Wednesday, May 24, 2000 | 11:07 a.m.
Florida-based Turnberry Associates formally closed on its purchase of the closed El Rancho hotel-casino Tuesday, and will move forward with demolition of the deteriorating North Strip property by this fall.
Turnberry, developer of the upscale, $600 million Turnberry Place condominium project on Paradise Road near the Strip, paid defunct New Jersey company International Thoroughbred Breeders $45 million for the 52-year-old property, which sits on 21 acres of land. The El Rancho has been closed for eight years.
Jeffrey Soffer, principal of Turnberry, said demolition will proceed "late summer or early fall."
He spoke Tuesday at a groundbreaking for the condominium community's Stirling Club, which will include a spa and beauty salon, fitness center, lounge, dining rooms, concierge, tennis courts, a business center, pools and other amenities.
"The first item on the agenda is to demolish the old El Rancho," said John Riordan, vice president of sales for Turnberry. "Then we'll come up with some sort of a plan (for development). There's no rush. It's a valuable piece of property we'll take our time with."
The options being considered for the property, Soffer said, include the development of a hotel-casino or a time-share property.
"There's definitely not a definitive plan, but he (Soffer) envisions a hotel-casino, probably," Riordan said. "The key purpose for the acquisition of the property is it has value, and we get rid of an eyesore."
The presence of the El Rancho in clear sight of the high-end condos, Riordan said, "has been an issue with a number of sales, but we've overcome it."
"I think our typical buyer is a fairly sophisticated individual, and knew that it (the El Rancho) wouldn't be there forever," Riordan said.
Turnberry will open the first phase of Turnberry Place in December, opening a 40-story, 184-unit tower. The first phase is already sold out, Riordan said.
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