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Category Archive : Development

Share Downtown

Two Separate Mixed-Use Apartment Complexes Pitched for Downtown Las Vegas Totaling Almost 400 Units

LAS VEGAS, NV – Two developers – Cherry Development and Schulman Properties – have pitched two separate mixed-use apartment complexes for the downtown Las Vegas area that, when completed, will produce almost 400 units in an effort to address the housing shortage in the city.

Based in Las Vegas, Cherry Development is slated to hold their official ground-breaking later in March on their delayed $27 million shareDOWNTOWN project – originally slated to open in June 2020 – which is located on 1.2 acres of city-owned land at 1100 D Street, the former location of the Greater New Jerusalem Church.

In order for the developer to keep the project costs low and, in turn, keep tenant rent at affordable levels, the city is selling the land to Cherry Development for just $6. When completed, shareDOWNTOWN – which is catering to individuals who work in Las Vegas and who wish to reside near its downtown area – will take the form of a five-story building with 104 one-bedroom apartments, each one approximately 500-square-feet in size. It will feature 20 units going for the current market rate, and 84 units with rent caps determined by the U.S. Department of Housing and Urban Development.

shareDOWNTOWN will offer a business center, a fitness center, a community kitchen, a co-working area with private conference room and an outdoor courtyard. In addition, there will also be a retail component on the ground floor, mainly consisting of restaurants and other assorted eateries, as well as an 8,400-square-foot shop.

The other project – Schulman Properties’ six story, $115 million Ilumina Midtown, located near Charleston Boulevard and Grand Central Parkway – targets a different demographic in the city, as it will offer 275 luxury apartments ranging in size from 600 to 1,800 square feet. It will also have numerous high-end amenities for its tenants, including a 4,000 square-foot restaurant, a 40,000 square-foot health club, a gym, a pool, sports courts and a co-working area.

Ilumina Midtown is currently pending approval by the Las Vegas Planning Commission in April; if given the go-ahead, development is anticipated to begin in spring of 2025, with completion expected in either the summer or fall of 2026.

Shelter Realty is a Real Estate and Property Management Company specializing in the areas of HendersonLas Vegas and North Las Vegas, NV. Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.

AI Avatar

Luxury Real Estate Brokerage Begins Beta-Testing First-Ever “Conversational” AI Avatar on Las Vegas Website

LAS VEGAS, NV – A national luxury real estate broker has taken the industry one step closer to the future – for better or for worse, depending on how you feel about the implications of Artificial Intelligence (AI) – by announcing that it will be beta testing a website across its brokerage operations in Las Vegas featuring a first-of-its-kind fully conversational” AI avatar that will be able to hold discussions and answer questions of prospective buyers.

Luxury Realty Group LLC, a subsidiary of Luxury Realty Group Holdings Inc, has begun testing the vuHome.ai website, claiming that their new AI avatar was created because text, images, and videos aren’t always sufficient to convey the experience of the luxury properties they are trying to sell. Instead, having an AI avatar who can actually converse with the seller and answer specific questions provides a more efficient, time saving approach to selling homes in the Las Vegas region, or at least, they say.

Pulling on up-to-the-minute MLS data, the AI avatar can be verbally asked to search for exact home criteria, including square footage, the number of stories, bedrooms, and baths, and specific amenities such as kitchen islands, pools, mountain views, guard gated communities, and what size garage they need. Within seconds, listings matching their search criteria are offered, and buyers can continue to converse with the AI to have questions pertaining to the properties they were interested in answered, including ones not readily available on traditional websites and portals.

The point, according to Luxury Realty Group, is to provide a more immersive experience for sellers and to allow them to be able to visualize living in the home more effectively. However, it remains to be seen if speaking to an eerily realistic virtual woman staring back at you from a computer screen is the best means of doing so, or if it simply conjures up the “uncanny valley,” a term that describes the sense of discomfort or unease people experience when they encounter a robot with certain human-like characteristics.

The website is currently password-protected and not for public use during its beta testing phase, but a demo video is available upon request by interested sellers, media, and prospective experienced luxury real estate agents in the Las Vegas area.

Shelter Realty is a Real Estate and Property Management Company specializing in the areas of HendersonLas Vegas and North Las Vegas, NV. Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.

