"Accelerating the development of the project allows World Market Center to achieve critical mass in a few short years," says Ron Wackrow, vice president of The Related Cos., a partner in World Market Center. Wackrow says the completion of all eight buildings is expected by 2013 or sooner. "Our plan is to execute continuous and overlapped construction of all remaining phases of development," he adds. At buildout the site will cost $3 billion and total 12 million sf.
The 16-story third building is more than one-third pre-leased to manufacturers in various sectors of the home furnishings industry, according to World Market Center officials. Also, construction has commenced on a new parking garage at the site.
Last month, GlobeSt.com reported that the 1.6-million-sf second building at World Market Center opened its doors. The $345-million, 16-story second building was fully leased in August, though there was some shifting between the tenants in building one and building two. The 1.3-million-sf first building opened in July 2005 and is fully leased.
World Market Center is a new integrated home and hospitality contract furnishings showroom and convention complex in Las Vegas, a place where designers and manufacturers lease space to show off their latest products to retailers and other wholesale buyers. Some 60,000 furniture retailers, manufacturers, designers and specifiers attended the show last month, which included more than 1,200 exhibitors at three locations.
The first and second buildings are connected by sky bridges on floors two through 10. The second and third buildings will be connected by a sky bridge on every level. The lease rates vary depending on the size of the leasehold, the length of commitment and the location within a building. A tenant in the second building last year signed a triple-net lease for 16,000 sf on the 13th floor that carried a rental rate in the mid $20s per sf per year.
Located near the confluence of South Grand Central Parkway, West Charleston Boulevard and Interstate 15, World Market Center is located near Las Vegas Premium Outlets. It also is located near a 5.4-acre site that will be home to the jewelry industry's version of World Market Center. In October, developer Robert Zarnegin of Beverly Hills, CA unveiled plans for a one-million-sf complex that will include a 50-plus story trade tower that would house corporate jewelry and gem offices and luxury condos that will 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.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
