The first Las Vegas hotel owned and developed by an African American will soon be a reality.

At a cost of $2.5 billion, real estate entrepreneur R. Donahue Peebles plans to build four 55-story towers of 800 suites and 1,000 condos across 13 acres east of the golf course at Wynn Las Vegas. The entire project will span 4.5 million square feet.

Peebles runs The Peebles Corporation, the largest African American-owned real estate development company that includes many 5-star luxury hotels around the country.

Designed to be nongaming, the development features the standard retail shops, restaurants, and 40,000-square-foot spa along with a pool 400 feet above the Strip.

Peebls hopes to complete construction by 2009.