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LAS VEGAS-With newly minted plans for a 300-unit, ultra-luxury condominium tower atop a flagship Barney's retail store fronting the Las Vegas Strip, Las Vegas Sands Corp. hopes to parlay $465 million into $1.94 billion. The first figure is the cost to build the tower; the second figure is the top end of its expected gross sell-out value. If achieved, it would equate to an average sales price of $2,000 per sf, making it the priciest residential offering ever on the Las Vegas Strip.

Work on the 632-foot high-rise residential tower has already begun as part of the $1.6-billion Palazzo project, which includes a 3,000-room hotel-casino addition to the Venetian, 300,000 sf of retail and an expansion of the Sands Expo and Convention Center. The hotel addition is expected to open by the end of the year. Condo sales are expected to begin in September, with prices starting at $1,500 per sf.

For comparison, condo towers in Downtown Las Vegas and those on the Strip not attached to a major casino resort are selling for between $500 and $700 per sf.Las Vegas Sands' expectations were revealed in a filing with the SEC last week regarding the $5-billion credit facility that will fund its US development projects. Analysts told investors the project's sales prices exceeded previous guidance provided by Las Vegas Sands Corp.