The original developer of the Fontainebleau Las Vegas, back in control of the north Strip property after it changed hands multiple times in the previous decade, has hired a new firm to restart construction and announced an opening time frame of fourth quarter 2023 for the resort project with a winding 14-year history.
A press conference and ceremony were held Nov. 9 with developer Jeffrey Soffer, members of his Fontainebleau Development Team, Las Vegas and Nevada elected officials and others to share the latest details on the project.
Related: Marriott exits Fontainebleau development in Las Vegas
“It’s kind of a crazy story, but I’m back,” Soffer said according to a statement. “It’s a great building, it was always a great building, but this has come full circle back to us, and we’re very honored and excited about it as a company.”
Soffer first announced the project in 2005 and crews broke ground on the 25-acre property in 2007. Following the Great Recession, Soffer sold the property to Carl Icahn for $150 million in 2010. Icahn in turn sold it to Steve Witkoff in 2017 for $600 million, who entered into an agreement with Marriott for management of the resort which was being redubbed the Drew Las Vegas. Witkoff then sold it back to Soffer’s Fontainebleau Development and Dallas-based Koch Real Estate Investments in February. In October, Marriott announced it would no longer be part of the project after reaching an undisclosed deal to part ways.
Fontainebleau Development will be the sole operator moving forward, and the property has returned to its original name of Fontainebleau Las Vegas.
The 67-story, sparkling blue tower is located just north of the newest portion of the Las Vegas Convention Center, the West Hall that opened in December 2020.
“I see the opportunities we have to partner, being right next door to the convention center — being new neighbors …. The building is in great shape, so we’re excited about the opportunities it brings,” said Steve Hill, CEO of the Las Vegas Convention and Visitors Authority, which owns the convention center.
Plans call for more than 3,700 hotel rooms, more than 550,000 square feet of convention space and a collection of restaurants and shops, a pool, nightlife and entertainment venues and a spa.
The building is 75% complete, according to Fontainebleau Development, and the company has hired Las Vegas-based W.A. Richardson Builders to finish the structure.
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