Boring Company Facing Fines by Nevada OSHA

Boring Company Facing Fines by Nevada OSHA for Multiple Safety Issues in Vegas Loop Tunnel

LAS VEGAS, NV – Elon Musk’s The Boring Company Is looking at serious fines imposed by the Nevada Occupational Safety and Health Administration (OSHA) relating to what the organization is calling serious safety issues in its Las Vegas Loop tunnel system, citing multiple injuries suffered by workers for Musk’s company while constructing the underground people mover.

The Las Vegas Loop is a transport system constructed underneath the city, comprised of a series of underground tunnels dug by The Boring Company that currently ferries people back and forth to the Las Vegas Convention Center in a series of Tesla automated electric cars. The Boring Company had previously stated they plan on expanding the tunnel system, with plans for new people mover routes to various area resorts, sporting venues, and the airport.

However, following a complaint to OSHA and a subsequent inspection, The Boring Company was hit with eight citations and is now facing over $100,000 in fines due to purported burns suffered by workers by accelerants used in the concrete mix utilized in the Loop tunnel construction.

Dale Kuykendall, a spokesperson for the JacksonLewis firm – the legal team representing The Boring Company – maintains that OSHA had failed to show that any of the allegations against Musk’s company had any validity or merit.

In addition to [The Boring Company’s] belief that Nevada OSHA has failed to establish that the alleged violations occurred, TBC contests all of the citations’ classifications, required abatement, abatement deadlines, proposed penalties, and every other matter subject to contest,” Kuykendall said in a letter to OSHA.

According to OSHA, approximately 20 workers on the Las Vegas Loop – who were not provided with adequate protective gear – had suffered injuries while constructing the project’s Encore tunnel site after being exposed to hazardous chemicals such as bentonite, fly ash, R 100 and Portland Cement.

The chemical mixture was inadvertently sprayed onto approximately 10-15 employees soaking through their work clothing, absorbing into the skin resulting in skin irritation, skin rashes, and skin chemical burns,” the report said. “The employer did not provide instruction on personal protective equipment requirements to employees, and employees were not instructed in the recognition and avoidance of hazards associated with the underground construction.”

Other issues cited by OSHA included waste transport conveyor belts that lacked safeguards to prevent hazardous materials from falling on employees, and overloaded and collapsing onsite waste bins.

Shelter Realty is a Real Estate and Property Management Company specializing in the areas of HendersonLas Vegas and North Las Vegas, NV. Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.

Arts District, Las Vegas

2.3-Acre Vacant Lot in Arts District Slated for New $180 Million Apartment, Retail Complex

LAS VEGAS, NV – A 2.3-acre vacant plot located in Las Vegas’s Arts District was purchased in January by Chicago-based developer CEDARst Companies and Utah-based Bridge Investment Group for $6 million, with the two groups now planning on using the property to build a $180 million apartment and retail complex.

The newly-announced project, which is officially called Flats Arts District, will be constructed at 123 West Imperial Avenue – located one block away from Main Street – and will be comprised of 311 apartment units and 5,100 square feet of retail space on the ground floor.

As an example of how property values have appreciated in Las Vegas over the years – particularly in the city’s downtown Arts District, which has become increasingly popular with developers – the last time this plot of land exchanged hands back in 2011, it was purchased at the time for the much more meager amount of $322,000, as per Clark County property records.

In a statement, CEDARst Chief Development Officer Mark Heffron noted that the company had been wanting to get in on the Las Vegas real estate scene for some time, with the Arts District property representing the perfect opportunity to finally do so given the area’s growing economy, highly diverse businesses, and close-knit residents.

There is a far greater sense of community in Las Vegas as well,” Heffron said. “This is obvious when spending time in a vibrant and walkable neighborhood like the Arts District. The addition of professional hockey, football and baseball teams are also furthering this sense of community.”

The Flats Arts District project Is slated to include 86 studio units, 185 one-bedroom units, 38 two-bedroom units, and two three-bedroom units.

The official ground-breaking ceremony is anticipated to take place in February; the first tenants are expected to be able to move into their units by the end of 2025, and the project is scheduled to be fully completed by late March 2026.

The Flats Arts District apartment complex will have numerous amenities for its tenants, including a fitness center, resort-style spa facilities with saunas, workspaces, and a sunset deck and lounge.

For more information on the Flats Arts District apartment complex call 855-443-5287 or visit: https://www.cedarst.com/portfolio/las-vegas-arts-district/

Shelter Realty is a Real Estate and Property Management Company specializing in the areas of HendersonLas Vegas and North Las Vegas, NV. Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.

