World Market Center Completes Steel Construction o
Las Vegas, NV, March 10, 2006--City of Las Vegas Mayor Oscar B. Goodman and World Market Center officials celebrated a construction milestone today at the growing home furnishings complex by participating in a “Topping Out” ceremony for Phase Two of the project.
Scheduled for completion in January 2007, the second building at World Market Center is an impressive 1.6 million square feet, 16-story structure, and is the largest construction project underway in the city of Las Vegas.
The ceremony is one of the construction industry’s oldest customs and symbolizes the “topping out” of a completed project. Today the custom is continued most frequently by the ironworkers and is done on completed structures such as bridges and skyscrapers. More than 85 ironworkers and 13,000 tons of steel were used to erect the second building on the World Market Center campus. In all, the construction crew on Phase Two totals more than 2,000 workers.
“The second phase of World Market Center will further strengthen the success of the annual market, which attracts furniture buyers from around the country and world,” said Mayor Goodman. “The downtown Las Vegas skyline has been completely transformed with the addition of the first and second phases of the complex, and adds to my vision of a ‘Manhattanization’ of the area.”
Construction of Phase Two is ahead of schedule and is fully leased to approximately 300 top manufacturers in the home furnishings industry, and the building will open for the Winter Vegas Market, to be held January 29-Febraury 2, 2007. The building leased very quickly, and as a result, World Market Center officials expanded the building to accommodate the demand, which reflects the strong industry support and commitment for World Market Center. With the second building’s opening, World Market Center will be home to ten of the top 25 U.S. furniture manufacturers and importers.
“With the nearing completion of Phase Two, World Market Center is emerging as a major player in the global home furnishings trade, and well on its way to becoming the market of the future,” said Gerry Sawyer, chief operating officer at World Market Center. “The overwhelming number of our tenants who are taking larger showrooms in the second building and the continued demand for space in the third building is a great testament to the enthusiasm about World Market Center among the home furnishings industry.”
The second building will emulate the composition of the first building in terms of the racetrack design of the floor plan and the type of companies on each floor.
In order to create a seamless experience for the buyer, World Market Center will connect the categories from building to building with sky bridges at every level. The second building features a year-round Design Center on Floors One and Two; accessories and home accent companies on Floors three through five; furniture and bedding companies on floors six through fifteen. The 16th floor will feature a 10,000-square-foot event space and café as well house executive offices for management and industry associations.
In conjunction with the opening of Phase Two, a number of showroom expansions are planned. Existing tenants at World Market Center are demonstrating their commitment by expanding and relocating their showrooms to accommodate more new products and to meet the growing buyer demand. Ten of these companies are relocating to the second building when it opens next year and are increasing their showroom size by an average of 13,899 square feet or 289%.
“Phase Two is a well-anchored building with very strong companies and larger showrooms across the board. With the opening of this building, it gives many companies expansion opportunities,” said Babs Blair, director of leasing. “The overwhelming number of our tenants want larger showrooms so that that they can accommodate more new product and the growing buyer demand at Las Vegas Market.”
