Developer Plans $2.5B Hotel-Condo Project in Vegas

Las Palmas Hotel and Residences planned near Vegas strip

"Just as Del Webb can make a market, such as in Mesquite, by their name, in the high-rise it seems to take a Trump or a Turnberry or MGM (Mirage) to make these things fly," Nason said.

"I don't claim to fully understand vertical development. However, it appears the apparent success of Boca Raton and the one at Harmon and Dean Martin Drive (Panorama Towers) was more a matter of timing - that is, hitting the market when construction costs were manageable and demand was at a fever pitch," he added. "Making a mixed-use project work seems to take a pretty savvy developer."