Alliance's garden-style apartment development is being called Broadstone Sonata. Planned amenities include: a resort-style pool and spa; several "tot lots"; a sports field; circuit training exercise trails with multiple fitness stations; a multimedia athletic club with free weights and extensive cardio equipment; a clubhouse with demonstration cooking kitchen; and a multi-media cyber cafe with plasma TVs and Wi-Fi Internet access.

Dan McCadden, managing director of Alliance Residential's West Coast operations, which includes Las Vegas, did not return a phone call seeking comment on whether the company has secured construction financing for the project. In a prepared statement he says the tens of billions in resort development under way on the Las Vegas Strip will create thousands of new permanent jobs, increasing the demand for rental housing.

"Despite the perceived setbacks in our nation's economy, the Las Vegas apartment market remains particularly strong," he says. "Population growth is expected to exceed 12% by 2012, labor and material costs are declining, and an unprecedented number of hotel rooms are poised to come on line. [The next two years] will be fantastic years for apartment owners and developers."