Shopoff Real EstateInvestments, in partnership with Contour, has acquired a 5.25-acredevelopment site on the Las Vegas Strip. The developer plans tobuild a 450-room hotel branded and managed by Dream Hotel Group andentertainment venue on the site, which will be located on thesouth-end of the strip near the Allegiant Stadium and less thanone-mile from Mandalay Bay Resort. The location made it anattractive opportunity for the developer.

"It is an iconic location," William Shopoff,president and CEO of Shopoff Real EstateInvestments. "We are at the south end of The Strip, whichhas historically been a little bit ignored. We are also less than amile from Allegiant Stadium, and that whole area is going to beactivated be the stadium and all of the events that will take placethere. To be a potential anchor to the stadium made this a reallyinteresting dynamic for us."

In addition to the iconic location and the growth opportunities,the site is also located in a qualified opportunity zone, addinganother layer of value. "The site is in a qualified opportunityzone, which gives us a fairly significant advantage for ourdevelopment capital stack," says Shopoff. "It is general locationand then the location in an opportunity zone that got our interestup. We are putting a qualified opportunity fund together tocapitalize on the vertical construction. We will be working on thatin the coming year."