Lake Las Vegas, Nevada

Development, Sales in Lake Las Vegas See Exploding Growth in Recent Years, 2024 Expected to Be Biggest

LAS VEGAS, NV – While it had previously been known as a place where individuals would purchase vacation homes they would mainly visit on weekends, the Lake Las Vegas master-planned community has seen an explosion in development over the last few years – starting with the early months of the pandemic – and is currently poised to have its biggest sales year ever in 2024.

This news comes as additional nationwide attention will be focused on Lake Las Vegas in February, as both participating football teams in Super Bowl LVIII will be lodging at hotels located there, with the Kansas City Chiefs staying at Westin Lake Las Vegas, and the San Francisco 49ers at Hilton Lake Las Vegas.

In 2023, Lake Las Vegas saw its second-highest level of sales since the mid-2000s recession, with 302 new homes purchased; this represents a 42 percent jump over 2022, when 212 homes were sold. However, the highest number of homes sold at that community following the recession was 389 in 2021, which took place during the height of the COVID-19 pandemic when many people across the country were purchasing new residences.

We’ve had our second-best year ever and the sales are piling up on themselves,” said Pat Parker, President of Lake Las Vegas developer Raintree Investment Corp. “We had one person who bought four custom lots and then bought a house at (our Shoreline project). If you get a customer who does that, you’re doing well. We’re strong from $8 million all the way to $500,000.”

Sales in Lake Las Vegas have grown to such a degree that Pulte Del Webb Lake Las Vegas – a 55-and-up retirement community – saw the second highest number of sales in the entire Las Vegas Valley in 2023 with 148 brand-new homes purchased.

Sales of existing single-family homes have also been brisk in Lake Las Vegas, with 187 sold via the Multiple Listing Service (MLS) in 2023 – with an average sales price of $933,000 – exceeding the 144 sold in 2022 and 163 sold in 2021.

There were also 18 townhomes sold in Lake Las Vegas in 2023, with an average price of $516,000.

Shelter Realty is a Real Estate and Property Management Company specializing in the areas of HendersonLas Vegas and North Las Vegas, NV. Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.

Hotel/Resort Projects

Las Vegas Has Numerous High-Profile Hotel / Resort Projects in the Works for 2024

LAS VEGAS, NV – Las Vegas has seen an explosion of development in recent years, and 2024 doesn’t seem to indicate the momentum will be slowing down anytime soon. That being said, there are a number of high-profile hotel and resort projects in the works during this upcoming year, and below you’ll find a breakdown of some of the more significant ones, along with their current status.

First up is Dream Las Vegas, a boutique hotel that has been proposed to be built on Las Vegas Boulevard. Construction on the 531-room project halted in early 2023 after the developer’s financing infamously – and publicly – dried up; however, developer Shopoff Realty investments announced in October that it was attempting to acquire new financing, and that development was tentatively slated to start up once again in the early months of 2024. However, as of now there has been no additional progress made on the project, although Shopoff Realty Investments CEO and President, Bill Shopoff, recently announced that he had reached a loan commitment, with new financing expected to close in February and work on the project to resume by late March.

Next on our list is the Atari Hotel – yes, as in the legendary videogame brand – which is being described by developer GSD Group as a “modern hospitality experience inspired by gaming culture.” Las Vegas was announced as being one of the first locations for the new Atari-branded hotel chain, with renderings of the project originally publicly revealed in 2020. The hotel was slated to take the form of a 400-room facility located adjacent to the Las Vegas Strip, with an anticipated opening date of late 2022, but that date came and went without any progress. However, Atari Hotels recently reached out to the media and announced that GSD Group is currently in talks to find a site for the project, indicating that it is still in the works.

The Mirage Las Vegas transferred operations in December 2022 from MGM Resorts International to new owners Hard Rock, the gaming arm of the Seminole Tribe of Florida, who purchased the rights to operate resort for $1.075 billion; this marks the first time that a Native American tribe has run a Las Vegas Strip-based casino in history. While Hard Rock plans to continue operating The Mirage under its current name for the time being, the plan is to re-brand the resort with the Hard Rock name in 2024 and redevelop the building into the same trademark guitar-style shape as other Hard Rock resorts. The eventual plan for the resort includes a 600-room, 660-foot-tall project along Las Vegas Boulevard – slated to be built exactly where the existing Mirage volcano currently is – with 49,000 square feet of gaming area and 96,000 square feet of retail and restaurants; amenities will include a pool, spa, fitness center, and salon.

