The first tower on The Residences at MGM Grand broke ground in January 2004. It is scheduled to top off construction this month. Photo by Ronda Churchill.

Excavation has begun three months earlier than planned for the third and final 40-story condominium-hotel tower at The Residences at MGM Grand, a joint venture between MGM Mirage and Florida-based Turnberry Associates.

Dan Riordan, sales director at The Residences at MGM Grand, said more than half of the 576 units in the third tower have been sold, which enabled construction to begin ahead of schedule. Prices range from $550,000 for a studio to more than $2.5 million for two-bedroom suites.

The first tower broke ground in January 2004 and sold out in 90 days. It is scheduled to top off construction this month with completion in mid-2006. The second tower is also sold out and under construction. Marnell Corrao Associates is the general contractor.

The towers are being built on 20 acres in the northeast section of MGM Grand's 116-acre property, near Koval Lane and Harmon Avenue. An enclosed moving walkway will connect to the hotel.

Riordan could not disclose construction costs on the towers, but said they will generate about $1.2 billion in sales. He said up to six towers could be built at the site of the former MGM Grand Adventure on on theme park, though no plans have been made beyond the three condo-hotel towers.

WAL-MART STORE: A 40,000-square-foot Wal-mart Neighborhood Market is planned for the 10-acre Charleston Festival retail development at Charleston Boulevard and Torrey Pines Drive, across from the Community College of Southern Nevada.

The project is expected to be completed in the first quarter 2006.