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.

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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.

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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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Mike Mixer, senior vice president at Colliers International,represented the joint venture in its partnership. “This transactionshows investors’ confidence in the future of Las Vegas gaming andhospitality,” he says.

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The Jaramillo family opened the Mardi Gras Hotel and Casino inthe mid-1970s and retained an operational stake in the property.The Jaramillos will continue oversight of hotel and casinooperations.

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According to Peebles Corp., the project is to be a “luxuryresort hotel and condo project,” located at 3550 Paradise Blvd. inLas Vegas. Phase 1 of the development will consist of approximately1 million square feet of hotel development and 130,000 square feetof net sellable condominium units. The building will be 550 feettall with levels seven through 46 being hotel oriented and 47through 51 being condominium. Parking is accommodated in anadjacent eight level parking structure with the hotel amenity deskon its roof.

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The hotel is anticipated to include approximately 1,078four-star keys and 266 five-star keys, 100,000 square feet ofmeeting/conference space, 10,000 square feet of retail, severalthemed restaurants, one three-meal restaurant, several bar/loungeareas, indoor and outdoor swimming pools, 35,000 square feet luxuryspa and other amenities.

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Natalie Dolce

Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.