Associated Press
LAS VEGAS -- Michael Jordan is looking for a slam dunk investment in Las Vegas.

Jordan has teamed up with Diversified Real Estate Concepts Inc. of Chicago to build a $600 million luxury condominium-hotel resort off the Las Vegas Strip, company owner Michael Peterson said Thursday.

The 825-unit development will be located on a six-acre site about a half-block east of the Bellagio and Caesars Palace resorts.

The project, dubbed Aqua Blue, includes a casino, spa, rooftop nightclub, two Michael Jordan restaurants and a 65,000-square-foot Michael Jordan Athletic Center, the first of its kind.

"I'm pleased to be expanding my group of restaurants into Las Vegas, which has become one of the country's top dining destinations," Jordan said in a statement.