(Read more on the multifamily market.)

LAS VEGAS-The Las Vegas City Council this week approved a disposition and development agreement with Robert Zarnegin for the development of World Jewelry Center, a 1.2-million-sf development in the city’s new Union Park district. The project includes 815,229 sf of for-sale office space, 139,052 sf (98 units) of ultra-luxury condominiums in a 50-plus-story tower and 225,000 sf of retail space and structured parking.

The DAA calls for Zarnegin’s Heritage-Nevada VIII LLC to acquire the 5.9-site for the project by August 2009 and to commence construction by October 2009, though it can use two six-month extensions to push that deadline back to October 2010. The purchase price for the land is $10.3 million. The estimated cost of the project is $927 million. As part of the development deal, Heritage-Nevada VIII will receive for 20 years a 50% rebate of the increased taxes it will pay based on the increased value of the land due to the development.

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