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$600M Vegas Project to House Jordan Concepts

LAS VEGAS-Next to a 225-unit condominium-hotel is has under construction just off The Strip, Diversified Real Estate Concepts of Chicago is planning an 825-unit condominium hotel that will house two Michael Jordan-branded restaurants and an athletic facility also designed by the basketball star.

By Brian K. Miller | Updated on January 10, 2005

LAS VEGAS-Diversified Real Estate Concepts Inc. is launching sales for a $600-million Michael Jordan-themed condominium hotel just off The Strip. The 825-unit project is slated to rise on six acres next to The Platinum, a 225-unit project the company currently has under construction at the intersection of Koval and Flamingo Streets, one block from the Bellagio and Caesar’s Palace. Construction is tentatively scheduled to begin sometime this year.To be called Aqua Blue, the development will include two restaurants by Michael Jordan — Michael Jordan’s Steak House and Michael Jordan’s 23.sportcafe — and a 65,000-sf Michael Jordan designed athletic center with two basketball courts, a tennis court, running track, aerobics room and free weights. In addition, the project will include as a rooftop nightclub and restaurant designed by Jeffrey Beers, a boutique casino, a day spa and two pools, one on the rooftop and another on the 11th floor. Priced from $399,000 and up, Aqua Blue residences will feature suites with terrace, gourmet kitchen and oversized whirlpool tub. While not in residence, owners may make their unit available through the on-site hotel rental program. This time last year, Diversified was just starting to market The Platinum, which is now sold out and under construction and scheduled to open next year. The project is being developed in partnership with the hotel management company Marcus Hotels & Resorts of Milwaukee, WI. Like Aqua Blue, the units will be priced between $300,000 and $1 million and the hotel will offer a unit rental program for owners who wish to generate income from the units.

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