Work begins on World Market Center
By Clint Engel -- Furniture Today, October 6, 2003
Las Vegas — Developers of the World Market Center here have closed on financing and begun construction of the first building in the planned furniture market complex.
Excavation work on the phase one, 1.3 million-square-foot building began last Monday. All work is expected to be done in time for WMC's first planned furniture market in January 2005, said Shawn Samson, co-managing partner.
Financing is being provided by a group led by Principal Commercial Acceptance, which describes itself on its Web site as an Overland, Kan.-based subsidiary of Principal Global Investors and a specialist in "the acquisition, management, servicing and disposition of commercial real estate debt and equity investments."
Principal Commercial is the first lender in a consortium funding the first phase of the project, Samson said. He would not disclose the amount of the loan, nor the other lenders involved.
"We have been working toward this important milestone for three years, and are thrilled to physically see the fruits of our labor unfold," said Jack Kashani, WMC's other co-managing partner.
"Getting to this point is a result of a true team collaboration — from city officials to our tenants to the architects and construction team," Samson said.
Phase one is fully leased with 223 manufacturers as tenants, the WMC said. Among the latest tenant names released are case goods producer Blackhawk Furniture and leather upholstery manufacturer Calia.
Additionally, two floors of the 10-level first building have been leased to manufacturers of decorative accessories, lighting, wall art and floral design. Developers also plan to create a 300,000 square-foot Temporary Pavilion and will begin leasing these spaces early in 2004.
For the complete list of named tenants, go online to www.furnituretoday.com/VegasList.shtml.
"There is already a long list of prospective exhibitors who want space in the temporary market," said Dave Palmer, WMC general manager. Demand is expected to outstrip space, he said, so the market will "select the best for participation."
Palmer also said the WMC is looking into setting up a Webcam by some time in November to show construction progress on its Web site, www.LasVegasMarket.com.
WMC developers say that when completed, the project will be the West's largest home furnishings showroom complex, with 7.5 million square feet on a 57-acre site.
The $1 billion home furnishings and convention center is the largest non-gaming commercial construction project in Las Vegas, the developers said.
