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World Jewelry Center Interest on Pace

LAS VEGAS-The developer behind the planned 60-story commercial and residential condominium tower and adjacent retail center expects to meet the city's rapidly approaching deadline.

By Brian K. Miller | Updated on June 04, 2007

LAS VEGAS-Interest in a planned one-million-sf World Jewelry Center complex here is on pace to meet a July deadline set by the City of Las Vegas. The planned development would include a 60-story tower with 800,000 sf of commercial condominium space for the jewelry industry, topped by luxury residential condominiums and a three-level, 125,000-sf public retail center 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. 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 reservations for 25% of the planned commercial condominium space. At a press conference Thursday evening that included Mayor Oscar Goodman, project manager Bill Boyajian,who is a former 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 next month 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.

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