World Market Center Las Vegas Explained

World Market Center
Owner:International Market Centers
Location:Downtown Las Vegas, Nevada
Address:495 Grand Central Parkway
Location Country:United States
Opened Date:July 25, 2005 (Building A)
January 29, 2007 (Building B)
July 28, 2008 (Building C)
April 9, 2021 (Expo)
Floor Count:10 (Building A)
16 (buildings B and C)
Floor Area:5.3e6sqft (including all buildings)
Main Contractor:The Whiting-Turner Contracting Company (buildings A and B)
Penta Building Group (Building C)
Architecture Firm:Jerde Partnership International
JMA Architecture

World Market Center Las Vegas is a furniture showroom complex in downtown Las Vegas, Nevada, serving domestic and international sellers and buyers.[1] It contains 5.3e6sqft across four buildings, part of a 57acres site. The project was proposed in 2001, and the first building opened on July 25, 2005. Subsequent additions opened in January 2007, July 2008, and April 2021.

History

The World Market Center was conceived by Shawn Samson and Jack Kashani,[2] [3] both of Los Angeles-based Furniture Mart Enterprises. Las Vegas mayor Oscar Goodman met with the company in 2000 to discuss its plans for a wholesale furniture center in downtown Las Vegas. It was originally proposed as a 5e6sqft project.[4] It would be built on 57acres,[5] located beside Interstate 15. The land, owned by Union Pacific Railroad, had been for sale since 1992.[6] Speaking of any proposed project for the site, Goodman said, "I want people when they're driving by it on the freeway to say they've never seen anything like it."[7]

The project, known as the World Market Center, was officially unveiled in February 2001.[8] The land purchase was finalized that year, and the proposed project was expanded to 7.5e6sqft. At that time, it was planned as a 10-building complex, with the added 2.5e6sqft consisting of hotel, residential and office space. The project was to be constructed in three phases, with completion expected in 2010.[6] Goodman and Furniture Mart Enterprises believed that the project would establish Las Vegas as the furniture capital of the world.[6] [9] [10] [11] Although San Francisco and High Point, North Carolina were known for their furniture industries, Las Vegas was viewed as a superior city for its abundance of hotel rooms, as well as its popularity as a convention city.[7] [12]

The World Market Center sought a $115 million property tax rebate,[6] although the Las Vegas Redevelopment Agency recommended against this, as it would drain the agency of funding for future projects.[13] The city denied the request in 2001,[14] but approved a $40 million rebate the following year, after lengthy negotiations.[15] [16] The Related Companies also provided financing.[17]

Furniture Mart Enterprises broke ground on the project on March 21, 2003,[18] with The Whiting-Turner Contracting Company as general contractor.[19] [20] It was set to open in 2004,[21] although this was pushed back due to permitting issues. The foundation for the first structure, Building A, was eventually poured in January 2004.[9] It was fully leased more than a year prior to its opening, signing on 230 tenants.[22]

The World Market Center opened on July 25, 2005, with Building A hosting the Las Vegas Market show as its first event.[23] The twice-annual Las Vegas Market brought an estimated 62,000 people during its first two shows.[24] [25] [26] The World Market Center's early success had a negative impact on the San Francisco Mart,[27] while High Point remained a viable competitor.[28] [29] The World Market Center also led to renewed interest in downtown redevelopment.[30]

New expansion plans for the market were announced several months prior to its opening, the final goal being a $2 billion, eight-building complex featuring 12e6sqft, with completion expected by 2015.[3] [31] These plans never fully materialized, although two more buildings would be added within a few years of the initial opening.[32] Whiting-Turner returned as the contractor for Building B,[20] which opened on January 29, 2007.[33] [34] [35] Building C was constructed by Penta Building Group. It was topped off in October 2007,[36] and opened on July 28, 2008.[37] During its first three years, the center attracted an estimated 300,000 people.

