Bloomberg News and Israeli media reported the partnership's plan to build a number of hotels on the land as well as a casino and commercial development over the next five years.

Bloomberg reported the group bought property near the Hard Rock Hotel for $625 million. The deal is expected to be completed by August, news reports said.

Local brokers confirmed to In Business Las Vegas on Tuesday that 50 acres of the sale site is owned by the Edge Group, which planned a hotel and condominium project at Harmon Road and Koval Lane. Actor George Clooney had planned a resort casino and condo complex under Las Ramblas before the 25 acres were sold to the Edge Group in June 2006.

The remaining 10 acres is owned by D.R. Horton, which was considering a high rise on the site.

The Edge Group, which declined comment for this story, had paid a combined $310 million for its property. One local broker said that given the expenses for the W project, it is unlikely the developers made a lot of money on the transaction.

Africa Israel will have a 49 percent share in the project with its partners, which include New York real estate investor Steven Witkoff, the Cipriani family and the Credit Suisse Group, the company reported in an e-mail statement.

One of the hotels on the site will carry the Cipriani name, the Israel-based company said.

Local analyst and investor Steve Bottfeld said he expects this project to get built.

"The two groups have failed on this site primarily for the same reason,"Bottfeld said. "The product they offered simply wasn't right for the market down there. There is nothing wrong with this property. It is a great piece of dirt."

The Strip corridor is expanding west to Industrial Road and east to Paradise Road and this new group is in position to capitalize on it, Bottfeld said. The key to making the 60-acre site work is creating a center of entertainment, Bottfeld said.

Israeli property companies have been active buyrers of American real estate. Last month, Israeli tycoons Nochi Dankner and Yitzhak Tshuva agreed to develop a Las Vegas hotel and casino complex at the New Frontier.