Consolidated Resorts, a wholly owned subsidiary of the ASNY Corp., a privately held company, is building the first of four phases of Tahiti Village, a 27-acre timeshare resort on Las Vegas Boulevard at Warm Springs Road.

Founded in Hawaii by Michael Kaplan and Arthur Spector in 1980, the company was the first to obtain a timeshare registration in Hawaii. The pair set up their corporate headquarters in Las Vegas at that time.

It took almost two decades for the company to "enter" the Las Vegas timeshare market with the opening of the 164-room Club de Soleil resort on Tropicana Avenue between Jones and Decatur boulevards.

In 2003, Consolidated opened Tahiti, a 93-room time share, on Tropicana.

Tahiti Village will add more than 1,000 units to Consolidated's timeshare inventory. But because of its unique floor plans that can split two-bedroom units into separate one-bedroom units, the resort actually can be divided into more than 2,000 units.

"We moved into the Las Vegas market as Las Vegas turned more family oriented -- it became more time-shareable," said Carl Hardin, chief operating officer. "As that developed, it became a dynamite market for us."

The Las Vegas timeshare market is ripe for growth, timeshare experts say. The number of time shares that serve the Las Vegas market is negligible when compared with the valley's tremendous growth and 37 million visitors per year.

"We've always been traditionally underserved," said John Restrepo, a principal at Restrepo Consulting Group LLC. "We have significantly less than Orlando. We're very much underserved by time shares at this point."

Many experts compare the Las Vegas timeshare market to the Orlando market, in a kind of what-could-be scenario. Las Vegas has around 20 timeshare properties, while Orlando, which has similar visitor counts, has more than 120 time shares.

"There's a lot of room for growth. All the major players have recognized that and are in town or are coming to town," said Bob Woods, a professor in UNLV's Time Share Management Program in the Harrah Hotel College.

Tahiti Village will be among the largest timeshare developments in Las Vegas when finished. At the earliest the resort will be completed in five and a half years -- at the latest seven years, said Michael Kaplan, Consolidated Resorts chairman.

The first phase will include a 10,000-square-foot sandy beach pool. Future phases of the resort include a lazy river, spa, and owner's lounge. The 1,551-square-foot floor plans include kitchen facilities and the ability to split the two-bedroom units into two one-bedroom units. Five timeshare buildings will range in size from five stories to 11 stories.

Martin Harris Construction began work at the beginning of the year. The first phase is scheduled to be completed the first quarter of 2006.

The location of Tahiti Village, at Warm Springs and Las Vegas Boulevard is ideal, Kaplan said.

"You can't get any closer to the main part of the Strip, the freeway and the airport," he said.

He said the location will allow people easy access to Las Vegas amenities, while at the same time avoiding the congestion in the heart of the Strip. And because of the airport and its surrounding height requirements for buildings, the views of the Strip from Tahiti Village won't be obstructed, Kaplan said.

A two-bedroom timeshare unit at Tahiti Village ranges between $25,000 and $30,000, Kaplan said. Nationwide, the average price of a time share in 2004 was $15,789, according to the American Resorts Development Association.

Kaplan said expected total sales for Tahiti Village will be close to $2 billion.

"It's been incredible," Kaplan said of the growth of the Las Vegas timeshare market. "Demand has not ceased or slowed down one bit."

He attributed the growth in part to the ease of flying into Las Vegas and the large numbers of people who drive to the city from nearby states.

The timeshare business is big business in Las Vegas, local experts said.

The 21 existing timeshare projects, which equates to about 3,500 units, results in 2,000 direct jobs for the valley, Restrepo said.

People that stay in local time shares also stay longer -- seven days versus 3.6 nights, he said. And while they are in town, they spend roughly $2,500 -or $382.5 million in total spending that can be attributed to time share stays.

Time shares allow people ownership in a vacation resort that they can use year after year, an affordable alternative to high-rise condos or second homes.

"Most people can't buy a second home here," Kaplan said. "This is a great vehicle for people to participate in the real estate market."

People who buy into a Consolidated Resorts time share receive a deed and title to their unit, Kaplan said.

But as land prices in the valley continue to escalate, even timeshare costs will go up, Restrepo said.

"The only danger is that land is getting so expensive and hard to find, we may not get as many time shares built as the market can support," he said.

It took years for Kaplan to assemble the 27 acres for Tahiti Village. The company had to negotiate with seven different land owners.

Kaplan said Consolidated has its sights set on continuing its expansion in the Las Vegas Valley.

"We are looking at other parcels to develop in Las Vegas," he said.

Kaplan did not elaborate on where he was looking, saying he is hoping land prices will remain somewhat reasonable.

Jennifer Shubinski covers real estate and development for In Business Las Vegas and its sister publication, the Las Vegas Sun. She can be reached at (702) 259-8832 or by e-mail at js@lasvegassun.com.