Plans for future buildings were shelved in 2008, amid concerns about the Great Recession; these also prompted the World Market Center to diversify itself beyond furniture, expanding to cover the home accent and gift markets.[37] [38] [39] Occupancy and sales at the World Market Center dropped because of the recession, and the center defaulted on mortgages covering two of its buildings.[40] [41] As a result of the recession and financial problems, ownership of the World Market Center was merged with its rivals in High Point, forming the new company International Market Centers (IMC) in 2011.[42] [43] [44] Blackstone Group later partnered with Fireside Investments to purchase IMC,[45] [46] a deal that was completed on September 26, 2017.[47] [48]

The closure of Cashman Center in 2017 left downtown Las Vegas with only 106000square feet of convention space, spread across 10 different resorts. In 2018, IMC proposed an addition to the World Market Center that would add to downtown's convention space. The city approved the project and contributed $30 million in tax increment financing.[49] [50] The ultimate cost of the facility was $103 million.[51] The addition, known as the Expo at World Market Center building, began construction in August 2019. It was topped off on December 19, 2019,[52] and was completed the following year, although its opening was delayed because of the COVID-19 pandemic.[53] It eventually debuted on April 9, 2021.[54]

Features

The World Market Center has 5.3e6sqft of space.[55] [56] It includes three primary buildings:

In addition to Building A, the World Market Center also opened with three large tent structures, known as the Pavilions. Each one measured 41 feet high and contained approximately 150000square feet of space. The structures included heating, cooling, restrooms, and wireless Internet access. They cost a total of $15 million.[63] [64]

The Expo at World Market Center is a 315000square feet facility that connects to Building C. Because of limited acreage, a large portion of the Expo facility was constructed within the first floor of the parking garage.[65] The Pavilion tents, located across the street, were dismantled following completion of the Expo facility.[66] [67]

Las Vegas Market

The Las Vegas Market is a major trade show held at the World Market Center twice a year.[68] [69] [70] The first event was held during July 25-29, 2005. It was launched as a West Coast rival to the twice-yearly International Home Furnishings Market in High Point.[71] [72] The show is open only to designers, retail buyers, and wholesalers.[73]

Las Vegas Design Center

When not hosting trade shows, the first two floors of Building A are open to the public as the Las Vegas Design Center, featuring numerous showrooms.[74] [75] It has operated since 2005, but was not opened to the public until 2009.[76] [77]

