Dream Las Vegas, the stalled 531-room boutique hotel project located on the south side of the Strip, could restart construction early next year. After facing financial obstacles that caused work to stop in 2023, new prospects point to a resumption of activities in January 2024.
The Kaempfer Crowell law firm, representing the hotel developers, sent a request to Clark County seeking an extension of the project’s building permits, reports Las Vegas Review-Journal.
In a letter dated October 4, it was pointed out that the financial issues that led to the delays are in the process of being resolved. A bridge loan is expected to be concluded in the coming two weeks and the total capital will be completed by December 2023.
Construction work of Dream Las vegas
Developed by Californian companies Shopoff Realty Investments and Contour, the project, located at 5051 Las Vegas Blvd, has McCarthy Construction as a general contractor. Estimates now put the total cost of Dream Las Vegas at between $550 million and $575 million.
However, Clark County records indicate previous financial challenges, with several liens filed since February by various project subcontractors and McCarthy. In March, McCarthy recorded a lien against the property, with amendments made in July. The amended lien indicates the lien total for the project is just under $71.5 million and that McCarthy has received $49.3 million in payments but could spend a total of $404.3 million on work, materials and equipment costs related to the project.
Consulted by Review-Journal, McCarthy declined to comment on the liens. Shopoff, on the other hand, assured the same outlet that the guarantees would be paid off as soon as the financing was secured.
At another point, Shopoff revealed to Review-Journal that it expects to conclude an updated construction loan by the end of this year. In addition, the company mentioned that the interruption in construction will postpone the opening of the project by approximately one year.
Originally, Dream was scheduled to open at the end of 2024. However, according to a Shopoff representative, the hotel is now expected to open its doors at the “end of 2025.”
“We continue to work in concert with McCarthy, Hyatt, and Clark County Officials, and are thankful that we have their continued support,” said a spokesperson for Shopoff, in an emailed statement. “We remain committed to completing this project and look forward to being a part of the Las Vegas resort options.”
Original article: https://www.yogonet.com/international/noticias/2023/10/25/69357-dream-las-vegas-could-restart-construction-in-early-2024-after-resolving-financial-obstacles
