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LAS VEGAS-Developer Robert Zarnegin of Beverly Hills, CA tonight unveiled plans Wednesday night for one-million-sf complex here designed to be a one-stop shop for both the jewelry industry and the consumer. Plans include a 50-plus story trade tower that would house corporate jewelry and gem offices and luxury condos, and be closed to the general public and, next to it, a three-level public space filled with retail jewelry shops, a museum and a café.

Zarnegin, president of the development firm Probity International Corp., won city council approval in July to develop the 5.4-acre site in the vicinity of South Grand Central Parkway, West Charleston Boulevard and Interstate 15. Neighboring developments include World Market Center, which is a new trade complex for the home furnishings industry, and Las Vegas Premium Outlets.

The World Jewelry Center tower would have 800,000 sf of office space plus at least seven floors of condominium units. The public component would total 125,000 sf, including 90,000 sf of dedicated space for jewelry retailers. The development is expected to cost several hundred million dollars. The project manager is Bill Boyajian, former president of the Gemological Institute of America.

The development timeline calls for work to begin in the next 12 to 18 months; project completion is slated for mid-2010. Zarnegin was in transit from Beverly Hills to Las Vegas Wednesday afternoon for the event and could not be reached for comment.

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