WMC expands plans for third building, begins work on second
By Clint Engel and Lissa Wyman -- Furniture Today, July 31, 2005
Las Vegas — Overwhelming demand again is prompting developers of the World Market Center to make their big plans even bigger.
On the opening day of last week's market, Co-Managing Partner Jack Kashani said the complex's 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 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 third building.
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.
Asked if any tenants had complained about the costs associated with leasing space here, Kashani said, "Absolutely not.... We have delivered something that is unique, state of the art."
About a dozen rug companies exhibited in the WMC, and majors such as Nourison, Feizy and Surya plan to show in the second building. Vendors hailed the rug floors planned for the third building.
"I believe the WMC can be a true West Coast home for the rug and floor covering business," said Nasser Rahmanan, president of Masterlooms, which showed in the WMC last week. "With many rug tenants centrally located, it will be a destination for serious rug professionals in the West."
"It seems the rug industry's place here is already predestined," said Bill Ward, managing director of rug resource Obeetee in New York, who was an observer here last week.
"Obviously, the management here is making a go of this facility," he continued. "They are creating a huge market for home furnishings. How it will affect the other market venues remains to be seen."
