Quote:
Originally Posted by p1mpdogg
CVS Stranglehold
I'm sure I'm not the only one who has noticed this, but it's never been mentioned in any article regarding CityCenter (CC). Every rendering and model shows the CVS Pharmacy site (which is nestled between the Monte Carlo and CC) intact. Although I have not confirmed this, it seems that CVS won't sell to the MGM/Mirage monster. CVS purchased the 0.83 acres in March, 2002 for $4 million. Based on the $20 million per acre that strip property is now worth, this parcel is worth $16.6 million, which would be a nice profit for CVS and a spit-in-the-bucket for MGM MIRAGE. I know MGM wants this piece to fill out the CC project. Sales must be great for CVS to hold on to this coveted site. Maybe MGM MIRAGE will offer CVS a reduced rent, prime location within CC in exchange for the property. Time will tell.
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I'm sure sales are fantastic for CVS..its the only pharmacy on that end of the strip..there is a Walgreens down by the Rivera, but those are the only 2 on the strip AFAIK. I think its possible they will incorporate a remodel to blend in with the City Center appearance..but then again, it could be more beneficial to stand out in that massive complex.