WMC stepping up size of 3rd building
Could be ready by summer 2008
Clint Engel -- Furniture Today, July 26, 2005
AT THE MARKET -- Overwhelming demand again is leading developers of the World Market Center to make their big plans even bigger.
On opening day of the inaugural market, Co-Managing Partner Jack Kashani said the complex's planned third building is growing from the previously announced 1.6 million square feet and 15 floors to 2 million square feet on 20 levels. Grading already is under way for the second-phase, 1.6 million-square-foot building, and grading for the third building probably will begin in eight to nine months, Kashani said. The second building is expected to be ready by early 2007, in time for the winter market. Because the third building is larger, construction may take a little longer, perhaps two years from start to finish, or in time for the Summer 2008 market, he said.
At least seven floors of the third building will be furniture floors, including level four, which is being reserved by a company Kashani wouldn't name that wants the entire space.
Continuing strong demand from potential design-oriented exhibitors has led WMC to add a third level to the design center part of the phase-three plan. Also, four floors will be devoted to lighting, four to area rugs and up to two to floral sources. "We have a lot of tenants in this (first) building looking for larger spaces in the second and third building," Kashani said.He hinted that other future phases also could grow, noting that WMC is not limited by zoning or height regulations. "Whatever the demand is, we have the space to build it," he said.And so far, the demand hasn't let up. Kashani said he spent much of the past few days leading up to the first market talking to tenants who are congratulating him and Co-Managing Partner Shawn Samson, then telling them they need larger showrooms.Asked if any tenants have complained about the costs associated with leasing space here, Kashani said, "Absolutely not. The cost of their showrooms in comparison to what they pay for advertising and marketing is really minimal. We have delivered something that is unique, state of the art."The lease rates may be a little higher than other markets, but that doesn't compare apples to apples, he said, and doesn't account for hotel and other savings of attending this market.WMC plans ultimately to build eight buildings totaling 12 million square feet over the next seven years.
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