The Las Vegas Strip will likely be seeing a big change soon as an abandoned building located right on the strip will likely be opening up in about two years as a JW Marriott property housing both a hotel and casino.
An affiliate of ABC in Las Vegas stated that the property is to open in the last quarter of 2023 and be named JW Marriott Las Vegas Blvd, and it will be the tallest building located on the Las Vegas Boulevard.
This major development should be a welcome change for the region since the building was abandoned in 2008 after construction of the 63-story hotel intended for the property was stopped. Originally, this building was intended to be the Fontainebleau Las Vegas.
It has been rough trying to get a business into the property since it was originally abandoned. There have been several different owners of the property and a number of different construction plans that began and unfortunately ended as well on this property located on the northern end of the Las Vegas Strip.
This property was initially being developed by Turnberry Associates, which are Miami-Based developers. These developers intended this building to replicate the iconic Fontainebleau Miami hotel and began construction starting in 2007.
Unfortunately, this did not last long as the company’s lenders backed out in 2008 when the financial crisis struck. This ended the initial developer’s aspirations for the building, but not hopes that a building would be constructed.
In 2010 businessman and billionaire Carl Icahn paid $150 million to purchase the property. At this point, he left the building to sit empty without developing any plans for it until selling it in 2017 to Steven Witkoff at $600 million.
Witkoff aimed to develop the property into a brand new casino named in honor of his son, Drew, who had passed away due to a drug overdose 6 years prior. Unfortunately, the construction of this new structure suffered a number of setbacks. Despite this, construction of the Drew pushed on, intending to open in 2022.
This all ended in 2020 when the COVID-19 pandemic struck, causing shutdowns and delays. This resulted in Witkoff defaulting on loan payments and being forced to abandon his aspirations for the property. This meant the property now had to wait for new owners, but this time it didn’t wait for very long. In February of this year, Koch Industries and one of the original developers of the property, Fontainebleau Development, partnered to purchase the building from Witkoff for an undisclosed sum. This time the building will house a JW Marriott luxury hotel and casino, including all the amenities one would expect from a resort located on the Las Vegas Strip.