CONSTRUCTION SCHEDULE ACCELERATES FOR LAS VEGAS WMC GROWTH, LARGE FLOOR COVERING COMPLEX PLANNED
LAS VEGAS -- Construction schedules have been accelerated for the next phase of World Market Center growth, including the half-million sq. ft. rug and floor covering center in Building 3,. according to Jack Kashani, a managing partner of WMC.
Ground breaking on Building 2, which will be home to such rug vendors as Nourison, Sphinx, Oriental Weavers, Feizy and Surya, is expected in the next few months. Showrooms will open in January, 2007.
Building 3, which will reportedly have approximately 500,000 sq. ft. of rug and floor covering showrooms, will begin construction in 2006 with completion set for late 2007.
Building 3 will contain four floors of permanent rug and floor covering tenants and one floor of temporary floor covering exhibitors, Nasser Rahmanan, president of Masterlooms, told Rugnews.com. Masterlooms was one of the first rug tenants in Phase One of the World Market Center.
"Given the avalanche of support and demand for space, we along with our partners at The Related Companies, have decided to shorten the construction schedule to seven years for the development of the entire 12 million sq. ft. campus," said Kashani. (The original plan called for completion in 10 years.)
" At the same time we have expanded the size of the next couple of buildings to address the backlog of demand. Upon completion, this will be the standard bearer for the industry and a world class facility that the industry will be proud of.€VbCrLf
Only a handful of rug exhibitors participated in last month's first Las Vegas International Home Furnishings Market. However, many rug executives came to observe the event.
"I'm impressed with the building, but not so impressed with the heat," said Ron Couri, chief executive officer of Couristan. In addition to its rug division, Couristan has a major stake in the contract hospitality broadloom business. "The new building Three sounds ideal for our broadloom business. But I don't want to wait that long. If we do decide to lease, I'm more interested in Building Two," he said.
"Will we show here? That's the million-dollar question," said Edward Chu, president of Home Fires/Cresc Industries. "I see name tags of the buyers and many of them are from California. I would certainly like to do something with this client base. However, we are a small niche company and we have to carefully consider the cost factor."
Bill Ward, ceo of Obeetee, also expressed cautious interest. "I have a feeling we would see many new customers here from the interior design community. It's a question of cost. A showroom here would cost the same as our New York offices. But, if it pays for itself, it's worth it."
The World Market Center is part of a planned rehabilitation and development of Downtown Las Vegas, which is located approximately five miles north of the Las Vegas "Strip" complex of hotels, casinos, shopping centers and restaurants.
Pre-development plans are underway on a 61-acre site across the street from World Market Center. The City of Las Vegas has selected The Related Companies as the proposed developer of the parcel. The Related Companies is also the construction partner for The World Market Center.
"The site is designed to become one of the nation's premier mixed-use urban centers offering high rise residential, office, retail, hotel, restaurants, a performing arts complex, a new City Hall and other facilities," according to WMC. "With the depth and breadth of its components, such a large scale project will expand the amenities and support infrastructure for market attendees, as well as draw tourists and residents of Las Vegas."
Approximately 62,000 people attended the debut market at the WMC. There were 1,200 exhibitors in The next WMC market will take place Jan. 30 to Feb. 3, 2006. It overlaps the Surfaces Floor Covering event, which will run Feb. 1 to 3, 2006 at the Sands Expo Center in Las Vegas.