Hard Rock hotel owner Peter Morton unveiled a model of his $1 billion expansion project this weekend, saying that everyone wants "a piece of the Rock."

The expansion on a 24-acre former apartment complex that Morton bought for $86 million calls for 1,200 units of high-rise condominiums, condo-hotel rooms and poolside bungalows.

The model shows three condo towers to be called The Residences, the tallest of which would be 350 feet. Prices start in the mid-$900s for the one-, two- and three-bedroom units, each two stories with floor-to-ceiling glass walls.

"We had a lot of people that patronize our hotel that asked us (about building condos)," Morton said at a Saturday news conference while Bon Jovi rehearsed for a concert in celebration of the Hard Rock's 10th anniversary. "They're interested in having a piece of the Rock."

He said the 375 units at The Residences are already sold, with buyers putting down anywhere from $5,000 to $50,000 deposits.

Morton described the project as being unlike anything ever seen in Las Vegas. It's being designed by architect Chad Oppenheim of Miami, and Las Vegas-based Marnell Corrao is the general contractor.

Two smaller buildings called The Flats will have 738 condo-hotel units starting from the mid-$400,000s for 550-square-foot studios and going up for 1,100-square-foot one-bedroom units. They have spacious terraces with mountain and Strip views.

The bungalows will wrap around the pool area as two- to four-story, freestanding homes with their own rooftop pool, terrace, private yard and resident parking. The 32 units, ranging in size from 1,800 to 3,600 square feet, start at $2.5 million.

Along with the residential components, the Hard Rock project will expand The Joint concert venue, add a collection of world-class restaurants and a new rooftop Ultra Lounge.

"A lot of people looked at me 10 years ago when I built the Hard Rock, saying, 'What are you doing off the Strip?' It was desert around here," Morton said of the location at Paradise Road and Harmon Avenue. "Today, what's happened is this area -- it's just a couple blocks from the Strip with no traffic problems -- it's turned into a great location."

Morton said there was "no chance" he would have built the condos 10 years ago.

"We're upgrading our whole product. We're doing things in the rooms that haven't been done before in Las Vegas," he said, declining to elaborate for competitive reasons. Christian Liaigre Interiors is designing the unit interiors.

An upgraded spa, including a fitness center and full-service hair salon, is being designed by Zaha Hadid, a Pritzger Award-winning architect.

Morton said he recognized 10 years ago that 20- and 30-year-olds were an untapped market in Las Vegas. By creating an environment that was geared to that market with concerts by performers such as Norah Jones, The Rolling Stones and Velvet Revolver, the Hard Rock has been able to attract this important demographic, along with other age groups looking for a hip experience.

"I don't think it's just a matter of the brand. It's what you're getting for your money," said Kevin Kelley, president of the Hard Rock. "Look at these other projects on a three-acre piece and they go up in the air and there's no lifestyle beyond that."

Kelly said the hotel's proximity to the Strip, McCarran International Airport and the Las Vegas Convention Center will become even more important as the city evolves.

Las Vegas has been the fastest-growing city in the United States for nearly 20 years and is one of the top housing markets in the country. Home prices increased by nearly 50 percent in the past year.

"It's the greatest growth in a city since records have been kept," said Steve Bottfeld, executive vice president of Marketing Solutions, a Las Vegas-based real estate advisory firm.

"There's so much starting up in 2005 that I think it will be looked back as a watershed year. I think we'll have a good first half of the year in the real estate market and an extraordinarily strong second half."

Construction of the Hard Rock expansion is scheduled to start in August, with completion of the project expected about 24 months later, Morton said.