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Peebles Buys Land for $1.6B Non-Gaming Resort

LAS VEGAS-Developer Don Peebles pays $65 million for a 16-acre site near the Strip that is entitled for a 4.5 million-sf non-gaming resort anchored by four 55-story towers.

By Brian K. Miller | Updated on June 07, 2007

LAS VEGAS-Developer R. Donohue Peebles of Coral Gables, FL has acquired 13 acres here approved for a 4.5-million-sf non-gaming resort that Peebles estimates will cost $1.6 billion to develop and have a retail value of $2.5 billion. The property is located east of the Wynn Las Vegas Golf Course on Paradise Road, one-half mile off the Las Vegas Strip. It currently holds the Las Palmas apartment complex.

The development plan calls for four 55-story towers housing an 800-suite luxury hotel, 1,000 luxury condos, an infinity-edge pool 400 feet above the Strip, a 40,000-sf destination spa, a restaurant run by an acclaimed chef, and exclusive retail shops. The first tower, slated for completion in 2009, would house the hotel, spa, shops, restaurant and pool on the first 50 floors. The top 15 floors of the first tower would house super luxury residences. The architectural firm Arquitectonica is the lead designer.

Using a loan from Credit Suisse, Peebles acquired the site last week for $65 million or $5 million per acre. David Atwell of locally based Resort Properties of America, who did not broker the acquisition but is working with Peebles on other aspects of the project, says the below-market price–some estimates put the current value of near-Strip land at $10 million an acre–is the result of Peebles tying up the property more than a year ago. “At that time, it was probably the going rate or a little under,” he tells GlobeSt.com.

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