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Las Vegas Dream Set for South Strip Development
A joint venture of Shopoff Realty Investments and Contour has acquired a 5.25-acre opportunity zone development site for a reported $21 million with plans for bringing a 450-room boutique Dream hotel to Las Vegas.
L.A.-based NOVA Capital secured $15.6 million in land acquisition and entitlement funding for the partnership to commence with the project.
The development site is located at 5051 S. Las Vegas Blvd., near the intersection with Russell Street, just south of the Mandalay Bay Resort and approximately one mile from the new Allegiant Stadium, now under construction and slated for July 2020 completion.
With funding now in place, the partners will begin entitlements, with construction planned to commence in 2021. Besides its 450 rooms, the Dream Hotel Group branded property will feature 56,000 square feet of food and beverage space, including a rooftop nightclub, pool and deck, 12,000 square feet of ballroom/meeting space, a full-service spa, fitness center, and dedicated parking.
For comments, questions or concerns, please contact Chris Egger
- ◦Development
- ◦Sale/Acquisition
