The development site for the $850-million off-Strip condo resortproject is located at the intersection of West Tropicana Avenue andCameron Street, across from the Orleans hotel casino. The developeris the Falcon Group, which also owns the land. Falcon Groupincludes the Falconi Group, Praxis Resources, Inc. and ElysiumEnterprises. Falconi and Praxis are real estate developmentcompanies. Elysium Enterprises is led by Mike Bellon, a LasVegas-based entrepreneur and real estate developer.

Pre-sales to date and information on the lender and its pre-salerequirement for construction financing has not yet been released.The architect and general contractor will be announced next week,according to the source. "While we have owned the land for years,we believe that now is the right time to develop….," says Bellon,development director, in a prepared statement. "Interstate has thesize and scale….to transform this project into a one-of-a-kindlifestyle destination."

Covering on 12 acres, Pinnacle is designed as a "verticalneighborhood" in two curvilinear, 36-story condominium resorttowers connected by three sky bridges. Amenities include athree-acre amenity pool deck on the sixth floor that includes apool with island, private cabanas, a putting green; a pet-friendlyarea; a one-quarter-mile jogging track; and a "dive-in" movietheater. The hotel also will offer multiple food and beverageoutlets; a fully equipped fitness center; and a full-service spa;ground-floor retail; and executive office space.