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This article focuses on Terrence Lanni's plans to build a village in Las Vegas called CityCenter. Las Vegas is the quaking epicenter of the real estate boom. Two hundred people move there every day. Land prices have quadrupled in the past five years, and home prices rose 24% in the first half of 2005. In the next five years 80 high-rise condominium towers with 37,000 apartments are slated to go up. Yet now, in the middle of this real estate mania, this successor to dot-com madness, MGM Mirage Chief Executive Terrence Lanni is going all in. Lanni, one of the canniest financial minds in Vegas and steward of the number two gambling company in the world, will break ground later this year on the biggest and most ambitiously different property Sin City has ever seen: CityCenter. CityCenter will be a real village, albeit a miniature one, about the size of Manhattan's SoHo neighborhood, complete with 1,600 condominiums. |