Las Vegas Mixed-Use Gets Final Approvals from County
- Mar 20, 2008
The Las Vegas County Commission has approved the site development plan and special use permit for The Plaza, Las Vegas, providing the developer, ELAD IDB Las Vegas L.L.C., with all the entitlements needed to move forward with the project. The development is slated to include 15 million square feet of total space in seven towers, including 3,500 hotel rooms, 1 million square feet of residential condos, retail space, a casino, restaurants, an entertainment venue and a convention complex. The project will be built on 34.5-acre site that was formerly home to the Frontier Hotel and Casino, which was imploded last November.The project’s design will be completed and excavation will begin no sooner than the end of this year, according to a prepared statement, and completion is scheduled for 2011. The developer is an affiliate of the ELAD Group, which is in turn part of the IDB Group, one of Israel’s largest companies. A company spokesperson noted that plans are under way to open a Plaza in Singapore as well.ELAD Group also owns The Plaza Hotel in New York City, which reopened earlier this month following a two-year, $400 million renovation by Fairmont Hotels & Resorts. ELAD Group owns the Plaza Hotel in partnership with Saudi Arabian firm Kingdom Holdings. According to the Las Vegas Convention and Visitors Authority, the city’s inventory of hotel and motel rooms stood at nearly 133,000 at the end of 2007. That figure is projected by the authority to burgeon to 175,000 by the end of 2011 and to 179,000 by the end of 2012.