Shopoff Buys Development Site on Las Vegas Strip

Shopoff Real Estate Investments, in partnership with Contour, has acquired a 5.25-acre development site on the Las Vegas Strip. The developer plans to build a 450-room hotel branded and managed by Dream Hotel Group and entertainment venue on the site, which will be located on the south-end of the strip near the Allegiant Stadium and less than one-mile from Mandalay Bay Resort. The location made it an attractive opportunity for the developer.

“It is an iconic location,” William Shopoff, president and CEO of Shopoff Real Estate Investments. “We are at the south end of The Strip, which has historically been a little bit ignored. We are also less than a mile from Allegiant Stadium, and that whole area is going to be activated be the stadium and all of the events that will take place there. To be a potential anchor to the stadium made this a really interesting dynamic for us.”

In addition to the iconic location and the growth opportunities, the site is also located in a qualified opportunity zone, adding another layer of value. “The site is in a qualified opportunity zone, which gives us a fairly significant advantage for our development capital stack,” says Shopoff. “It is general location and then the location in an opportunity zone that got our interest up. We are putting a qualified opportunity fund together to capitalize on the vertical construction. We will be working on that in the coming year.”