The developer is Robert Zarnegin, president of Heritage-Nevadaand Probity International Corp., a Beverly Hills, CA-baseddevelopment firm. His exclusive negotiating agreement with the cityfor a 5.4-acre site in the 60-acre Union Park redevelopmentdistrict calls for him to have accumulated LOIs for 25% of theplanned commercial condominium space. At a press conferenceThursday evening for industry press that included Mayor OscarGoodman, project manager Bill Boyajian, formerly president of theGemological Institute of America, said 80 companies have signedLOIs to purchase just that much, 200,000 sf, and additional LOIsare in the offing.

The coming months will be spent converting those LOIs intoreservations, which would include a 5% down payment. In April,Boyajian told GlobeSt.com he expects a high conversion rate. "Thehard part is getting people in the industry—[people] who usuallymake commitments via verbal agreements and handshake--to sign onthe dotted line, even a non-binding letter of intent," he said."The good news is that while it is harder on the front end itshould result in a higher conversion rate than is normal. I'mhoping [to convert] 80% not 50%."

The development site is located near South Grand CentralParkway, West Charleston Boulevard and Interstate 15. The mostrecent asking price for commercial condominium space in thedevelopment is $775 per sf with a minimum purchase requirement of1,000 sf. Hearts On Fire and Tasaki Shinju are the latest companiesto sign LOIs for the trade tower.