In July, the publicly traded developer and operator of upscale timeshare resorts announced it would be working with Mark Advent, creator of the $500-million New York-New York Hotel & Casino, to develop the property, which it calls Premiere Park. Last week, ILX announced that it had executed the necessary operating agreements with Advent's ACV International LLC as well as Phoenix business leaders Carol Colombo and Tony Bonacci.

In that announcement, Advent says the parties involved are "refining" their development options for the site. A source close to the deal now tells GlobeSt.com the project will go well above and beyond the existing use permit for the site, which calls for a 400,000-sf restaurant, retail and office development. "It's going to be like nothing you've heard of," says the source, estimating the cost of the project at well more than $500 million.

ILX Resorts acquires, develops and operates high-end timeshare resorts in the western US. ILX's portfolio includes six resorts in Arizona, one in Indiana, one in Colorado and one in San Carlos, Mexico. Through Premiere Vacation Club, it also has acquired, and continues to acquire, inventory at the Carriage House in Las Vegas.