The latest project to cross my desk came in a very large yellow and red DHL box, and inside was one of the largest (if not the heaviest) project books for a condo development that I've ever received.

Even though the condo project, the Magellan, being pitched isn't going to be built in Las Vegas, I figured readers should know what is going on outside our fair city.

The Magellan is not your average condo -- this one floats. Phoenix homebuilder Randy Jackson, president of Jackson Properties and the chief executive of the newly minted Residential Cruise Line LTD, is hoping that the desire for ownership, at least among the world's elite, extends beyond foundations and brick.

Jackson, who has built more than 3,500 homes in the Phoenix market, is working on developing the Magellan Residential Cruise Ship - literally an 800-foot-long yacht of condos.

Think of it as a high-rise on the water. When the $600 million Magellan sets sail, it will circumnavigate the globe, visiting more than 100 ports a year on its continuous journey.

The Magellan Residential Cruise Ship, as planned, will have 200 private residences, including 16 penthouses. Prices start at more than $1.8 million for a 1,130-square-foot unit. The larger penthouses, which start at 1,619 square feet, will be auctioned off at venues and events around the country. Opening bids start at $2.8 million. Think that is steep? The annual fees start at $96,000.

The legal structure of the ship will be a cooperative, with individual ownership interest, Jackson explained. Essentially, buyers will be purchasing a 100-year lease-hold interest. Actual ownership of the ship will remain with Residential Cruise Line LTD. The ship will be flagged out of the Bahamas.

No time shares or fractional ownership will be allowed, but owners will be allowed to rent out their unit without limitations, Jackson said.

Construction is scheduled to begin late next year, he said. Similar to a high-rise, Jackson must secure 60 percent in sales before a lender will even look his way. But unlike a high-rise, it's the ship yard that secures the financing, Jackson said.

A ship yard has yet to be selected, Jackson said, but there are basically four countries that specialize in large boats: Finland, Germany, France and Italy.

So why should anybody in Las Vegas care that Jackson, a successful homebuilder from nearby Phoenix, wants to build a residential ship?

Because the same buyers whom Jackson is after - the second (but more likely) third, fourth and even fifth homebuyers - are the same buyers whom Las Vegas high-rise condos are looking for.

"There's 20 million Americans wealthy enough to buy them," Jackson said of his condos.

Like many Las Vegas projects, these are being marketed worldwide, he said.

"We've gotten calls from Africa, Hong Kong, Dubai," Jackson said.

And yes, Jackson said, he's had inquiries from Las Vegas.

So why would someone (gasp) prefer a floating condo over the "beach front" property that is the Las Vegas Strip?

Because the Magellan will have what Las Vegas never will: waterfront property.

The constant change of scenery isn't bad either.

"This is really something that appeals to someone looking for a change of venue," Jackson said. "Instead of owning six different high-rise condominiums, a luxury condominium on the Magellan goes all over the world."

Like the condos being touted in Las Vegas, the Magellan will have a little bit of everything.

There will be a casino with a sports-betting bar, a theater, spa, five restaurants, nightclub, pool, greenhouse and "neighborhood" market. There will be a dentist, a doctor and a kennel for Fido.

As wild as a residential cruise ship might sound, if Jackson pulls it off, it actually won't be the first in commission.

The World set sail in March 2002 from Oslo, Norway. The residential ship has 165 units on board, priced from $795,000 to $6.3 million. Ninety percent of the units are sold, according to the company.

While the units are in private ownership, most are available for rent, starting at $1,000 per night with a minimum stay of six nights.

So what business does a homebuilder have building a residential yacht?

In Jackson's case, maybe a little more than most. Many (many) years ago, Jackson imported and sold luxury motor yachts priced at $1 million and up. He was a Navy pilot, landing jets on aircraft carriers and then was a Continental Airlines pilot. He's been a homebuilder. Plus, he loves taking cruises.

"This is a combination of life experiences," Jackson said.

Whether or not the Magellan will ever set sail is hard to say. Although, in many ways it has just as much, if not more of a chance of floating than some of the sinking ships in Las Vegas.

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.