Dream Las Vegas hotel project on the Strip would resume construction in 2024
Wednesday 25 de October 2023 / 12:00
⏱ 1 min read
(Las Vegas).- Construction of the Dream Las Vegas casino-resort on the Strip could restart in early 2024, according to documents filed with Clark County.
The owner of Dream Las Vegas – a 531-room boutique hotel planned on the south side of the Strip – has requested an extension from Clark County of its construction permits for the project. An extension justification letter dated Oct. 4 said funding issues delaying the project were being resolved so construction could resume in January 2024.
The letter from Las Vegas law firm Kaempfer Crowell, which represents the project's developers, said a bridge loan is expected to close within two weeks, followed by “the closing of the entire capital stack (equity and debt) in December 2023.”
Dream is being developed by Southern California companies Shopoff Realty Investments and Contour. McCarthy Construction is the general contractor. The developers and general contractor could not immediately be reached for comment on their construction plans and financial terms.
Construction on Dream Las Vegas, at 5051 Las Vegas Blvd. South, just south of Russell Road, halted in early 2023 when financing for the project fell through, leaving developers owing between $25 million and $30 million. dollars for the construction already done of the project. In total, the project will cost between $550 and $575 million.
Dream Las Vegas was originally scheduled to open in late 2024.
Categoría:Casino
Tags: Sin tags
País: United States
Región: North America
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