The Plaza project moves ahead

Another Las Vegas mega resort development obtained its preliminary approval this week from the Clark County Planning Commission. The $5 billion Plaza is planned for the New Frontier's old location at the north end of the Strip. If the final approval is granted in January, construction is set to begin later in the year and completion is estimated for 2012.

The developer is Elad IDB Las Vegas, a joint venture of Elad Group and Property & Building Corp. which is a subsidiary of IDB Holdings Corp. The Plaza is designed to emulate the famous Plaza Hotel in New York that features French Renaissance architecture.

The current plan has seven towers in total built on the 34.5-acre site that will house 4,100 hotel rooms and 2,600 condos spread throughout the buildings. In addition, it'll have substantial space allocated for a casino, a host of restaurants, a large convention center, a health club and of course retail.

The condominium component could pose some headaches for the project since the market is presently saturated. The time frame, however, takes the completion date out to 2012 when the conditions may well be more stable. The developer also has experience in condo development and a known brand that will help in marketing the units.

The stretch of the Strip from the Venetian north to the Sahara is nowadays a beehive of activity. Other projects under way there are the Palazzo, Encore next to Wynn Las Vegas, the Fontainebleau and Boyd Gaming's Echelon Place. Each new property will add bankable value to the north end micro market.