Las Vegas land acquired by real estate developer, R. Donohue Peebles, for a 4.5 million square feet of non gaming Las Palmas Las Vegas resort. Peebles has purchased the 13 acres, east of the Wynn Las Vegas Golf Course, for a cost of $1.6 billion to build a luxury mixed use resort which is the current site of the Las Palmas apartments.
Credit Suisse gave a mortgage loan to Peebles to purchase the land in Las Vegas, Nevada last week for $65 million. The land was being sold by SNIP Las Palmas LP, which includes ConAm Partners 88D, Continental American Properties Ltd., DJE Financial Corp and Southern Nevada Income Properties.
Las Palmas Las Vegas high rise is expected to have four 55 story towers with 1,000 luxury condos, 800 suite luxury hotel, 40,000 square foot destination spa, an infinity edge pool high above the Strip and retail. The first luxury towers, expected completion in 2009, will include the hotel, shopping, restaurant, pool and spa.
According to a local real estate broker has near Strip land near the $10 million an acre. Peebles started the purchase of the property more than a year ago.
R. Donohue Peebles is the CEO and founder of Peebles Corp. the largest African American owned real estate development company in the United States. His real estate portfolio includes commercial, residential and hotel properties. This would be the first Las Vegas hotel and largest real estate project to be owned by an African American.
Peebles wants to be in the Las Vegas market because he feels more tha 50% of travelers come to Las Vegas for something other than gambling and Paradise Road is the gateway for sophisticated Las Vegas travelers. Paradise Road also has the Las Vegas Convention Center. Source: Globe St.