Word: projectable
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...Thom Mayne, and represents Mayne's first move into New York or for that matter the East Coast. He makes buildings like no one else's, with complex orchestrations of space and form and a tough luster that's unmistakably his. The folded and perforated metal skin of his project for Cooper Union stands out strongly in its neighborhood of mostly brick and masonry buildings, but it also speaks to the local heritage of loft industry - and of thinking outside the box. "As a design and engineering school, Cooper Union is a place that's about creative capital," says Mayne...
...fell to Murren to convince the bankers that the project was worth saving - but things had gotten so touchy that he had to ask Nevada's congressional delegation, led by Senate majority leader Harry Reid, to call the CEOs of MGM's banking partners to ask them to return Murren's calls...
...Mirage had already prepared its bankruptcy papers for the project and rented construction fencing to seal off the complex. As Murren waited for the decision in his office, TV crews circled overheard in helicopters, catching footage of a project widely rumored to be failing...
...Aria is opening, the venerable Binion's Gambling Hall downtown has shut down, and the Sahara just announced plans to temporarily close rooms in two of its three towers. One of the early selling points of CityCenter was that a slate of condos was planned to give the project some semblance of urbane flair. But the high-rise-condo market is in dire shape. Murren says MGM Mirage has 50% of its condos under contract, but it also recently announced a 30% price reduction to lure in new buyers as well a financing package to help buyers afford to close...
Parts of the project have had bad luck. The Harmon boutique hotel, a victim of construction defects, won't be finished until the end of 2010. But the opening of Aria is a significant achievement, signifying the end of an era in Vegas. The days of visionary auteurs bringing extravagant casino dreams to eager banks are over. Land is too expensive if you don't already own it. Banks are reticent to lend to developers who lack land equity and plenty of cold hard cash. MGM Mirage owns a larger parcel than CityCenter a few miles north...