LAS VEGAS-Developer R. Donohue Peebles of Coral Gables, FL hadpreviously acquired13 acres here approved for a 4.5-million-square-foot non-gamingresort, as GlobeSt.com had previously reported. Now, Peebles Corp.has joint ventured with Mardi Gras Hotel and Casino and the JV hasrenamed itself Mardi-Gras Inn Ltd. to develop its $2-billiondevelopment project.
The joint venture also added 4.35 acres to the 13 acres that waspreviously purchased by Peebles for $65 million or $5 million peracre from seller SNIP Las Palmas LOP, which according to countyrecords includes Southern Nevada Income Properties, ContinentalAmerican Properties Ltd., ConAm Partners 88D, and DJE FinancialCorp.
The property is located east of the Wynn Las Vegas Golf Courseon Paradise Road, one-half mile off the Las Vegas Strip, andaccording to Peebles Corp., the property will become the site ofthe Las Palmas Resort and Casino, a $2-billion development project,that the company estimated would cost $1.6 billion to develop andhave a retail value of $2.5 billion back in 2007. The Las Palmas isplanned as a full-scale convention center resort with twohotels.
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