A joint venture partnership between Shopoff Realty Investments, a private placement sponsor, and Contour, a real estate investment and development company, have secured the necessary entitlements for the development of Dream Las Vegas, a new full-service resort and casino on the south end of the Las Vegas Strip.
The property, situated on more than five acres at 5051 S. Las Vegas Blvd, will be branded and managed by Dream Hotel Group. The 19-story hotel will include 526 guest rooms and suites when complete in the third quarter 2024. Additional amenities will include gaming, dining and nightlife venues, a pool deck, retail experiences, meeting rooms and a fitness center.
“After working closely with Clark County Board of County Commissioners, McCarran Airport and the Clark County Department of Comprehensive Planning, we are pleased to have been able to secure entitlements for Dream Las Vegas that are mutually beneficial to Clark County as well as our partnership,” said William Shopoff, president and chief executive officer.
McCarthy Construction will manage the design and construction of the new resort and casino, with the project set to start excavation in the second quarter 2022. The project is anticipated to bring more than 1,200 construction jobs as well as 785 staff positions once the hotel opens in the third quarter 2024, the companies said.
Nearby establishments include Mandalay Bay Resort, the new Allegiant Stadium (home to the National Football League’s Las Vegas Raiders), T-Mobile Arena (home to the National Hockey League’s Las Vegas Golden Knights), as well as the numerous hotels and casinos along South Las Vegas Blvd.
Shopoff Realty Investments is an Irvine, California-based real estate firm with a 29-year history of value-add and opportunistic investing across the United States. The company primarily focuses on generating appreciation through the repositioning of commercial income-producing properties and the entitlement of land assets.