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World Market Center Developers Taking Breather

LAS VEGAS-Having invested approximately $1.1 billion in the past four years to develop 5 million sf of showrooms in three massive structures, the next phase is on hold for at least six months.

By Brian K. Miller | Updated on July 23, 2008

LAS VEGAS-The non-stop construction that has transformed World Market Center from an idea to a 5 million-sf development over the past three years is going to stop for at least six months. Instead of moving from the just completed, 2.1 million-sf third building directly onto the fourth building as previously planned, company officials tell GlobeSt.com they will announce a timeline for the fourth building by the end of the year.

The delay is meant to allow the furniture industry time to recover from the downturn in the nation’s housing and credit markets, according to local industry sources. WMC president and chief executive Bob Maricich declined to be interviewed for this article; instead, he provided GlobeSt.com with a written statement.

“Financing for this fourth building on our campus is in place; the size and scope of the project remain unchanged. Our sound financial backing and strong leasing position give us the flexibility to proceed with Building D on our terms, at what we consider the optimal time. As you may know, our initial project timeline was accelerated due to the unprecedented success we have enjoyed since opening Building A in 2005.”

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