Miami swank meets Las Vegas glitz as the newly formed Fontainebleau Resorts announced plans to build a $1.5 billion, 4,000-room mega-resort on the Las Vegas Strip.
Jeffrey Soffer, founder and chairman of Fontainebleau Resorts, also is chief executive of property developer Turnberry Associates. The Las Vegas project will have a condominium element, thanks to the Fontainebleau-Turnberry alliance. Turnberry has sold more than $2 billion in condominium projects in Miami and Las Vegas in the last five years and has been a leader of the high-rise condo craze in Las Vegas.
The company's property, to be named after the legendary hotel in Miami, will be on the north end of the Strip, tucked between an old water park and the Riviera hotel-casino. Many of you who read this blog regularly will recognize that location as the site of the doomed Krystle Sands project. Somehow, we knew Turnberry had something up its sleeve when they purchased the property and created a legal nightmare for itself and those associated with Krystle Sands.
The project is scheduled to break ground next year and open in the second half of 2008.
Former Mandalay Resort Group President Glenn Schaeffer, who was introduced in Miami Beach on Wednesday, will help lead the Las Vegas-based company as chief executive and president. Schaeffer, 51, said about 30 former Mandalay executives would join Fontainebleau Resorts as it sought to bring its well-known brand to the competitive Strip.
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