Tuesday, May 30, 2006


Bluegreen Grabs 10 Acres For Vegas Timeshare Development

Bluegreen Corp., the Boca Raton, Fla.-based timeshare property owner and developer, just acquired an approximately 10-acre parcel in Las Vegas that will become the home of an upscale timeshare resort featuring 240 two-bedroom timeshare units, a preview center and a retail complex. Bluegreen expects to kick off construction of the development--which carries a price tag of more than $100 million, including the purchase of the land--in the third quarter of this year.

Bluegreen did not reveal the specific purchase price of the land near the intersection of E. Tropicana Ave. and Paradise Rd., or the identity of the seller. According to the office of the Clark County Assessor, the transaction has yet to be documented in public record; however, a parcel of about 10 acres at the same intersection as Bluegreen’s newly acquired land has a current assessed value of nearly $6 million. Alternatively, Bluegreen is forthcoming about its corporate goals. “This is a strategic move for our company because it continues our westward expansion,” Lisa Thornhill, Bluegreen director of Corporate Communications, told CPN. “It also delivers an exciting product to our owners and guests that they’ve been wanting. We do annual surveys and Las Vegas is at the top of the list.” According to the 2005 State of the Vacation Ownership Industry report, Nevada ranks number seven in the nation with a timeshare market share of 3.5 percent; Florida is No. 1 with 22.7 percent.

In addition to the 48,000 square feet of retail and restaurant space and the 18,000-square-foot preview center, the seven-story timeshare structure that will sprout up near the University of Nevada-Las Vegas and McCarran International Airport, will also feature a swimming pool, spa, game room, pool bar and fitness facility. “Our residents have expressed that they like to have these amenities onsite,” Thornhill said of the retail and restaurant offerings, which will be accessible to the public, as well. Timeshare units in the new resort will become available in the fourth quarter of 2007.

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