Miami-based real estate firm The Peebles Corp. announced today they have purchased a 13-acre parcel of land on Paradise Road to use for their upcoming luxury resort and condo development.
Set to become the city’s largest non-gaming luxury hotel, the Las Palmas Hotel & Residences will be erected across the street from the Wynn Golf Course, just south of the Las Vegas Convention Center.
The project will consist of four 55-story high-rise towers, and will feature an 800-room “5-star” hotel and 1000 condos. Each tower will be build on top of a 9-10 story parking garage with a base dedicated to retail, dining, entertainment and a spa/exercise/pool area.
The first of the towers to be built will be the hotel. It will be topped by several floors of condos and is expected to open in 2009. The remaining three condo towers have not had any dates attached to them. The architectural firm of Arquitectonica is responsible for the design.
The land was purchased from Con AM Management Corp for $65 million and the finished project is expected to cost in the neighborhood of $2.5 billion.
