Elad Properties in May agreed to acquire the New Frontierproperty from Wichita billionaire Phil Ruffin for $1.2 billion. Thesale is slated to close before the end of August. Theredevelopment, to cost at least an additional $3.5 billion, isslated to include a 3,500-room ultra-luxury hotel, condominiums,retail shops, restaurants and convention space.

The plan is to break ground for the project in 2008 and have itup and running in 2011. The goal is to recreate New York's City'sFifth Avenue on the Las Vegas Strip and be branded after New YorkCity's Plaza Hotel, which Elad acquired in 2004 and is convertingto condominiums.

As part of the sale, New Frontier will be permanently shut downbefore the sale closes. Longtime resort broker David Atwell, whoinitiated the transaction, told GlobeSt.com in May that the closingof the resort is meant expedite the sale as well as theredevelopment of the property. Had the buyer wanted to continueoperating the property, the transaction would have been subject togaming licensing, which can take a year or more, he said.