Las Vegas Plaza

From Wikipedia, the free encyclopedia
Jump to: navigation, search

The Las Vegas Plaza was 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 Properties.[1] Construction was scheduled to begin in early 2008 for completion in 2011, but worsening economic conditions in 2008 caused the project to be suspended and ultimately cancelled in 2011.[2]

It would have been built on the 34.5 acres (14.0 ha) 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.[3]

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.[1]

History[edit]

On December 16, 2007, Elad put their plans for The Plaza before the Clark County planning commission for approval. The plans include:[4]

  • Seven towers containing 6,700 rooms (4,100 hotel rooms and 2,600 resort condominium units)
  • 175,900 sq ft (16,340 m2) of casino area (making it the largest casino on the Strip and second largest in the valley)
  • 134,500 sq ft (12,500 m2) of restaurant area
  • 347,887 sq ft (32,319.8 m2) of retail area
  • 539,607 sq ft (50,131.1 m2) of convention space
  • a 50,000 sq ft (4,600 m2) health club
  • 1,500 seat theater
  • 227,038 sq ft (21,092.5 m2) of open space on the roof top of the podium that includes the pool areas.

The grand total for the project includes 3,317,400 sq ft (308,200 m2) of parking garages and a total area of 15,080,846 sq ft (1,401,056.4 m2).

Lawsuits[edit]

August 2007[edit]

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.[5]

David Atwell[edit]

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.[citation needed]

References[edit]

  1. ^ a b Nakashima, Ryan (2007-11-12). "Vegas' New Frontier to Become History". Associated Press. 
  2. ^ Stutz, Howard. "Frontier site to remain empty on Las Vegas STrip". Casino City Times. Retrieved 16 February 2012. 
  3. ^ Stutz, Howard (May 16, 2007). "MORE THAN $1.2 BILLION: New Frontier sale sets record". Las Vegas Review-Journal. 
  4. ^ The Plaza Las Vegas
  5. ^ Spillman, Benjamin (August 10, 2007). "What's in a name? Owners of Plaza say plenty". Las Vegas Review-Journal. 

Coordinates: 36°7′46″N 115°10′6″W / 36.12944°N 115.16833°W / 36.12944; -115.16833