Uncertainty has become the buzzword of the pandemic, but for developers, the onset of the recession has actually brought clarity to project planning. Bill Shopoff of Shopoff Realty Investments is developing the Dream Las Vegas hotel under Shopoff DLV QOZ, the firm's qualified opportunity zone fund. Instead of delaying or hindering the pandemic, Shopoff says the firm has more clarity on delivery timing and expectations.

"Interestingly, an unexpected effect of the pandemic was the resulting recession, which was ominously lurking in the future prior to the pandemic, and came to the forefront in March," Shopoff, president and CEO of Shopoff Realty Investments, tells GlobeSt.com. "This brought specificity to the issue and better clarity about future timing, including a dramatic V-shaped recovery. Had the recession arrived in 2023, when our project was ready for occupancy, it could have cause greater concern. However, all indicators are that by the time we open to the public, the economy nationally and in Las Vegas will be in a robust recovery, and that our timing couldn't be better."

As a result, Shopoff is not expecting the pandemic to have any negative impact on the hotel development. "In this case, we are fortunate that the resulting recession timing will not hamper our project, and that we will be able to provide jobs, revenue and other benefits to the community this will serve," he says.

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Kelsi Maree Borland

Kelsi Maree Borland is a freelance journalist and magazine writer based in Los Angeles, California. For more than 5 years, she has extensively reported on the commercial real estate industry, covering major deals across all commercial asset classes, investment strategy and capital markets trends, market commentary, economic trends and new technologies disrupting and revolutionizing the industry. Her work appears daily on GlobeSt.com and regularly in Real Estate Forum Magazine. As a magazine writer, she covers lifestyle and travel trends. Her work has appeared in Angeleno, Los Angeles Magazine, Travel and Leisure and more.