Under-construction hotel, casino and condo complex on the Strip.
The project was begun by developer 3700 Associates, LLC, headed by Ian Bruce Eichner. The resort's underground parking needed to be completed first before any above ground structures could proceed due to the resort's ultra-compact design which allows it to make the most efficient use of its limited land. Although the Cosmopolitan sits directly north of the City Center Project, also under construction, it is an independent project and is not connected in any way to the $7 billion development. As of December 2007, work has just finished on the 70-foot (21 m) hole for the parking structure and foundation work is in progess.
In January 2008 it was reported that the $3 Billion project faced foreclosure, as Eichner's company defaulted on a $760 million construction loan from Deutsche Bank when the developer missed a payment after failing to secure refinancing for the project. Construction still moved forward as the developers searched for new financing to bail out the project. In late February 2008, Global Hyatt Corporation and New York-based Marathon Asset Management agreed to recapitalize the condominium-hotel project. (see Wikipedia article for sources)
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