LAS VEGAS, Oct. 21, 2021 /PRNewswire/ -- Joint-venture partners, Shopoff Realty Investments (Shopoff), and Contour, announced today that they have successfully secured necessary entitlements for the full development of Dream Las Vegas, paving the way for the next step in completion of a new full-service luxury lifestyle resort and casino. The property is situated on a prime 5.25-acre lot positioned on the south end of the world-famous Las Vegas Strip, at 5051 S. Las Vegas Blvd.
"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. We believe that this project will be a stellar example for future development on the south end of the Strip," explained Shopoff Realty Investments' President and CEO William Shopoff.
Branded and managed by Dream Hotel Group, the 19-story Dream Las Vegas will bring 526 well-appointed 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.
"As a Las Vegas native, born and raised, I know first-hand the benefits Dream will bring to the Strip," said Contour Chief Executive Officer David Daneshforooz. "Dream Hotel Group will bring the same magic to Las Vegas as they have to their other locations - a curated entertainment destination in a well-designed intimate environment for both locals and visitors to enjoy." Daneshforooz continues, "This will be a departure from the mega-themed resort concept, ushering in a new era of hotel/casino design for Las Vegas."
Spanning both stateside and international locations, Dream Hotels offers on-property dining and entertainment that embody their locales' distinctive character, from the bustling atmosphere of New York City to the colorful streets of Bangkok.
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.
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.
About Shopoff Realty Investments
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 proactively generating appreciation through the repositioning of commercial income-producing properties and the entitlement of land assets. The 29-year history includes operating as Asset Recovery Fund, Eastbridge Partners and Shopoff Realty Investments (formerly known as The Shopoff Group). Performance has varied in this time frame, with certain offerings generating losses. For additional information on Shopoff and its projects, visit Shopoff.com, follow the company's LinkedIn page, or call (844) 4-SHOPOFF.
This is not an offering to buy or sell any securities. Such offer may only be made through the offering's memorandum to qualified purchasers. Any investment in Shopoff Realty Investments programs involves substantial risks and is suitable only for investors who have no need for liquidity and who can bear the loss of their entire investment. There is no assurance that any strategy will succeed to meet its investment objectives. The performance of this asset is not indicative of future results of other assets. Securities offered through Shopoff Securities, Inc. member FINRA/SIPC, 2 Park Plaza, Suite 770, Irvine, CA 92614, (844) 4-SHOPOFF.
Contour is a privately-owned commercial real estate investment and development company formed in 2018 as the vertical development arm of a family-owned land-trade business established in 1987. The company is a vertically integrated opportunistic real estate firm that develops, owns and operates property throughout the United States. Contour's decisions are guided by market-leading research and a commitment to precise execution while remaining entrepreneurial in its approach to opportunity. Contour's executive management team has over 60 years of experience spanning more than 75 million square feet and $36 billion across all asset classes. Contour's California office is located at 3200 Park Center Drive, Suite 1240 Costa Mesa, CA 92626. For more information about the company, its team and its work, visit Contour.
About Dream Hotel Group
Dream Hotel Group is a hotel brand and management company with a rich, 35-year history of managing properties in some of the world's most highly competitive hotel environments, including New York, Los Angeles, Miami, Bangkok and most recently Nashville. Home to its Dream Hotels, Unscripted Hotels, The Chatwal and new By Dream Hotel Group brands, Dream Hotel Group encompasses three business lines: Proprietary Brands, Hotel Management, and Dining & Nightlife. The company is committed to the philosophy that forward-thinking design, service and guest experiences should be available across all market segments. Dream Hotel Group is dedicated to offering travelers an authentic connection to their chosen destination through a truly original approach. For more information, visit www.dreamhotelgroup.com and follow @dreamhotelgroup on Twitter.
Shopoff Realty Investments
Contour Real Estate
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