Rising adjacent to the confluence of South Grand CentralParkway, West Charleston Boulevard and Interstate 15, World MarketCenter is an integrated home and hospitality contract furnishingsshowroom and convention complex in Las Vegas, a place wheredesigners and manufacturers lease space to show off their latestproducts to retailers and other wholesale buyers. WMC was conceivedby real estate developers Jack Kashani and Shawn Samson in 1999. In2004, they brought on the Related Cos. LP of New York City to helpfinance the development.

|

All three of the existing buildings are fully leased orcommitted, a company source tells GlobeSt.com. The first twobuildings--a 1.3-million-sf structure opened in July 2005 and2.6-million-sf building opened in early 2007--had some spaces comeavailable as tenants opted to lease larger showrooms in the newestbuilding but those availabilities have since been backfilled, thesource says.

|

The fourth building is slated to get under way later this yearand open in early 2010. When completed, World Market Center willhave six million sf of permanent showrooms, making it the largestwholesale merchandise mart in the country. The overall $3-billiondevelopment plan calls for 12 million sf in eight buildings to becompleted by 2013.

|

The first two levels of Building D will include flex spaceallowing for up to 150,000 sf of temporary exhibits to co-locatewith the permanent showrooms during Las Vegas Market. Projectofficials also plan to use the flex space on a year round basis forspecial events and industry exhibits. Seven of the upper floors areslated to be occupied by US furniture companies. Another six floorsare slated for will gift and home textiles companies.

|

Also this week, WMC introduced Bob Maricich as its new presidentand chief executive, replacing Harvey Dondero, and bade farewell toits general manager, Dave Palmer, who is retiring.

|

Maricich has spent the last 11 years with Hickory, NC-basedCentury Furniture Industries, most recently as its president andchief executive, and also has served for many years on the AmericanFurniture Manufacturers Association board of directors, mostrecently as chairman of the executive committee. Palmer, the firstindustry veteran the developers tapped six years ago when it plansfor WMC were conceived, will continue on with WMC as a consultant.Prior to WMC, he spent four years as EVP of R.C. Wiley HomeFurnishings, one of the nation's largest furniture retailers. Priorto that, Palmer spent five years as president of San FranciscoMart.

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.