Plans for the property were first announced in April 2004. The developer, 3700 Associates, was a joint venture formed by David Friedman (a former Las Vegas Sands executive), Ian Bruce Eichner (a real estate developer), and Soros Fund Management. The developers purchased the site, an 8.5-acre U-shaped parcel surrounding the Jockey Club timeshare building, for $90 million from a company controlled by New Frontier owner Margaret Elardi. Further details about the project, including the Cosmopolitan name, were released in November 2004.