Del American said that it closed escrow on 10 acres at Hugh Hefner Drive and West Flamingo Road, adjacent to the Palms. The Florida-based company acquired the property for $50 million and intends to develop a 50-story, 560-foot tall condominium tower.
Units, ranging from $500,000 to $5 million, will be available to the general public starting in May, with construction of the development expected to start later this year with a completion slated for early 2007. The firm received an OK for the project from the Clark County Commissioners in August.
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