The developer is Robert Zarnegin, president of Heritage-Nevada and Probity International Corp., a Beverly Hills, CA-based development firm. His exclusive negotiating agreement with the city for a 5.4-acre site in the 60-acre Union Park redevelopment district calls for him to have accumulated LOIs for 25% of the planned commercial condominium space. At a press conference Thursday evening for industry press that included Mayor Oscar Goodman, project manager Bill Boyajian, formerly president of the Gemological Institute of America, said 80 companies have signed LOIs to purchase just that much, 200,000 sf, and additional LOIs are in the offing.

The coming months will be spent converting those LOIs into reservations, which would include a 5% down payment. In April, Boyajian told GlobeSt.com he expects a high conversion rate. "The hard part is getting people in the industry—[people] who usually make commitments via verbal agreements and handshake--to sign on the dotted line, even a non-binding letter of intent," he said. "The good news is that while it is harder on the front end it should result in a higher conversion rate than is normal. I'm hoping [to convert] 80% not 50%."

The development site is located near South Grand Central Parkway, West Charleston Boulevard and Interstate 15. The most recent asking price for commercial condominium space in the development is $775 per sf with a minimum purchase requirement of 1,000 sf. Hearts On Fire and Tasaki Shinju are the latest companies to sign LOIs for the trade tower.