Las Vegas Gets Approval for Phase 3

June 8, 2006  by in UnCategorized   

By Home Furnishings Business in Las Vegas on June 2006 The Las Vegas Market has been given the thumbs up by the city to move forward with Phase 3 of the growing market.

The Las Vegas City Council approved the project, which includes 2.1 million square feet in 16 stories and a nine-story parking garage. Construction cost for this portion of the project is estimated in excess of $500 million. Overall plans for the market call for a 12-million-square-foot complex of showrooms over 57 acres at the World Market Center.

Officials plan to begin construction in the fourth quarter of this year and estimate the project will take 18 months to complete. Building 3 will give the complex a total of 5 million square feet of permanent showroom space. Temporary venues offer just over a million square feet in exhibition space.

Leasing of the new building is underway, and market officials say 15 percent of the space is already leased.

“We are bringing the best of each market segment to this building and under one roof,” said Jack Kashani, managing partner of World Market Center. “Such diversification allows manufacturers to cross-sell and cross-merchandise in a whole new way, and will expand business opportunities for them to reach new buyers across all industry segments.”

Phase 2 of the market is currently under construction with completion and grand opening scheduled for the January market.