Developers on Friday will officially break ground on a luxury hotel and casino to be built on the south Las Vegas Strip.

According to a news release, Shopoff Realty Investments and Contour will begin construction on their 20-story hotel and casino, Dream Las Vegas.

The property is expected to open with 531 guestrooms and suites, multiple dining and nightlife venues, including a third-level pool deck, a bar and lounge concept on the gaming floor and more, in late 2024.

Announced in Feb. 2020, the property is located at 5051 S. Las Vegas Boulevard. The groups acquired 5.25 acres of vacant land for the project. The companies purchased the property from Fort Lauderdale based real estate firm Lily Funds for $21 million, according to a previous release from Lily Funds.