The developers are among the riskiest owners to build, a principle proven again by 2023 when financial problems stopped working on the Vegas Dream Resort project. Shopoff Realty Investment did not start the work again and McCarthy Building Cos, based in St. Louis presented a $ 40 million loan.
On August 21, McCarthy bought the partially built property for $ 17.2 million, according to real estate records. Prior to the purchase, the contractor had paid the guarantees of the project’s subcontractor.
Altwire news site reported that the Dream Resort had been planned as a 20 -story building, with 527 rooms, and at that time work stopped building 20%.
When the work was stopped in 2023, Bill Shopoff, the CEO of The Irvine, a California developer, said in a statement: “As soon as the funding is underway, the construction of the project will be restarted and we have all the intentions to complete this project as planned.
Shopoff had said that the firm was in active discussions to the lenders to finish the terms.
“The history of Las Vegas is full of projects that began and stopped due to lack of funding,” Scott Roeben wrote on the Vitalvegas.com website. Cited Skyvue’s Observation Wheel and St. Record in Venetian, among others. “The list continues and continues.”
McCarthy said in a statement that he had no particular plan to develop the property and that a company spokesman could not immediately comments.
