Boutique-Hotel - A term originating in North America to describe intimate, usually luxurious or quirky hotel environments. Boutique hotels differentiate themselves from larger chain/branded hotels and motels by providing personalized level accommodation and services / facilities. Sometimes known as "design hotels" or "lifestyle hotels", boutique hotels began in the 1980s in major cities like New York, London, and San Francisco.
Casino-Hotel - A
casino hotel is a smaller hotel with a casino. These properties do
not usually have all the amenities of larger resorts or casino-resorts.
The Westin Casuarina is a good example. It has a small casino and one
Condo (Residential-Condo) - A development where individual units are owned, but common areas and amenities are shared equally by all owners. These are designed to be used as a permanent residence.
Condo-Hotel (Condotel) - This genre of residential building meets several needs that make it attractive. As development costs increase, the cost of hotel development can make developing new hotels difficult, especially in major cities. By selling the units as condos, the developer moves much of the development cost to the condo owners. By owning units that can be rented as hotel rooms, the owners are able to get a return on their investment allowing them the ability to own a residence in a resort or major city. Owners may also elect to keep the units to themselves, adding personal art items, and not allowing the renting of the unit to strangers in their absence.
Crown - The crown is the top of a high-rise building. Usually, a decorative architectural element that disguises electrical, mechanical and other unsightly devices.
Dark-Towers - These are residential condo towers (generally, near major destinations). The majority of the owners are rarely there as they use them as vacation homes instead of a permanent residence. In the evenings, only a few of the windows are lit.
Groundbreaking - While this term used to signal the beginning of construction, it is more of a ceremonial ritual these days. Groundbreaking ceremonies as of late, have been held months before and, in some cases, after construction actually begins.
Land Flippers -
In Vegas it has become rather commonplace for a company to; purchase a plot
of land (or several parcels as an assemblage), hire an architect to
render an image of a high rise building on that land, put up a
convincing website about the development, present their proposal to the
county for approval, hire a bulldozer to clear the land, and build a
chain-link fence around the property (usually with banners advertising
the new development). Although this seems like a real project, the
land (now cleared and approved for high rise construction) is worth many times what
it was worth from the start. The company then flips (sells) the land and
building permits for
a healthy profit and the original project never gets built. This
practice has lead to the misreporting (by the media) regarding a failing
high rise market.
Live/Work - A live/work is a residential condo project that is zoned so that the resident can run a business from their residential unit.
Although many definitions exist, for our purposes a loft is a
residential condo (single or multi-level) which has exposed utilities
(plumbing pipes, electrical conduit, heating and AC ducts, etc.) and
minimal interior walls. This allows the resident to be more creative and
have more flexibility when designing their living space. Lofts are
(obviously) less expensive to build than conventional condos.
MiMo - (pronounced my-mo or me-mo) "Miami Modernism" is a particular, whimsical design-style from the 1950s and 1960's, native to the greater Miami region (similar to Googie).
Mixed-Use - A mixed-use project will have many different elements i.e. hotel, condos, office buildings, shops, markets, theaters, entertainment venues, night clubs and more. Although many of the casino-resorts seem like they should fit into this category, they generally do not have food-markets and office-space which are two of the qualifying elements.
NIMBY - An acronym of (Not In My Back Yard) describes the phenomenon in which residents designate a development as inappropriate or unwanted for their local area, even if the development is clearly a benefit for many. Often, these NIMBYS own desirable property and block developers by refusing to sell it to them.
Podium - The low-rise building out of which the high-rise tower projects. Podiums usually house lobbies, casinos, restaurants, etc.
Soft-Opening - The soft-opening of a project is a short, break-in period when the project opens its doors to the public without any announcement or fanfare. This helps the developers get a better idea of how the spaces work and allow them some time for adjustments before the grand opening. Often, some of the shops, venues and restaurants are not yet open during the soft opening.
Strip (The) - The Las Vegas Strip is a contiguous 4.17-mile stretch of Las Vegas Blvd. bounded on the south by Mandalay Bay and on the north by Sahara. Thatís the official definition. An interesting side note is that none of the official strip lies within Las Vegas city limits (which starts north of Sahara Ave.)
Timeshare - A timeshare is a business model whereby a company sells small time-slices (usually one week) of a resort to customers. This concept is most frequently used for vacation condominiums/homes. Timeshare owners may elect to: use their usage time - rent out their owned usage - give it as a gift - exchange internally within the same resort or resort group - exchange externally into thousands of other timeshare resorts.
Topped-out - A building is topped-out when the top floor is completed. The facade and/or windows are not a factor to the status. In some cases, an American flag or pine tree is attached to the top, signaling the topping-out of the building. On steel structures, The last beam is often painted white and signed by all the ironworkers. Topping-out of a major structure is often accompanied by a celebration.
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