Downtown Las Vegas. Part 2 of 2. By Aaron Auxier and Cherry Development
Posted by Luxury Realty Group - August 22nd, 2007
Categories: High Rise Condos
The World Market Center in downtown Las Vegas is quite exciting. If you haven’t heard of WMC, you might ask the folks from High Point, N.C.; but be prepared to duck, because what’s bad for High Point might be good for downtown Las Vegas.
WMC is the most comprehensive home furnishing and design center in the western US. It is planned to eventually become the largest trade show complex in the world.
*Shocking Stat*
12 million square feet. This thing is big. To put things into perspective, the 8 buildings that make up WMC feature more showroom space than than the entire market in High Point which many claim is cluttered and hard to navigate due to the fact it is spread out over 150 smaller buildings.
Situated on 57 acres, the first two buildings are completed and completely leased out.
The third and largest building at the World Market Center is currently under construction. This building was over 25% leased before it broke ground.
Las Vegas World Market Center by the Numbers
- Diversifies the LV economy and is estimated to create 35,000 jobs.
- Build out is expected for 2013.
- Scheduled to consist of eight buildings total.
- 12 million square feet of permanent space.
- Over a 3 Billion dollar price tag.
- Expected to create $1 billion of personal income and more than $60 million in local and state tax revenue each year.
Building A at the World Market Center in downtown Las Vegas, seen in the evening.
High Point depends on their Furniture Market
It’s said that the number of people present in High Point, North Carolina doubles during their twice a year market, which is the nation’s largest furniture show. Many High Point locals are concerned of whether or not the Las Vegas World Market Center will harm the revenue that is generated for their city.
It’s estimated that the market creates thousands of jobs and infuses $1 billion into North Carolina’s economy. Roughly 80,000 people attend the bi-annual market.
The Issues with High Point
Many exhibitors have been quoted as saying they’re fed up with High Point. The furniture market has been a thriving business in High Point for nearly a century, yet many buyers and sellers say that the place is cluttered and that it’s time to move on. Some of the major complaints include disorganized buildings and events as well as a lack of dining options and hotel space.
Will Vegas soon claim the Worlds Largest Furniture Show?
- The square footage of the 8 buildings of the World Market Center in downtown Las Vegas are scheduled to eclipse that of the entire market in High Point.
- The WMC is cohesive and organized; it is operated by one entity as opposed to the High Point Furniture Market which is operated by many different sources.
- All buildings at WMC will be in one easy to use location. In addition, the Union Park 61 acres across the way is expected to feature hotels, retail, a Performing Arts Center and the Lou Ruvo Brain Institute.
In Closing
Most people don’t fully understand what these huge structures are, or what kind of economic impact they will have on downtown Las Vegas. With downtown going through a 20 billion dollar revitalization effort, many expect the WMC to thrive. So far it has a perfect record with both current buildings 100% leased.
As far as attracting exhibitors, who wouldn’t want to have an excuse to bi-annually visit a city packed full of great restaurants and entertainment options? From eateries like Triple George Grill to comedy clubs and now several high rise condo projects, exhibitors are purchasing 2nd homes in this area.
High rise developments such as Newport Lofts, Streamline Tower, Stanhi and Soho Lofts bring a residential component to this area. While the downtown revitalization effort has its challenges and will take time, there is lots of promise because of hotspots like The Block, Fremont Street Experience, Fremont East, Entertainment District, Premium Outlets, Arts District and much more.
Every city needs an urban core, those who have seen this type of revitalization effort happen before are the ones making property investments in this area.
It shall be quite interesting to see if Vegas adds another title to its resume…”The nation’s furniture show capitol of the world”
Aaron Auxier, REALTOR® can be reached at 702-205-1818.
Luxury Realty Group is recognized by the press as a leading brokerage on the Strip. They can be seen on networks and in publications such as CNBC, Forbes Magazine, Details, LV Business Press, Wall Street Journal, The Review Journal, Los Angeles Times and USA Today.
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Copyright © 2007 Aaron Auxier. All Rights Reserved.
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All information in this blog is subject to change without notice. Subject matter is not guaranteed and is often considered time-sensitive. See DISCLAIMER.
Copyright © 2008 Luxury Realty Group LLC. All rights reserved.