A long-delayed casino-resort development on the southern end of the Las Vegas Strip has officially entered the market, with the unfinished Dream Las Vegas site now listed for sale following a legal settlement tied to unpaid construction costs.

McCarthy Building Companies, the project’s former lead contractor, has hired Colliers International to handle the sale of the 4.7-acre parcel located on Las Vegas Boulevard near Russell Road. McCarthy assumed ownership of the property earlier this year after resolving litigation connected to outstanding construction invoices.

There is no formal asking price attached to the listing. However, listing broker Mike Mixer, chairman of Colliers’ Las Vegas office, said the site has attracted unsolicited interest in the $50 million range, which his team is using as guidance when discussing the property with potential buyers.

From Boutique Resort Vision to Halted Construction

The Dream Las Vegas project was originally planned as a 20-story, 527-room boutique resort positioned just south of the “Welcome to Fabulous Las Vegas” sign. Developers broke ground in the summer of 2022, aiming to create a smaller-scale property in a corridor dominated by large casino resorts.

Construction stopped less than a year later after financing challenges disrupted the project. In a letter sent to Clark County last year, a representative for the original development group said more than $123 million had already been invested, including grading, basement excavation, and plumbing and electrical work.

Despite the stalled progress, approved plans remain in place. Mixer said a buyer would acquire a site where substantial construction has already occurred and could move forward without restarting the approval process. “Someone can step right in and go,” he said.

Colliers associate Amel Benha, who is working on the listing with Mixer, noted that the property is located roughly a mile from Allegiant Stadium and the Athletics’ under-construction baseball stadium, though in opposite directions. The brokerage team also confirmed that the Dream brand is no longer attached to the project.

Legal Disputes and Transfer of Ownership

As the Las Vegas Review-Journal reports, the project unraveled amid mounting debts to contractors and subcontractors. In March 2023, McCarthy filed a lien claiming more than $40 million was owed for work completed on the site. Several subcontractors, including firms involved in electrical, steel, and drilling work, also filed liens.

Shopoff Realty Investments founder Bill Shopoff said in March 2023 that construction had “fully stopped” while financing terms were being renegotiated, adding that he owed approximately $25 million to $30 million for work already performed.

Months later, McCarthy sued the ownership group in Clark County District Court. Court filings stated that the developers had stopped paying invoices “due to an alleged lack of funds and ‘circumstances beyond their control’” while continuing to promise new loans and funding that never materialized.

The dispute ultimately ended in a settlement, with ownership of the site transferred to McCarthy in August, according to public records.

David Daneshforooz, founder of Contour and part of the original Dream development team, said he later brought a $50 million buyer to McCarthy and asked how much the contractor was owed. According to Daneshforooz, McCarthy said the outstanding amount was about $52 million. He said he attempted to negotiate a counteroffer but did not receive one.

McCarthy has acknowledged strong interest in the property but declined to discuss specific offers. In a statement, the company said there has been “significant interest in the property,” adding that it has responded and will continue to respond to inquiries as appropriate.

Regulatory Hurdles and the Project’s Uncertain Future

Beyond financing issues, the development encountered regulatory and logistical challenges. The developers made design changes after concerns were raised by the Transportation Security Administration and major airlines due to the site’s proximity to Harry Reid International Airport.

A separate property dispute emerged when the neighboring Pinball Hall of Fame was found to encroach by at least eight feet onto the Dream site. According to court records, attorneys for the Pinball Hall of Fame pointed to a likely surveying error by a contractor. The case was later settled.

Clark County commissioners initially approved the project in fall 2021. Despite extended inactivity, the commission recently granted a third time-extension request, keeping the project’s approvals active. County staff had recommended denying the request, stating that under the terms of its agreement with the county, the development met the definition of an abandoned project.

With the site now formally on the market, the future of the former Dream Las Vegas development depends on whether a new buyer is willing to take control and resume construction after years of legal disputes, financing setbacks, and repeated delays.