To date, about two-thirds of the companies have signed up for the minimum amount of space in building, 1,000 sf. The current asking rate is approximately $800 per sf. The plan is to start converting the LOIs into hard contracts later this year. 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 asking price for the residential units will be about double that rate, Boyajian says. "This will be ultra-luxury, penthouse type product on the building's top 10 floors," he says. "Owners will have their own private lobby and elevator bank."

As for the retail, Boyajian says at least 40 of the companies that have signed LOIs for commercial condominium space in the tower are "very interested" in setting up a business-to-consumer storefront at the development. "I think the retail will be a no-brainer," he says.

"This will be a one-of-a-kind jewelry industry hub in the western hemisphere," Boyajian says. "With a magnificent tower comprising both wholly owned, class A office condominiums and ultra-luxury residential condominiums, a retail center open to the public, advanced security systems, and a designated Foreign Trade Zone, jewelry business leaders will have many strategic advantages, with the added benefit of the Las Vegas location."

The foreign trade zone designation, secured in September, means significant savings for major jewelry industry players, thereby enhancing the center's appeal as a place from which to operate. Trade and customs consultant Tommy Berry, owner of PointTrade Services told GlobeSt.com in the that being an FTZ means jewelry makers can import raw goods into to the building and then add value in cooperation with other tenants in the building without paying duties. After that, the product may be exported back out of the US without paying any duties at all or may enter US commerce at a reduced duty rate.

To be operated by the Nevada International Trade Corp. on behalf of the WJC, the FTZ also will allow companies to save on the administrative costs of importing by not having to pay merchandise processing fees or user fees and not having to pay a broker per shipment. Additionally, due to the tremendous amount of intermodal freight that goes in and out of Las Vegas, the industry also will be able to save on freight rates.

"With the building, housing, manufacturing and processing facilities, the Foreign Trade Zone opens up all kinds of legal opportunities for having lower duty rates," said Berry, who has been acting as a consultant to the WJC. "There are hundreds of saving ideas in general as an FTZ, but this will be a pretty neat application for it."

The development site is located near South Grand Central Parkway, W. Charleston Boulevard and Interstate 15. Other project completed, under way or planned in the city's 60-acre Union Park redevelopment area include the Lou Ruvo Brain Institute, the Smith Center for the Performing Arts, the Charlie Palmer Hotel, and the Access Medical-Kimpton Hotel projects.