CityCenter
MGM's CityCenter Condominium project in Las Vegas was promoted by MGM to be a world class project and MGM promoted itself as the only entity in the world with the talent and resources to construct a project of this magnitude.
As a result of MGM's promotion of the CityCenter project and in reliance on MGM's representations, many people entered into pre-construction purchase agreements to purchase condominiums at CityCenter. Purchasers were required to submit deposits totaling 20% of the purchase price and the amount of those deposits range from the low six figures to well over one million dollars.
The CityCenter project has been plagued by construction problems and the attached links to the Las Vegas Sun and Las Vegas Review Journal chronicle those problems. One of the condominium towers, the Harmon Tower, was reported to have serious structural integrity problems and ultimately MGM CityCenter was forced to drastically alter the plans for the Harmon Tower and not build the upper 21 floors of Harmon. In addition, problems at Veer Tower have been reported as well. While to date there has not been any specific evidence discovered to establish that any of the other condominium units at CityCenter suffer from construction problems, nonetheless a "cloud" exists over the entire CityCenter project, which may drastically impact the value of all condominium units at CityCenter.
As a result, it is expected that a large number of those who signed purchase agreements will be unwilling to finalize the purchase and pay the remaining 80% that MGM maintains is due under the purchase agreements. To date, MGM has been unwilling to provide any concessions to purchasers, either in agreeing to refund deposits in an amount greater than provided for in the purchase agreements or in providing any reductions in price.
Moreover, a number of purchasers will likely be unable to close on their units due to inability to obtain financing or simply because they would rather walk away from their deposit rather than finalize a purchase when the condominium unit's present market value is a fraction of the purchase price. That scenario, in combination with those people who may be unwilling to close due to the issue of construction problems suffered by the CityCenter project, may result in a situation where only a small percentage of purchasers actually close. The small percentage of people who actually close may ultimately be forced to bear condo maintenance and other fees that were originally anticipated to be shared by a large number of condo owners, thus resulting in dramatically increased fees for those purchasers who close.
Hutchison & Steffen, LLC's attorneys have the expertise to assist purchasers of condo units in MGM CityCenter. We are currently representing clients who signed purchase agreements in Vdara Condo Hotel, Veer Towers, and Mandarin Oriental. Mark Connot has been featured in the Wall Street Journal and on Fox Business Network in regard to the CityCenter project and the problems faced by condo purchasers at CityCenter. In 2008, Hutchison & Steffen obtained the largest jury verdict in the United States on behalf of an individual plaintiff. If you have entered into a purchase agreement for a condo at MGM's CityCenter project, and you want to know your rights in regard to closing on that purchase, the attorneys at Hutchison & Steffen can advise you of your rights and options available to you.
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