World View Plaza Las Vegas furniture mart would rival
World Market Center
Is there room enough in downtown Las Vegas for a second major furniture market?
Las Vegas-based Pierce Development and The Merrill Cos. of Woodland Hills, Calif., have jointly assembled nearly 8 contiguous acres on the south side of Charleston Boulevard just east of Interstate 15.
Their partnership, collectively known as Wall Street Nevada, wants to build a 1 million-square-foot furniture showplace on the southern half of its Las Vegas land. The proposed 13-story tower would complement two high-rise condominium towers recently approved for the site’s northern half of the real estate.
World View Plaza’s combined Las Vegas real estate developments would cost approximately $700 million, Craig Katchen, Pierce Development’s chief executive officer, said this week.
If constructed, World View Plaza would be the first local competitor for World Market Center, a $2 billion furniture showcase located a mile or so north near the I-15-U.S. Highway 95 interchange.
Los Angeles businessmen Jack Kashani and Shawn Samson, in partnership with The Related Cos. of New York, opened World Market Center’s $200 million, 1.3 million-square-foot first phase last July. It hosts biannual furniture shows that draw exhibitors from around the world.
Proponents hope World Market Center will enable Las Vegas to become the nation’s top furniture showplace, a distinction enjoyed for nearly a century by High Point, N.C. Early returns suggest the local market is a hit thanks to its new, centralized campus and this city’s world-class hospitality industry.
World Market Center’s second tower will add 2 million square feet early next year. By 2012, developers plan to build six additional buildings, raising the 57-acre campus’s permanent exhibition space to approximately 12 million square feet.
World Market Center spokeswoman Dana Pretner said Wednesday her project is unlike World View Plaza because World Market Center is a trade-only showroom complex that does not include housing, stores and offices.
The Las Vegas City Council on Jan. 18 voted 6-0 to approve its two 650-foot-tall condominium towers, plus retail and office space. But city staff and nearby residents opposed the development, citing traffic concerns and incompatibility with nearby industrial zoning, among other objections.
The Clark County assessor indicates the company in March 2006 paid $3.65 million for more than a dozen Las Vegas real estate parcels that form its nearly 8 acre site. The property spans approximately one-quarter mile north to south between Western Avenue and Union Pacific’s railroad tracks.
Chanos Cousins, a limited liability company established by Nevada Attorney General George Chanos, recently sold 3.47 acres to Wall Street Nevada, Katchen said.
Chanos Cousins still owns approximately one-third of an acre at the southernmost tip of Wall Street Nevada’s land; the property will not be included in World View Plaza.
Source: Review Journal
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Las Vegas World View Plaza could rival downtown Las Vegas World Market Center.