Vegas releases four tenant names
By Clint Engel -- Furniture Today, February 24, 2002
LAS VEGAS — Developers of the World Market Center here have begun releasing names of tenants for their $1 billion project.
Importers AICO and Fairmont Designs have signed on for 21,500 square feet and 31,000 square feet, respectively. Also signing leases were California case goods maker Sandberg Furniture for 5,000 square feet and Canadian casual dining producer Dinec for 5,500 square feet.
Jack Kashani, co-managing partner of the proposed 7.5 million-square-foot home furnishings market, said a "substantial" number have signed leases but that tenants have to approve release of their names.
"Some don't want to be identified, and we respect that," he said.
He would not say exactly how many companies have signed so far, noting that, among other things, developers have to send out revised leases after a decision early this year to provide free improvement packages for tenants of the more than 1.25 million-square-foot first-phase building.
To date, more than 160 companies of all sizes have committed to more than 950,000 square feet in the 12-level first phase, Kashani said, adding that WMC has yet to pursue international manufacturers. Most of the companies committed so far are from North America, including several Canadian manufacturers.
Groundbreaking on the project near downtown Las Vegas is expected some time in the fourth quarter, with the first market planned for early 2004.
"We're very excited that the project is going forward," said AICO President Michael Amini. "We hope that it will be a successful market for everyone."
AICO has 6,000-square-foot showrooms in San Francisco and Tupelo, and about 10,000 square feet in High Point. Amini said the company is growing and expects to have larger showrooms in all markets by 2004.
He has no plans now to leave San Francisco. "As long as we do business anywhere, there's no reason to pull out," he said.
Sandberg currently shows only in San Francisco, and its lease there expires before the WMC opens. "We'll have to study whether we want an overlap or what we're going to do," said President John Sandberg.
He said Sandberg always has had a substantial customer base on the West Coast, but only pockets of success east of the Rocky Mountains. The San Francisco market, where the company has about 7,000 square feet, has been a good one for well over 50 years, he said.
Las Vegas could generate the kind of excitement that brings in key accounts from the eastern United States, helping Sandberg grow, he said.
The WMC already is promoting itself as a shopping destination for key retailers. In a recent advertisement, it listed 17 retailers as examples of some of those committed to shopping the market, including Rooms To Go, Nebraska Furniture Market, R.C. Willey, Pier 1 Imports, Seaman's, Raymour & Flanigan, Robb & Stucky and Harlem Furniture.
Fairmont Designs' Las Vegas showroom will be about the same size as its showroom in High Point, which it recently expanded. Its showroom in the San Francisco Mart is just over 9,000 square feet.
Ted Weitz, executive vice president, said, "We believe … it's (going to be) a good place to be."
Dinec President Pat Gervais couldn't be reached for comment. Other companies which have expressed a commitment to the WMC include Magnussen Presidential and Creative Ideas.
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