Construction Underway For World Market Center(sm). Las Vegas Furniture Market Among the Burgeoning Projects Downtown

Furniture World Magazine

Developers of World Market Center announced that Phase One construction has officially commenced as scheduled, following the recent closing of financing provided by project lender Principal Commercial Acceptance. Construction excavation of the 57-acre site started on Sept. 29, adding to the excitement of several new development projects taking shape in downtown Las Vegas. Opening in 2005, Phase One of World Market CenterSM will include 1.3 million square feet. Upon completion, the Las Vegas Market will be the west coast’s largest and most comprehensive home furnishings complex encompassing 7.5 million square feet. Furthermore, the $1 billion home furnishings and convention center is the largest non-gaming commercial construction project in Las Vegas. “We have been working toward this important milestone for three years, and are thrilled to physically see the fruits of our labor unfold,” said Jack Kashani, co-managing partner of the project. “Getting to this point is a result of a true team collaboration – from city officials to our tenants to the architects and construction team. We appreciate their commitment to this project, and we look forward to continued growth and success together,” added Shawn Samson, co-managing partner of project. Phase One is fully leased with 224 leading furniture manufacturers as tenants. Among the major exhibitors who have signed lease agreements are such industry leaders as Broyhill, Klaussner, Lane, Simmons, Serta, King Koil, Leggett & Platt Fashion Bed Group, Flextsteel, The Powell Company, Standard, AICO, Kushwood, Vaughan Furniture, Fairmont Designs, Coaster Company of America, DMI, Pulaski, and Magnussen Home among others. Additionally, two floors have been leased to leading manufacturers of decorative accessories, lighting, wall art and floral design. Developers also plan to create a 300,000 square-foot Temporary Pavilion, and will begin leasing these spaces early in 2004. “There is already a long list of prospective exhibitors who want space in the temporary market,” said Dave Palmer, general manager of World Market CenterSM. “It is expected that demand will outstrip the available temporary space in the Pavilion. As a result World Market CenterSM will review the exhibitors and select the best for participation.” World Market CenterSM is among many burgeoning projects in the downtown area, including the recent successful opening of the $90 million, high-end Las Vegas Premium Outlets, directly across the street on Grand Central Parkway and Bonneville Avenue. Other major downtown developments in the works include the second phase of Las Vegas Monorail system connecting downtown to the Las Vegas Strip, which will provide a convenient, environmentally beneficial alternative mode of transportation for World Market CenterSM visitors. In addition, the Fremont Street Experience is completing its first major renovation of downtown’s centerpiece since its opening in 1995, which will include a $16.5 million upgrade to the video display system. “These projects and many more are in the works, and World Market CenterSM will contribute significantly to the critical mass and a new downtown Las Vegas,” said Samson. World Market CenterSM is also a beneficiary of the Downtown Las Vegas renaissance.” World Market CenterSM has assembled among the most experienced development teams for the project, according to developers. All industry leaders in their respective fields, the development team includes: Whiting Turner Contracting Co., general contractor; Jerde Partnership International, lead design architects; JMA Architecture Studios, executive architects; JW Zunino, landscape design architects; Martin & Peltyn, structural engineers; Martin & Martin, civil engineers; and Harris, mechanical engineers. Developers also plan to post a webcam to the project’s website, www.LasVegasMarket.com, so that users can have a first hand look at day-to-day construction progress on site. “With project participants all around the country, we want to be sure they have the opportunity to share in the progress of the Las Vegas Market,” said Palmer. Comprising 7.5 million square feet and including a convention center, World Market CenterSM will showcase every aspect of the design trade including home furnishings, decorative accessories, lighting, area rugs, and related segments.