Las Vegas’ $8.5-billion CityCenter development—the country’s largest privately backed project—may soon have the country’s largest mechanic’s lien. Photo: CityCenter Land LLC The close-out of the country’s biggest private project turns into a dispute over money. Tutor Perini Corp., Sylmar, Calif., recently notified co-developers MGM Mirage Inc., Las Vegas, and Infinity World Development Corp. that it planned to file a $492-million mechanic’s lien on the seven-building, 18-million-sq-ft complex of hotels, homes and entertainment space. The news was disclosed in a Mar. 12 MGM Mirage (NYSE: MGM) Securities and Exchange Commission filing. The lien covers unpaid work as well as a progress
The market is generally healthy and steadily growing, and margins are up for large specialty contractors. Further, advances in design tools and owner demand for collaboration are giving subcontractors a seat at the table early on in projects.