Major Mixed-Use Project in the Works

LAS VEGAS-A major announcement is expected this month regarding a mixed-use development planned for 44 acres near the Las Vegas Airport that is owned by Phoenix-based ILX Resorts Inc.

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.