New condo project planned in Las Vegas

Even though the Las Vegas real estate market is sputtering along right now, a developer from Florida has plans to build a $2.5 billion mixed-use condominium and hotel project on Paradise Road called Las Palmas Hotel and Residences, a location that's still rather close to the Strip. At first glance it looks to be a daring undertaking in this depressed business climate, but his calculations may be that by the time he's up and running the market has come around. He just might be right.

The project calls for four 55-story glass towers with 1,000 condos and 800 luxury hotel suites.

Condominium prices will start from $600 per square foot and go up to $1,000 per, with the first building scheduled to open in 2009. The price structure is similar to other luxury projects in town, although they are either on the Strip or very close to it. It's aiming to be a five-star property that also features upscale restaurants and designer boutiques. The top level of each tower will have a pool and an exercise and recreation deck.

Some local experts have doubts about the project's viability, mentioning the developer's lack of experience in a huge job like this and that he doesn't have the name of Turnberry, MGM Mirage or Trump to make it a certain go in Vegas. Only time will tell.