LAS VEGAS-A major announcement is expected this month regarding a mixed-use development planned for 44 acres near the Las Vegas Airport that is owned by Phoenix-based ILX Resorts Inc.

In July, the publicly traded developer and operator of upscale timeshare resorts announced it would be working with Mark Advent, creator of the $500-million New York-New York Hotel & Casino, to develop the property, which it calls Premiere Park. Last week, ILX announced that it had executed the necessary operating agreements with Advent’s ACV International LLC as well as Phoenix business leaders Carol Colombo and Tony Bonacci.

In that announcement, Advent says the parties involved are “refining” their development options for the site. A source close to the deal now tells the project will go well above and beyond the existing use permit for the site, which calls for a 400,000-sf restaurant, retail and office development. “It’s going to be like nothing you’ve heard of,” says the source, estimating the cost of the project at well more than $500 million.

ILX Resorts acquires, develops and operates high-end timeshare resorts in the western US. ILX’s portfolio includes six resorts in Arizona, one in Indiana, one in Colorado and one in San Carlos, Mexico. Through Premiere Vacation Club, it also has acquired, and continues to acquire, inventory at the Carriage House in Las Vegas.

Colombo and Bonacci founded the Phoenix-based law firm of Colombo & Bonacci in 1992, and in 2001 founded Axon Capital, a business advisory firm specializing in development and finance. They were instrumental in the development of the five-star Esperanza Auberge Resort in Cabo San Lucas, Mexico and have led negotiations for various US private equity funds developing international real estate projects.

Advent’s New York-New York opened in 1997 and continues to be one of the highest returns on investment for any hotel and casino property on the Las Vegas Strip. The city design inspired billions of dollars in development along Las Vegas Boulevard with projects such as Paris, the Venetian, Bellagio, The Orleans and, potentially, the $900-million dollar City By The Bay, another Advent creation.

The San Francisco-themed resort, originally proposed in 2000, is one of several joint venture projects being considered for the redevelopment of the New Frontier hotel and casino owned by Phil Ruffin. The property is located across from Wynn Las Vegas and next to Fashion Show mall. Four major resort operators are now in talks with Ruffin. Formal proposals are due in mid-December. One local source tells that any accepted proposal could supercede plans for Trump Tower Las Vegas, a condominium development Ruffin and Donald Trump had announced for the southeast corner of the New Frontier site. The source says a condominium component is still likely, but now might not include Trump.

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