Developers of Dream Las Vegas, a boutique hotel and casino under construction on the Las Vegas Strip, have requested a two-year extension for building permits to allow more time for completion. The Paradise Town Advisory Board voted in favor of the extension on Tuesday in a non-binding decision. Clark County officials are scheduled to review the extension request next month.
Dream Las Vegas is a 531-room project located on the southeastern side of Las Vegas Boulevard, south of Russell Road. Initially projected to be completed sooner, the development has faced delays primarily due to financing complications.
Last year, construction stalled as developers grappled with issues securing a construction loan. However, in a letter submitted to Clark County officials on September 13, the development team expressed confidence in securing new loan financing by the end of 2024, which would allow work to resume shortly thereafter.
The project is being developed by two Southern California firms, Shopoff Realty Investments and Contour, with McCarthy Building Companies overseeing construction. During Tuesday’s advisory board meeting, attorney Jennifer Lazovich, representing the developers, confirmed that visible construction progress has been minimal but reassured the board that foundational work is underway.
“While it may not look like anything has been done, things like site grading, basement excavation, pile and foundations, plumbing and electrical, (and) foundation walls have all been done at the site,” Lazovich said, reports Las Vegas Review-Journal.
According to the developers, approximately 20 percent of Dream Las Vegas is finished, with over $123 million invested in the project to date. The group reported having spent nearly $413,000 on permits alone in Clark County.
Once complete, the property will be managed by Dream Hotel Group, which became part of Hyatt Hotels Corporation in 2023. The current extension request is the second from the development team.
Original article: https://www.yogonet.com/international/noticias/2024/11/01/83870-dream-las-vegas-developers-seek-twoyear-extension-as-project-inches-forward
