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60 LOIs In Hand for World Jewelry Center Offices

LAS VEGAS-The development would be anchored by a 50-plus story building with residential condominiums above commercial condominiums.

By Brian K. Miller | Updated on April 09, 2007

LAS VEGAS-A planned one-million-sf complex here dedicated to the jewelry industry is gaining momentum. Project manager Bill Boyajian, formerly president of the Gemological Institute of America, tells GlobeSt.com that 60 jewelry companies have sent in letters of intent to acquire commercial condominiums within the development.

Planned for a 5.4-acre site near South Grand Central Parkway, West Charleston Boulevard and Interstate 15, World Jewelry Center would be anchored by a 50-plus story trade tower that would house corporate jewelry and gem offices below luxury condominiums and be closed to the general public. Next to it would be a three-level, 125,000-sf public space filled with retail jewelry shops, a gem museum and a café.

The developer is Robert Zarnegin, president of Heritage-Nevada and Probity International Corp., a Beverly Hills, CA-based development firm. The 60 LOIs represent about 160,000 sf of space, or about 20% of the 800,000 sf of planned office space within the proposed tower. The current asking price is $775 per sf and the minimum purchase is 1,000 sf; the rate is expected to increase in the next 90 days.

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