(LAS VEGAS) – September 27, 2006 – This week’s ground breaking of the third building at World Market Center, with a construction cost of $550 million, reflects unprecedented and rapid emergence of Las Vegas Market as the international marketplace for the home furnishings industry, as well as a significant renaissance of downtown Las Vegas. World Market Center will have invested over $1.1 billion in the campus by the time the third building opens in 2008.
City of Las Vegas Mayor Oscar B. Goodman, along with officials from World Market Center and Vegas Grand Prix, hosted a “Race to the Future” event today to mark and celebrate the ground breaking for the third building at World Market Center and the unveiling of a strategic partner, the Vegas Grand Prix, the first world-class street race in Las Vegas.
With the start of the construction of its third building this week, and its planned opening in 2008, in less than three years from the opening of its first building, World Market Center will stand at 6 million square feet of permanent and temporary exhibit space for the home furnishings industry.
Shawn Samson, Co-founder and Managing Partner of World Market Center, said, “The groundbreaking of the third building marks the milestone in our race to fulfill the vision of World Market Center as the predominant international market for the industry.”
The third showroom structure on the 8-building campus will allow significant growth opportunities for sectors of the industry that World Market Center already caters to, such as furniture and decorative accessories, in addition to offering major expansion opportunities for lighting and floor coverings, as well as fostering the introduction of new segments such as textile and floral/seasonal goods.
Jack Kashani, Co-Founder and Managing Partner of World Market Center, said more than 25 percent of World Market Center’s third building has been pre-leased before start of construction. “We have a very strong leasing momentum in all facets of the industry,” Kashani said, adding, “This is a tremendous milestone for World Market Center, since it represents more than 500,000 square feet of space. It truly is a vote of confidence for gathering critical mass in Las Vegas as the preeminent marketplace for the industry,” Kashani said.
The founders also recognized executives from companies that have leased space in our second and third buildings, including Ashley Furniture Industries, Inc and AICO. Ashley is the largest lease holder in Building B, which opens in January 2007. AICO’s planned showroom in Building C will be the largest showroom to date at World Market Center.
Companies like Ashley and AICO are among the home furnishings industry’s new leaders and represent the future of the industry, Kashani said, “These companies are re-defining success in the furniture industry; likewise, World Market Center is re-defining the market of the future.”
“Building C:” Poised to Become World Market Center’s Largest and Most Diverse Building
Gerry Sawyer, Chief Operating Officer for World Market Center, said the ground breaking plays into Las Vegas Mayor Oscar Goodman’s vision for future growth in the heart of Las Vegas. “The Mayor has said that World Market Center transformed the downtown Las Vegas skyline,” Sawyer said. “As our expansion continues, so does the future growth of downtown Las Vegas.”
At nearly 2.1 million square feet and 16-stories, World Market Center’s third building will be the largest, most diverse home furnishings showroom structure planned for the 12 million-square-foot home furnishings campus. Designed by architect The Jerde Partnership, the building will feature a contemporary design with floors grouped by product categories. Sky bridges at all levels will connect to Buildings B and D. World Market Center awarded The PENTA Building Group the construction contact for Building C.
The layout of Building C includes: open-daily Design Center showrooms on the first four floors; home accent, accessories and seasonal merchandise on two floors; floor coverings goods including rugs, carpets, hardwood, tile, stone and laminate on two floors; lighting showrooms including portable and fixtures on two floors; furniture showrooms with an emphasis on high-end goods and contemporary sector on five floors. Each floor will be connected by sky bridges to Buildings A and B. Building C will open to a beautiful central plaza (reminiscent of a European piazza), which will be the heart of the campus for events and activities.
World Market Center is an integrated home and hospitality contract furnishings showroom and convention complex in Las Vegas. When fully built, at 12 million square feet in eight buildings, World Market Center will be the largest trade show complex in the World. The next Las Vegas Market will be held January 29 – February 2, 2007 at World Market Center and Pavilions, and January 30 – February 2 at Cashman Center.
For leasing opportunities in the third building, please call 888-416-8600.
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International