And finally, a currently-unnamed 43-story casino-resort project backed by billionaire Tilman Fertitta Is expected to make some serious progress this year. The proposed hotel is slated to be located at the southwest corner of Las Vegas Boulevard and Harmon Avenue, and applications for building permits were originally submitted in March 2023. The project is envisioned as a hotel resort with 2,420 hotel rooms, in addition to multiple restaurants, meeting and convention space, a spa, wedding chapel, and a 2,500 seat theater.

Of course, this is just a small sampling of the many high-profile works that are in development right now in Las Vegas; a follow-up article will shed light on more.

Shelter Realty is a Real Estate and Property Management Company specializing in the areas of HendersonLas Vegas and North Las Vegas, NV. Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.

Homebuilders

Las Vegas Homebuilders Say They’re Optimistic for 2024 Despite Lack of Land to Develop

LAS VEGAS, NV – At the organization’s recent annual breakfast meeting, the Southern Nevada Home Builders Association welcomed over 170 building executives, with many expressing optimism for home development in Las Vegas in 2024 while also noting that they still face significant hurdles in terms of the lack of available land to them; something that continues to usher in affordability concerns for homebuyers.

Many Las Vegas builders at the breakfast – which was held Tuesday at The Orleans Hotel and Casino – stated that the continuing development of the city’s sports and entertainment industries have contributed greatly to the construction business in recent years.

The recent boom in the Las Vegas economy as a result of new professional sporting teams transplanting themselves to the city – in addition to new entertainment venues, events, and low cost of living relative to other regions in the country – has lured numerous new inhabitants in recent months who are in need of housing options, noted Frank Wyatt, President of Pinnacle Homes.

With the Raiders, Golden Knights, Formula One, I think the ultra high-end has been most affected by what’s going on,” he said. “There are more people (who) have a lot of money that are moving to town in higher numbers than ever.”

Some of the phrases brandied about regarding the Vegas new home market by builders included “good, improving, stable, and moderating.” The market – following a slow second half of 2022 due to rising interest rates driving up development costs – saw a 22% jump in net sales in 2023.

The new home building market has seen continued growth since October amid falling interest rates – which are currently under 7% – with builders now attempting to attract buyers by offering attractive incentives.

However, Wyatt said that the lack of available land to develop has hamstrung efforts of Southern Nevada builders to address housing needs, and called upon Congress to pass a law in order to make more federal land available for that purpose.

We live and work in a land-constrained community,” Wyatt said. “It’s probably one of the most constrained in the United States. It does nothing but increase the price of the end product to the homebuyer. We pay as much for land as we can justify and the home price is based on our cost. It’s not going to get any better.”

Shelter Realty is a Real Estate and Property Management Company specializing in the areas of HendersonLas Vegas and North Las Vegas, NV. Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.

in-between the Bellagio and the Cosmopolitan

Records Reveal MGM Quietly Bought 1.62 Acres of Land on Las Vegas Strip for $54 Million in 2023

LAS VEGAS, NV – According to Clark County property records recently unearthed, 1.62 acres of land on the Las Vegas Strip were clandestinely purchased by MGM Resorts International in May 2023 for $54 million.

Located in-between the Bellagio and the Cosmopolitan, just south of the iconic fountains, the property in question had previously been owned by Steve Wynn, who at the time also owned the Bellagio, Mirage, and Treasure Island. MGM bought those venues from Wynn in 2000, and in the process inherited the real estate developer and art collector’s rights to the 1.62-acre plot of land – currently zoned as a vacant lot – that it later went on to purchase in May.

The casino giant has not yet publicly revealed their plans for the plot of land, but experts find the purchase intriguing given the fact that MGM does not own the majority of the property upon which their resorts and casinos are located. For example, many of the MGM owned and operated casino hotels on the Las Vegas Strip are actually located on land owned by VICI Properties.

Since the news of last year’s sale has been publicly revealed, many in the real estate industry have wondered what MGM‘s plans for the property could be; however, experts say is unlikely that it will be used for another hotel or casino, given the relatively small size of the plot. Likewise, it is not expected to be used to create any sort of pedestrian connection between the Bellagio and the Cosmopolitan given the fact a covered walkway leading to an escalator already exists for that purpose.

Some experts say that the most likely use for the land on part of MGM is to sit on it while its value appreciates – typical of the finite amount of real estate on the Strip – with the intention of eventually selling it off to another entity to develop.