External links

36.1704°N -115.1552°W

Notes and References

  1. Web site: World Market Center . Jerde Partnership International . https://web.archive.org/web/20150502174135/http://www.jerde.com/regions/place141.html . May 2, 2015.
  2. News: Jones . Chris . 'Every week there's something new' . Las Vegas Review-Journal . November 19, 2004 . https://web.archive.org/web/20041201121356/http://www.reviewjournal.com/lvrj_home/2004/Nov-19-Fri-2004/business/25222120.html . December 1, 2004.
  3. News: Jones . Chris . Furniture Showdown: Ready to Rumble . Las Vegas Review-Journal . May 15, 2005 . https://web.archive.org/web/20060316211418/http://www.reviewjournal.com/lvrj_home/2005/May-15-Sun-2005/news/26473724.html . March 16, 2006.
  4. News: Smith . Hubble . Developer says plans for $150 million furniture showroom are not shrinking . Las Vegas Review-Journal . November 17, 2000 . https://web.archive.org/web/20010624231213/http://www.lvrj.com/lvrj_home/2000/Nov-17-Fri-2000/business/14844738.html . June 24, 2001.
  5. News: Gregor . Alison . Furniture Showcase, Often Idle, a Success in Las Vegas . October 14, 2023 . The New York Times . September 17, 2008.
  6. News: Smith . Hubble . Furniture mart packs potential impact . Las Vegas Review-Journal . June 16, 2001 . https://web.archive.org/web/20020227031811/http://www.lvrj.com/lvrj_home/2001/Jun-16-Sat-2001/business/16301571.html . February 27, 2002.
  7. News: Smith . Hubble . Mayor examines furniture firm's plan . Las Vegas Review-Journal . September 26, 2000 . https://web.archive.org/web/20010628082039/http://www.lvrj.com/lvrj_home/2000/Sep-26-Tue-2000/business/14471939.html . June 28, 2001.
  8. News: Proposed furniture center may alter downtown skyline . Las Vegas Business Press . February 16, 2001 . October 3, 2023 . subscription.
  9. News: Huey . Erik C. . World Market Center: Downtown home complex delayed . Las Vegas Review-Journal . January 2, 2004 . https://web.archive.org/web/20050121122232/http://www.reviewjournal.com/lvrj_home/2004/Jan-02-Fri-2004/business/22879941.html . January 21, 2005.
  10. News: Kalil . J.M. . Mayor predicts a fine furniture future . Las Vegas Review-Journal . November 5, 2004 . https://web.archive.org/web/20041223225537/http://www.reviewjournal.com/lvrj_home/2004/Nov-05-Fri-2004/news/25176271.html . December 23, 2004.
  11. News: Jones . Chris . Kalil . J.M. . Furor over furniture show escalates . Las Vegas Review-Journal . November 6, 2004 . https://web.archive.org/web/20041208182944/http://www.reviewjournal.com/lvrj_home/2004/Nov-06-Sat-2004/business/25192274.html . December 8, 2004.
  12. News: Mylchreest . Ian . Market sets world-class goals . Las Vegas Business Press . September 2, 2004 . https://web.archive.org/web/20040905163329/http://www.lvbusinesspress.com:80/articles/2004/09/02/news/news01.txt . September 5, 2004.
  13. News: Sahagun . Diana . Downtown furniture mart tax break in doubt . October 8, 2023 . Las Vegas Sun . July 16, 2001.
  14. News: Hare . David . Real Estate: Furniture mart wobbly but still standing . Las Vegas Business Press . July 27, 2001 . October 9, 2023 . subscription.
  15. News: Vote on tax rebates for furniture mart delayed . Las Vegas Review-Journal . July 18, 2001 . https://web.archive.org/web/20020802082003/http://www.lvrj.com/lvrj_home/2002/Jul-18-Thu-2002/news/19213215.html . August 2, 2002.
  16. News: Moller . Jan . Tax breaks OK'd for furniture mart . Las Vegas Review-Journal . September 19, 2002 . https://web.archive.org/web/20051127091429/http://www.reviewjournal.com/lvrj_home/2002/Sep-19-Thu-2002/news/19664943.html . November 27, 2005.
  17. News: Jones . Chris . Symposium, tour ease tenant concerns . Las Vegas Review-Journal . May 6, 2004 . https://web.archive.org/web/20041213205740/http://www.reviewjournal.com/lvrj_home/2004/May-06-Thu-2004/business/23810659.html . December 13, 2004.
  18. News: Jones . Chris . Furniture complex to boost downtown . Las Vegas Review-Journal . March 21, 2003 . https://web.archive.org/web/20040730061703/http://www.reviewjournal.com/lvrj_home/2003/Mar-21-Fri-2003/business/20910280.html . July 30, 2004.
  19. News: Illia . Tony . The World Market Center breaks ground . Las Vegas Business Press . March 24, 2003 . https://web.archive.org/web/20040421042710/http://www.lvbusinesspress.com:80/articles/2003/03/24/export167.txt . April 21, 2004.
  20. News: Two Phases Down, One to Go: Vegas Bids for Home Furnishings Supremacy . October 16, 2023 . Engineering News-Record . January 14, 2007.
