Initially, plans were announced in 1998 for Great Masters, a $300 million condominium project consisting of 56-story twin towers.

The $250 million condominium project would include 25-story twin towers, but the start of construction was delayed due to poor economic conditions as a result of the September 11 attacks.

The project would be built on 10 acres (4.0 ha) situated at Paradise Road and Karen Avenue, behind the Sahara hotel-casino that was located on the Las Vegas Strip.

[4][5] Madison Towers would offer smaller condominium units at a lower price compared to the company's Turnberry Place property.

[5] In early 2002, the project was put on hold for 12 to 18 months following decreased sales, the result of poor economic conditions caused by the September 11 attacks.

[7][8] As of June 2002, the project was being redesigned for a reduction in size, from 600 units to 450, with the potential to begin construction at the end of the year.

[12] In April 2005, a lawsuit was filed by a buyer who purchased a unit in the original Madison Towers project four years earlier.

The buyer alleged that Turnberry would not honor his contract for a unit that would now cost more money as a result of the design change.

[15] During 2006, the project received a construction loan for $360 million that was funded by several banks, including Prudential Insurance Company of America.

Additionally, Prudential accused Turnberry of failure to provide purchase deposit refunds for customers totaling $4.2 million.

[16] In 2011, real estate investor CIM Group purchased the remaining 279 unsold units at a price of $48.3 million.