Construction on the Dream Las Vegas may begin again early in 2024, after encountering financial setbacks that led to a halt in construction. The long-stalled 530 room boutique hotel project situated on the south side of the Strip, near the Welcome to Las Vegas sign.
Indications are that a potential restart of construction could happen as soon as January. The law firm of Kaempfer Crowell represents the developers, and they submitted a request to Clark County for an extension of the project’s building permits, as reported by a Las Vegas newspaper.
The 5.25-acre site was once intended to house the northern portion of the Paramount resort, which was being planned in 2005 but eventually canceled. The site later came to the attention of developer David Daneshforooz, who owns the southern California real estate firm Contour. He partnered with Shopoff Realty Investments to purchase the site for $21 million in February 2020. The partners soon announced plans to build Dream Las Vegas.
Records from Clark County reveal past financial challenges, including multiple liens filed by various project subcontractors and McCarthy since February. In March, McCarthy filed a lien against the property, with subsequent amendments in July.
The amended lien details the project’s total lien at just under $71.5 million. McCarthy has received $49.3 million in payments, but the potential expenditure on work for Dream Las Vegas, as well as materials and equipment costs related to the project, could reach $404.3 million.
When approached for comment by the Review-Journal, McCarthy declined to provide a statement regarding the liens. Originally slated to open at the end of 2024, the project appears to be navigating financial challenges as it aims to resume construction in the coming year. We visited the Dream Las Vegas location and filmed the site earlier this year.