Shelter Realty is a Real Estate and Property Management Company specializing in the areas of HendersonLas Vegas and North Las Vegas, NV. Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.

Senior Apartment

Low-Income Senior Apartment Complex Starts Construction in Southwest Las Vegas Valley

LAS VEGAS, NV – An apartment complex catering to low-income seniors has begun construction in the southwest Las Vegas Valley this week, a project spearheaded by a local non-profit organization known as Nevada Hand that is looking to address affordability concerns for elder residents.

Dubbed Buffalo Cactus Senior Apartments, and owned by Buffalo Cactus LP, the complex is located on Buffalo Drive and Cactus Avenue and, upon completion, will take the form of a 125-unit community for senior citizens, according to Nevada Hand’s Vice President of Community Affairs Wally Swenson.

We’re excited here to be breaking ground,” he said. “The only day that I’m more excited about than breaking ground is the day, we call it key day, when we give keys to the residents when they can move in.”

Swenson was on hand at this week’s groundbreaking, wearing a hard hat and getting his hands dirty with the rest of the crew in an attempt to keep up with the increasing demand for affordable housing in Las Vegas, particularly when it comes to its most vulnerable citizens.

We have a housing crisis throughout the nation and we have one locally,” he said. “We have one statewide. 84,000 is the gap between what we currently have and what we need.”

Buffalo Cactus Senior Apartments isn’t the only project that Nevada Hand has in the works to further their goal. In addition, they’re also currently building an additional 2,000 affordable units throughout the city, as well as housing 8,000 seniors and low-income families currently throughout 5,000 units they have already completed.

According to Nevada Hand, Buffalo Cactus Senior Apartments is targeted at individuals making between $20,000 and $35,000 per year, which is considered to be in the low to very low-income range. In contrast, the average one-person household adjusted income in the Las Vegas Valley is $60,700, as per the U.S. Department of Housing and Urban Development.

Nevada Hand is a non-profit that – in addition to housing – provides other services for seniors and low-income families in the city, including shuttles for their tenants and a food bank. The organization accepts donations, and if you are interested in helping to support them, please click here.

For more information on affordable housing call (702) 739-3345 or visit the Nevada Hand website; https://www.nevadahand.org, Nevada’s Nonprofit Leader in Affordable Housing.

Shelter Realty is a Real Estate and Property Management Company specializing in the areas of HendersonLas Vegas and North Las Vegas, NV. Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.

Tropicana Hotel

Las Vegas Strip’s Iconic Tropicana Hotel to be Imploded in 2024 to Make Way for Oakland Athletics Stadium

LAS VEGAS, NV – The second-oldest hotel on the Las Vegas Strip, the Tropicana, will be closed and imploded in 2024 following its partial closure in November to make way for the construction of a new home stadium for the transplanted Oakland Athletics Major League Baseball (MLB) team, signifying the loss of a major piece of Southern Nevada history in the process as the city moves on to a new year.

The Athletics’ ownership has reached a deal with the Tropicana’s operator, Bally’s Corp., and the owner of the resort casino’s underlying land, Vici Properties. In addition, the industry-leading construction firms responsible for building Allegiant Stadium – the Mortenson | McCarthy Joint Venture – have been contracted to build the MLB team’s proposed new $1.5 billion ballpark on the Las Vegas Strip.

The A’s previously announced that the firms will be responsible for handling all construction-related duties on the upcoming stadium, including estimates prior to the start of construction, scheduling and logistics planning, bidding, coordinating and managing labor, and engaging with the community.

The A’s home stadium – a project expected to cost a total of $1.5 billion – is slated to take the form of a 33,000-seat retractable roof stadium. $380 million in public funds have been earmarked for the A’s new stadium, and the project in its current form could potentially also receive up to $180 million in transferable tax credits as well.

One of the big goals is going to be flexibility for a unique seating capacity, anywhere between 30,000 to 33,000 seats,” A’s Design Director Brad Schrock said. “That really puts us in a sweet spot for a lot of other events aside from just baseball. So, we want to make sure the way that the seating bowl is designed has the flexibility to accommodate multiple events and that it’s a really fun place for fans to come and watch a game.”

The A’s are expected to play their first season in Las Vegas in 2028.

Shelter Realty is a Real Estate and Property Management Company specializing in the areas of HendersonLas Vegas and North Las Vegas, NV. Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.

