Colliers International was recently hired to sell the site of the unfinished Dream Las Vegas plot toward the southern portion of the Strip.
McCarthy Building Companies, the current owner, hired the brokerage firm to sell the site. The hotel-casino was initially owned and developed by Shopoff Realty Investments and Contour. The 4.7-acre property was later signed over to McCarthy due to a lack of payment after construction began.
DLR Group is the architect, and McCarthy is the general contractor. Most recently, the Clark County Zoning Commission approved Shopoff’s third request for an Extension of Time, despite the staff’s recommendation of denial. Dream was proposed as a 20-story casino with 527 rooms. (NVBEX; Nov. 13; Nov. 5)
Colliers’ listing broker Mike Mixer said the site does not have a formal asking price but has already received unsolicited offers around $50M. McCarthy said they were owed roughly $52M when asked by David Daneshforooz of Contour.
The original developers said they have already invested more than $123M in the site. This consists of grading, basement excavation, plumbing and electrical work.
According to Mixer, potential buyers would be able to purchase the site alongside the approved project plans and the currently completed construction work. The broker also said the Dream brand is no longer tied to the development.
