Las Vegas Emerging as Wholesale Destination
Las Vegas isn’t just a land of slot machines and trade shows. The desert city is becoming a wholesale mecca, as well.
After the successful launch of the massive World Market Center home-furnishings market in 2005, plans are moving forward by a different developer for World Jewelry Center, a 1 million-square-foot, 60- story jewelry mart being planned by Beverly Hills developer Robert Zarnegin of Heritage-Nevada and Probity International Corp.
The center would house about 100 commercial condominiums catering to gem and jewelry wholesalers. In addition, it would house about 80 luxury residential condominiums. A 125,000-square-foot retail jewelry center is planned adjacent to the tower. Construction is scheduled to begin in 2008 and will be completed by the end of the second quarter of 2010.
Zarnegin and the city of Las Vegas are hashing out a development agreement, which is expected to go before the City Council during the first quarter of 2008. The project is planned for a 5.4-acre parcel off of Interstate 15 and West Charleston Parkway. If approved at 60 stories, it will be the tallest office building in Las Vegas.
Director William A. Boyajian said the center has already received non-binding letters of intent that would fill onethird of the center. The project has an attractive incentive, being located in a foreign-trade zone, exempting all imported jewelry from customs fees. —Robert McAllister
