WMC seeks tenants for second building
By Clint Engel -- Furniture Today, October 26, 2003
Las Vegas — Developers of the World Market Center here have begun leasing the second-phase, 1.5 million-square-foot building and expect to have it fully leased before the first furniture market in January 2005.
They said leasing for a third-phase, 1.2 million-square-foot building should begin by early next year, and said there's a chance both buildings could be built at the same time depending on leasing interest.
Construction on the second building is expected to begin in 2005 and open in 2006. WMC officials declined to be more specific.
"In six months, we'll have a much better handle on how the leasing is going and when we can actually break ground," said Dave Palmer, WMC general manager. Also, developers should know by then whether buildings two and three will go up at the same time.
The three buildings will have a total of 4 million square feet, of which 3.7 million square feet will be leaseable. When all phases are completed, the $1 billion complex near downtown Las Vegas is projected to have 7.5 million square feet.
Excavation work began in late September on the first-phase, 1.3 million-square-foot building, which developers say is fully leased with some 225 permanent tenants. A 300,000-square-foot temporary pavilion also is planned.
Although they are at least two months behind a timetable released in the spring, the developers said the project is on schedule and the first building will be ready for the January 2005 market.
This spring, developers said "vertical construction," starting with the foundation and then steel work, would begin in August. But that part of the project has slid behind schedule. WMC applied for the main building permit Oct. 14.
Foundation work likely will begin one to two weeks after an "express plan check," set with the city on Oct. 29, said Bob Lehmann of JMA Architecture Studios, the executive architect involved in obtaining building permits. It likely will take a few weeks to make any minor adjustments needed to the plans and receive the building permit, he said.
Excavation work required a grading permit and is considered "horizontal" construction, which originally was to run from April through July of this year.
Meanwhile, about 150 companies have expressed interest in future phases, Palmer said, although the official leasing process for Phase 2 is just now starting.
Palmer and other WMC leaders were in High Point during the market, largely making what he described as courtesy calls.
In a press release, Leasing Manager Babs Blair said phases two and three will give the WMC an "opportunity to provide specific floor areas for individual categories of home furnishings, not to mention our unique ability to reach out to the hospitality and contract side of the businesses."
Palmer declined to be specific about what industry segments the WMC had been approached by or was targeting.
WMC has scheduled the next meeting of its industry advisory board for Dec. 11, when members and WMC officials will discuss the project's progress so far, as well as events and marketing efforts for the first market, Palmer said.
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