  21. News: Jacobs . Karrie . High Design in Las Vegas? Viva! . October 8, 2023 . The New York Times . March 13, 2003.
  22. News: Newman . Morris . Developers in Las Vegas Put Money on Furniture . October 8, 2023 . The New York Times . February 23, 2005.
  23. News: Jones . Chris . Furniture showcase opens in LV . Las Vegas Review-Journal . July 26, 2005 . https://web.archive.org/web/20051118103418/http://www.reviewjournal.com/lvrj_home/2005/Jul-26-Tue-2005/news/26943516.html . November 18, 2005.
  24. News: Furniture mart visitors avoid downtown hotels . Las Vegas Business Press . August 8, 2005 . October 9, 2023 . subscription.
  25. News: World Market visitors still shunning downtown hotels . Las Vegas Business Press . January 23, 2006 . October 9, 2023 . subscription.
  26. News: Benefits of WMC have yet to be realized . Las Vegas Business Press . August 7, 2006 . October 9, 2023 . subscription.
  27. News: Frisco falls victim to World Market Center . Las Vegas Business Press . January 30, 2006 . October 9, 2023 . subscription.
  28. News: Las Vegas, High Point battling for king of the hill . Las Vegas Business Press . January 30, 2006 . October 9, 2023 . subscription.
  29. News: Shubinski . Jennifer . High Point improving service after challenge in Las Vegas . October 14, 2023 . Las Vegas Sun . August 12, 2005.
  30. News: World Market viewed as catalyst . October 15, 2023 . Las Vegas Review-Journal . August 1, 2007.
  31. News: Stutz . Howard . Furniture showcase expanding . Las Vegas Review-Journal . April 2, 2005 . October 16, 2023 . subscription.
  32. News: Segall . Eli . New World Market Center owner no stranger to Las Vegas real estate . October 16, 2023 . Las Vegas Review-Journal . July 12, 2017.
  33. News: Spillman . Benjamin . Expanding Market . Las Vegas Review-Journal . January 27, 2007 . October 15, 2023 . subscription.
  34. News: Eight new groups debut at World Market Center . Las Vegas Business Press . January 29, 2007 . October 15, 2023 . subscription.
  35. News: Spillman . Benjamin . Winter Las Vegas Trade Market . Las Vegas Review-Journal . January 30, 2007 . https://web.archive.org/web/20081123070254/http://www.reviewjournal.com/lvrj_home/2007/Jan-30-Tue-2007/business/12271804.html . November 23, 2008.
  36. News: Smith . Hubble . Frame topped off on World Market Center building . October 14, 2023 . Las Vegas Review-Journal . October 29, 2007.
  37. News: Miller . Valerie . World Market Center looks to diversify . Las Vegas Business Press . July 28, 2008 . https://web.archive.org/web/20090421114149/http://www.lvbusinesspress.com:80/articles/2008/07/28/news/iq_22886116.txt . April 21, 2009.
  38. News: Spillman . Benjamin . A pause for World Market Center . October 14, 2023 . Las Vegas Review-Journal . July 23, 2008.
  39. News: Wargo . Buck . World Market Center betting on home accents to boost business . October 15, 2023 . Las Vegas Sun . August 16, 2010.
  40. News: O'Reiley . Tim . World Market Center defaults on two loans totaling $564.7 million . October 15, 2023 . Las Vegas Review-Journal . September 14, 2010.
  41. News: Green . Steve . Bank of America sues World Market Center over loans . October 15, 2023 . Las Vegas Sun . March 17, 2011.
  42. News: O'Reiley . Tim . World Market Center to merge with North Carolina showrooms . October 15, 2023 . Las Vegas Review-Journal . May 3, 2011.
  43. News: Segall . Eli . New plan in place for downtown Las Vegas' World Market Center . October 15, 2023 . VegasInc . July 31, 2012.
  44. News: Key Events Leading to Launch of International Market Centers . Furniture Today . May 27, 2011 . https://web.archive.org/web/20110718023723/http://www.furnituretoday.com/article/539401-Key_Events_Leading_to_Launch_of_International_Market_Centers.php . July 18, 2011.
  45. News: Owner of High Point, Las Vegas furniture markets agree to sell properties . Craver. Richard. News & Record. July 6, 2017. July 7, 2017.
  46. News: Blackstone buys World Market Center . October 15, 2023 . Las Vegas Sun . July 7, 2017.
  47. News: Group completes purchase of owner of High Point showrooms. Craver. Richard. Winston-Salem Journal. September 27, 2017 . October 15, 2023.
  48. News: Segall . Eli . Purchase of World Market Center in downtown Las Vegas complete . October 15, 2023 . Las Vegas Review-Journal . September 26, 2017.
