McCarthy Building Companies has hired Colliers International to sell the unfinished former Dream Las Vegas site, a 4.7-acre parcel on Las Vegas Boulevard near Russell Road, the Las Vegas Review-Journal reported. McCarthy, the project’s lead contractor, took ownership of the property earlier this year through a legal settlement over unpaid construction bills.
There is no official asking price, but the site has received unsolicited offers around $50 million, according to listing broker Mike Mixer, chairman of Colliers’ Las Vegas office. Mixer said his team is using that figure as guidance in discussions with potential buyers.
The Dream Las Vegas project broke ground in summer 2022 and called for a 20-story, 527-room boutique resort near the iconic “Welcome to Fabulous Las Vegas” sign. Construction halted less than a year later after the developers ran into financial trouble.
In a letter to Clark County last year, a representative for the original development group said more than $123 million had already been invested in the project, including grading, basement excavation, and plumbing and electrical work.
Mixer said a buyer would acquire a site with approved plans and significant construction already completed, allowing a new owner to move quickly to finish a high-end boutique resort.
Colliers associate Amel Benha, who is working on the listing with Mixer, noted that the property is located roughly a mile from both Allegiant Stadium and the Athletics’ under-construction baseball stadium, though in opposite directions. The brokerage team also said the Dream brand is no longer attached to the project.
A representative for St. Louis-based McCarthy confirmed last week that the firm retained Colliers to sell the site but declined further comment, as per Review-Journal.
David Daneshforooz, founder of Contour and part of the original Dream development team, said Monday that he had brought a $50 million buyer to McCarthy and asked how much the company was owed. According to Daneshforooz, McCarthy said the amount was about $52 million. He said he attempted to negotiate a counteroffer but never received one.
Dream Las Vegas was envisioned as a smaller, boutique-style resort in a corridor dominated by megaresorts with thousands of rooms. The project was developed by Shopoff Realty Investments and Contour.
Construction stalled amid mounting debts. In March 2023, McCarthy filed a lien claiming more than $40 million was owed for work on the site. Several subcontractors, including electrical, steel, and drilling firms, also filed liens, according to previous reporting by the Review-Journal.
Shopoff Realty founder Bill Shopoff said in March 2023 that he owed approximately $25 million to $30 million for construction work and that the project had “fully stopped” while financing terms were being renegotiated.
Months later, McCarthy sued the ownership group in Clark County District Court, alleging the developers had stopped paying invoices due to a lack of funds while continuing to promise new financing that never materialized.
As part of a settlement, Shopoff transferred ownership of the site to McCarthy in August, records show. At the time, Shopoff said volatile financing markets repeatedly delayed the project and that his group hoped to eventually buy the property back and complete the resort.
Shopoff and Daneshforooz acquired the site for $21 million and announced the Dream Las Vegas project in February 2020, just weeks before the COVID-19 pandemic upended the global economy. The developers later made design changes, including enhanced security measures, after concerns were raised by the Transportation Security Administration and major airlines because of the project’s proximity to Harry Reid International Airport.
The project also faced a property dispute with the neighboring Pinball Hall of Fame, which opened in a new building in 2021 and was later found to encroach by at least eight feet onto the Dream site. That lawsuit was eventually settled.
Clark County commissioners initially approved the project in fall 2021. Last month, the commission granted a third extension, keeping the project’s approvals alive and allowing more time for construction to resume. County staff had recommended denying the request, stating that under the terms of its agreement with the county, the project met the definition of an abandoned development.
Dingnews.com 23/12/2025