The development plan calls for four 55-story towers housing an800-suite luxury hotel, 1,000 luxury condos, an infinity-edge pool400 feet above the Strip, a 40,000-sf destination spa, a restaurantrun by an acclaimed chef, and exclusive retail shops. The firsttower, slated for completion in 2009, would house the hotel, spa,shops, restaurant and pool on the first 50 floors. The top 15floors of the first tower would house super luxury residences. Thearchitectural firm Arquitectonica is the lead designer.

Using a loan from Credit Suisse, Peebles acquired the site lastweek for $65 million or $5 million per acre. The seller was SNIPLas Palmas LP, which according to county records includes SouthernNevada Income Properties, Continental American Properties Ltd.,ConAm Partners 88D, and DJE Financial Corp.

David Atwell of locally based Resort Properties of America, whodid not broker the acquisition but is working with Peebles on otheraspects of the project, says the below-market price--some estimatesput the current value of near-Strip land at $10 million an acre--isthe result of Peebles tying up the property more than a year ago."At that time, it was probably the going rate or a little under,"he tells GlobeSt.com.