Friday, Jan. 10, 2003 | 11:23 a.m.
A luxury high-rise timeshare development that would be the tallest occupied structure in Las Vegas has been proposed on the Las Vegas Strip by the world's largest privately held timeshare company.
Westgate Resorts, which operates the Westgate Flamingo Bay in Las Vegas and 14 other timeshare resorts in five states, is proposing a 54-story tower with more than 700 luxury villas. The $180 million project would include timeshares with between one and four bedrooms and amenities that include a swimming pool, a health spa, restaurants and 63,000 square feet of retail space.
The retail space -- the Showcase Mall on the Las Vegas Strip -- is the location of M&M's World, Grand Canyon Experience, Gameworks and was once the home of the defunct World of Coca Cola and the failed All-Star Cafe.
FCM Ventures, a joint venture of Makena Entertainment, Las Vegas, and Forest City Enterprises Inc., Cleveland, is selling the rights to the development to Westgate -- which would lease the retail rights back to Makena.
Barry Fieldman, president of Makena, predicted that Las Vegas Strip casino operators also would develop high-rise timeshares in order to reverse stagnant visitation trends.
The Westgate proposal was opposed by MGM MIRAGE when Clark County planners first reviewed the plan. Clark County commissioners will consider the plan Jan. 22. Westgate will unveil more details of the tower project Wednesday in a news conference scheduled at the Showcase Mall.
MGM MIRAGE could not be reached for comment today on its plans, but it has its own agreement to develop a six-tower, $800 million luxury condominium project with Turnberry Associates on the former site of the MGM Grand Adventures theme park.