(For more retail coverage, click GlobeSt.com/RETAIL.)
LAS VEGAS-World Market Center has added home accents designer Mark Roberts of Santa Ana, CA to Phase 3 of its planned 12-million-sf integrated home and hospitality contract furnishings complex in Las Vegas. Roberts signed on for space on the seventh floor of Building C, a 2.1-million-sf building set to open in 2008.
In the meantime Roberts will be located in Building A. Building A was sold out prior to its opening in mid 2005, but a company source tells GlobeSt.com that some designers who leased space in Building A have moved to larger spaces in Building B, opening up the opportunity for Building C tenants to set up shop in Building A until Building C is complete.
World Market Center is a place where hotel owners and home furnishings retailers come to see select products that will be sold in their stores. When fully built, it will be the largest trade show complex in the world. The total cost of the development is expected to exceed $3 billion.
World Market's 1.3-million-sf Building A opened fully leased in July 2005. The $345-million, 1.6-million-sf second building, which is slated for completion this November, was fully leased as of last month. The goal is to have designers up and running in the building in time for its annual winter show at the end of January.
Ground broke for Building C in September. The first four floors of Building C will operate as a design center, open year-round to the design trade. The rest of the building will be segmented by product categories such as floor coverings, lighting and furniture. As of the groundbreaking, the building is about 25% preleased.
Buildings A and B are connected by skybridges on floors two through 10. Buildings B and C will be connected by a sky bridge on every level.
Mark Roberts leased about 7,000 sf on the seventh floor of the 16-story Building C. Until that building is complete and his showroom can be built out, Roberts will occupy a space about half that size on the fourth floor of Building A.
The lease rate range for the third building was not immediately available. The last lease signed for the second building was in the mid $20s per sf, triple net, according to the lessee, Emerald Home Furnishings of Tacoma, WA, which took about 16,000 sf on the 13th floor in August 2006.
World Market Center is located at Interstate 15 and West Bonneville Avenue, across from Las Vegas Premium Outlets. Last month , developer Robert Zarnegin of Beverly Hills, CA unveiled plans for World Jewelry Center, an adjacent one- million-sf complex designed to be a one-stop shop for both the jewelry industry and the consumer. Plans include a 50-plus story trade tower that would house corporate jewelry and gem offices and luxury condos, and be closed to the general public and, next to it, a three-level public space filled with retail jewelry shops, a museum and a café. The development timeline calls for work to begin in the next 12 to 18 months; project completion is slated for mid-2010.
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