Las Vegas Plaza


Las Vegas Plaza

The Las Vegas Plaza is the working name for a future $5 billion to $8 billion multi-use ultra-luxury hotel, private residences, retail and gaming complex to be developed on the Las Vegas Strip by ElAd Propertiescite news|title=Vegas' New Frontier to Become History|url=http://www.breitbart.com/article.php?id=D8SSF8TO2&show_article=1&
publisher=Associated Press|first=Ryan|last=Nakashima|date=2007-11-12
] . Construction was scheduled to begin in early 2008 for completion in 2011, but no sign of activity was visible as of October 2008.

It will be built on the convert|34.5|acre|m2|sing=on site of the former New Frontier Hotel and Casino which closed July 15, 2007. ElAd purchased the New Frontier for $1.2 billion from Phil Ruffin in a deal announced May 15, 2007. This property purchase set a new record for Strip land at over $33 million an acre. [ cite news|url=http://www.lvrj.com/news/7530232.html|title=MORE THAN $1.2 BILLION: New Frontier sale sets record|publisher="Las Vegas Review-Journal"|last=Stutz|first= Howard |date=May 16, 2007]

The Plaza name comes from ElAd's flagship property, the Plaza Hotel in New York City. The company's current design plans for the Las Vegas complex are based on the New York Plaza.

History

On December 16, 2007, Elad put their plans for The Plaza before the Clark County planning commission for approval. The plans include: [ [http://www.vegastodayandtomorrow.com/the-plaza.htm The Plaza Las Vegas ] ]
* Seven towers containing 6,700 keys (4,100 hotel rooms and 2,600 resort condominium units)
* of casino area (making it the largest casino on the strip and second largest in the valley)
* of restaurant area
* of retail area
* of convention space
* of a health club
* 1,500 seat theater
* of open space on the roof top of the podium that includes the pool areas.

The grand total for the project includes convert|3317400|sqft|m2 of parking garages and a total area of convert|15080846|sqft|m2.

Lawsuits

August 2007

In August 2007, a lawsuit was filed against ElAd Properties by the Tamares Group, owners of the Plaza Hotel & Casino in downtown Las Vegas, which alleges that the new property's name infringes on the current Plaza's trademark. [cite news|url=http://www.lvrj.com/business/9083101.html|title=What's in a name? Owners of Plaza say plenty|publisher="Las Vegas Review-Journal"|last=Spillman|first=Benjamin|date=August 10, 2007]

David Atwell

Depositions have been taken in a case filed by resort Properties of America broker in U. S. District Court. Resorts longtime Las Vegas broker David Atwell is seeking $12 million plus damages for unpaid fees. He claims he initiated the $1.24 billion sale of the New Frontier to Elad from owner Phil Ruffin, Atwell has had dealings with Steve Wynn, Caesars Palace, Sheldon Adelson to name a few. Atwell's attorneys will call Elad president Miki Naftali and founder Yitzhak Tshuva for depositions in the coming new year.Fact|date=February 2008

References


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