Developments To Keep Your Eye on in Las Vegas

Las Vegas is always under construction, whether its the repaving of surface streets, large highway interchanges, or a new residential community, you are sure to see those orange traffic cones all around town. Since the slowdown that occurred with the COVID-19 shutdown, Las Vegas, and by extension Las Vegas construction, has come back with a vengeance. No matter where you look, there are many new and unique projects coming to Las Vegas. Here are three developments in town that we are keeping our eyes on.

(1) The Watermark - Downtown Henderson

Outside of all the work being done across the valley, mixed-use developments are seeing a surge in popularity. If you have been to Water Street in downtown Henderson in the last year, you may have seen a new complex going up across the street from the Lifeguard Arena. This development is known as the Watermark and is estimated to be completed and officially opened later this year. The Watermark a 7-story development that consists of 25,900 square feet of retail, entertainment, restaurant, and retail space on the first floor, 12,500 sq. ft. of premium office space on the second floor, and 151 residential units that take up the remaining five floors.

The Watermark project is being overseen and developed by the Strada Development Group. Strada Development Group is a Las Vegas-based development and project management company with a focus on mixed-use, hospitality, food and beverage, casino and entertainment venues. The founders of Strada have been involved in various projects throughout Las Vegas, including the Bellagio, the Playboy Club, Topgolf and 3 million square feet of developed commercial and residential spaces.

(2) Dream Las Vegas - South Strip

Coming from the designers and builders that brought us Allegiant Stadium and Circa Resort & Casino, a new luxury hotel and casino is under construction on the south end of the Strip. This new development, branded as Dream Las Vegas, started construction in August of 2022 and is quickly making progress as construction projects take over the city.

Dream Las Vegas will include seven dining and nightlife venues: a rooftop deck, bar and lounge; three feature restaurants; two additional bar and lounge concepts on the gaming floor; and a grab-and-go café on the street level. Additionally, it will offer 12,000 square feet of private meeting and event space, a spa, a fitness center and on-site parking.

When asked as to why build a relatively small hotel in Las Vegas of all places, David Daneshforooz, CEO of Contour, the development company behind Dream Las Vegas, said, "There is no shortage of megaresorts in Las Vegas, but there is a lack of boutique hotels that offer a more intimate curated experience. A ground-up Dream hotel with its world-class food-and-beverage offerings was an obvious choice for a boutique execution on this site and will be a great addition to the Las Vegas Strip.”

Keep an eye out for this new part of the Las Vegas skyline to be finished in late 2024. If previous projects are anything to go by, it should be a welcomed addition to The Strip.

(3) Fontainebleau Las Vegas - North Strip

A project that has been in the works for nearly two decades is finally reaching its conclusion after a long and tumultuous history. Construction on the 67-story project began in 2007, but was halted shortly after when the economy imploded with the project going bankrupt in 2009. After being sold off in 2010 to Carl Icahn and remaining untouched for 7 years, the property was purchased by Steve Witkoff and renamed to Drew Las Vegas. However, construction was again halted in March of 2020 due to the pandemic. The building was then purchased by Fontainebleau Development in a partnership with Kock Industries in February of 2021. After securing a loan of $2.2 billion, the project is on track to finish in the fourth quarter of 2023.

The Fontainebleau Las Vegas is the largest hotel construction project in the country, but will not be the largest hotel on the Strip. It will only rank #9 in terms of room capacity, trailing behind Caesars Palace and Circus Circus. Once completed, the Fontainebleau Las Vegas will feature approximately 3,700 luxury hotel rooms, 550k sq. ft. of convention space, and a world-class collection of restaurants, shops, pools, nightlife options, and spa/wellness offerings. The entire hotel sits on nearly 25 acres of land and will have nearly nine million sq. ft. of space, all next to the Las Vegas Convention Center, at the North end of the strip.