  49. News: Munks . Jamie . Downtown Las Vegas to get new $76M expo center . October 15, 2023 . Las Vegas Review-Journal . March 29, 2018.
  50. News: Munks . Jamie . Las Vegas expo center plan one step closer to approval . October 15, 2023 . Las Vegas Review-Journal . April 4, 2018.
  51. News: World Market Center first trade show to return in Las Vegas . October 15, 2023 . Las Vegas Sun . Associated Press . April 12, 2021.
  52. News: Velotta . Richard N. . Contractors top off conference center at World Market Center . December 27, 2019 . Las Vegas Review-Journal . December 19, 2019.
  53. News: Sodoma . Brian . Las Vegas Market takes critical steps forward . October 15, 2023 . Las Vegas Review-Journal . April 10, 2021.
  54. Web site: 2021-04-09. Opening of Expo at World Market Center signals 'new beginning'. 2021-10-06. Las Vegas Review-Journal.
  55. News: Hemmersmeier . Sean . Furniture, home decor proves attractive at Las Vegas Market . October 16, 2023 . Las Vegas Review-Journal . July 26, 2023.
  56. News: Hemmersmeier . Sean . Modern furniture and decor on display at Las Vegas Summer Market . October 16, 2023 . Las Vegas Review-Journal . July 31, 2023.
  57. News: Kellogg . Anne . The Consumer: Inside World Market . October 15, 2023 . Las Vegas Weekly . August 4, 2005.
  58. News: Smith . Hubble . Downtown plans grow: 10-building complex proposed for railroad land . Las Vegas Review-Journal . March 8, 2001 . https://web.archive.org/web/20010708154926/http://www.lvrj.com/lvrj_home/2001/Mar-08-Thu-2001/business/15596210.html . July 8, 2001.
  59. News: Gorman . Tom . Tom Gorman explains he didn't see the whole picture on first impression of World Market Center's architecture . October 14, 2023 . Las Vegas Sun . February 26, 2006.
  60. News: Hagen . Phil . Market makes itself the center of attention . Las Vegas Business Press . June 20, 2005 . October 9, 2023 . subscription.
  61. News: Big-names sign up for next furniture mart building . Las Vegas Business Press . January 30, 2006 . October 9, 2023 . subscription.
  62. News: World Market Center unveils tenants for 'critical' Building C . Las Vegas Business Press . August 3, 2007 . October 15, 2023 . subscription.
  63. News: Brean . Henry . First of three steel tents takes shape . Las Vegas Review-Journal . May 13, 2005 . https://web.archive.org/web/20051125230338/http://www.reviewjournal.com/lvrj_home/2005/May-13-Fri-2005/news/26509004.html . November 25, 2005.
  64. News: Going through customs . Las Vegas Business Press . February 12, 2007 . October 15, 2023 . subscription.
  65. News: Cafiero Giusti . Autumn . Excellence in Sustainability Award, Best Specialty Construction: The Expo at World Market Center . October 17, 2023 . Engineering News-Record . October 26, 2021.
  66. News: Velotta . Richard N. . Downtown World Market Expo Center to go vertical next month . December 27, 2019 . Las Vegas Review-Journal . July 30, 2019.
  67. News: Velotta . Richard N. . New downtown Las Vegas convention center to open in 2020 . October 15, 2023 . Las Vegas Review-Journal . January 28, 2019.
  68. News: What do they sell at the World Market Center, anyway? . October 16, 2023 . KSNV . August 4, 2015.
  69. News: Millward . Wade Tyler . Merchants, buyers gather at Las Vegas Market trade show . October 15, 2023 . Las Vegas Review-Journal . August 1, 2017.
  70. News: Ross . McKenna . Las Vegas Market expects many buyers for 2022 winter show . October 15, 2023 . Las Vegas Review-Journal . January 21, 2022.
  71. News: McKee . Bradford . Las Vegas Rolls Out a Challenge to Tradition . October 8, 2023 . The New York Times . July 21, 2005.
  72. News: Keeps . David A. . A market that's very Vegas . October 8, 2023 . Los Angeles Times . July 28, 2005.
  73. News: Hansel . Mark . World Market Center to open Design Salon . October 15, 2023 . Las Vegas Sun . February 5, 2009.
  74. News: Bernstein Saylor . Halli . Changes make Las Vegas Design Center better place to shop . October 15, 2023 . Las Vegas Review-Journal . March 7, 2013.
  75. News: Slaughter . Powell . Las Vegas Design Center exhibitors reveal burgeoning opportunities . October 15, 2023 . Furniture Today . March 21, 2022.
  76. News: Carroll . Laura . Las Vegas Design Center seeks wider audience . October 15, 2023 . Las Vegas Review-Journal . December 28, 2011.
  77. News: Hansel . Mark . WMC's Design Salon opens to public . October 15, 2023 . Las Vegas Sun . April 3, 2009.

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