (August 31, 2009). "Strip condo sales 'anemic'". Las Vegas Review-Journal. Archived from the original on November 4, 2020. Retrieved October 30, 2020.
- ^ O'Reiley, Tim (September 25, 2012). "Signature at MGM condo buyers ordered into arbitration". Las Vegas Review-Journal. Archived from the original on November 4, 2020. Retrieved October 30, 2020.
- ^ Horne, Robert (July 13, 2015). "Turnberry's bankruptcy merely a ploy, condo owners say". Las Vegas Business Press. Archived from the original on November 3, 2020. Retrieved October 30, 2020.