Area15's second phase of construction for its 20 acre expansion has begun. (Area15Area15

AREA15, Las Vegas-Based Sci-Fi-Themed Retail and Entertainment Complex, Begins Construction on Expansion

LAS VEGAS, NV – Area 15, a Las Vegas-based 126,000-square-foot science-fiction themed retail and entertainment complex that offers an “immersive” environment for attendees, broke ground on a 20-acre expansion of the facility last week.

Crews began building 36-foot walls that will enclose the expansion, with new attractions slated to include Universal Destinations & Experiences, a year-round horror entertainment experience called Horror Unleashed, indoor skydiving, and a plethora of other attractions that will cater to the ever-changing tastes of the tourists who visit Las Vegas, according to AREA15 Chief Executive Officer Winston Fisher.

Consumers continue to gravitate toward artful new forms of entertainment providing immersive experiences, authentic connections and real emotions,” Fisher said. “The demand continues to grow, and we are ready to dive into this substantial expansion and find more partnerships that will have a lasting impact on the AREA15 District and the City of Las Vegas.”

450,000 square-feet of retail and food and beverage space will be added as well, in addition to multiple building structures ranging from 1,000 to 60,000 square feet, all of which will be available for rent to merchants and businesses.

The completion date for the AREA15 expansion project has not been publicly revealed yet.

AREA15, located on a 40-acre lot in the vicinity of the Las Vegas Strip on the corner of Sirius Avenue and Rancho Drive, originally opened its doors for business in 2018 and has already attracted a reported five million visitors since then. With the name being a playful take on the infamous Area 51 – a secret U.S. Air Force base located in the Nevada desert – AREA15 offers a unique mix of conventions and expos focusing on sci-fi, fantasy, and comic books, in addition to other fanciful events and attractions.

The addition of music performances, corporate events, large-scale art exhibits, bars, nightclubs, and restaurants were originally announced when the venue first opened, and are only now coming to fruition with this new expansion.

Shelter Realty is a Real Estate and Property Management Company specializing in the areas of HendersonLas Vegas and North Las Vegas, NV. Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.

Editorial credit: Jonathan Weiss / Shutterstock.com

Fontainebleau Las Vegas Finally Opens Doors for Business After Over 23 Years in Development

LAS VEGAS, NV – On Wednesday, December 13, a saga that has taken 23 years to unfold has finally come to fruition as the $3.7 billion Fontainebleau Las Vegas finally held its grand opening with a lavish VIP red carpet event that preceded the opening of its doors to the public just before midnight.

However, guests looking to join in on the grand opening event were required to park their vehicles at the Las Vegas Convention Center’s West Hall – which offered free parking – or use valet parking, as the Fontainebleau’s parking garage was not opened until 1 a.m. Thursday, and the venue’s rideshare drop-off was not opened until 2 a.m.

The event was a culmination of decades of effort in order to bring the Fontainebleau project to life, but the road there was wrought with numerous obstacles and setbacks, some so severe that at many points there was intense doubt that the venue would ever open.

Jeffrey Soffer, Fontainebleau Development’s chairman and CEO, first purchased the land for the resort back in 2000. Development later begun on the resort in 2007 – with its grand opening scheduled to take place in 2009 – but work was indefinitely halted two years later by the recession, forcing the project into bankruptcy.

In 2010, Icahn NV Gaming Acquisition LLC purchased the Fontainebleau for $150 million, and then sold it off to developer Steve Witkoff for $600 million in 2017. Witkoff originally envisioned a 2022 completion date; however, that was derailed by the COVID-19 pandemic.

From there, the Fontainebleau sat unfinished for years until Soffer and Fontainebleau Development re-acquired the project and resumed construction in 2021, following Soffer’s securement of $2.2 billion in new funding.

Now that the resort is finally open for business, it will be operated by the company’s subsidiary, Bowtie Hospitality LLC.

The Fontainebleau mostly adheres to the original vision that was laid out for it back when the project was first announced, consisting of a 67-story tower containing 3,780 hotel rooms and suites, 550,000 square feet of convention and meeting space, a casino, restaurants, retail, health and wellness spaces, and many other high-end amenities.

In addition, the resort will be providing approximately 6,000 full-time jobs, which will greatly add to Las Vegas’ already booming economy.

Shelter Realty is a Real Estate and Property Management Company specializing in the areas of HendersonLas Vegas and North Las Vegas, NV. Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.