Wikipedia

World Market Center Las Vegas

(Redirected from Las Vegas Furniture Market)

World Market Center Las Vegas[a] is a furniture showroom complex in downtown Las Vegas, Nevada, serving domestic and international sellers and buyers.[4] It contains 5.3 million square feet (490,000 m2) across four buildings, part of a 57-acre (23 ha) site. The project was proposed in 2001, and the first building opened on July 25, 2005. Subsequent additions opened in January 2007, July 2008, and April 2021.

World Market Center
Building A at World Market Center
Map
General information
LocationDowntown Las Vegas, Nevada
Address495 Grand Central Parkway
CountryUnited States
OpenedJuly 25, 2005 (Building A)
January 29, 2007 (Building B)
July 28, 2008 (Building C)
April 9, 2021 (Expo)
OwnerInternational Market Centers
Technical details
Floor count10 (Building A)
16 (buildings B and C)
Floor area5.3 million square feet (490,000 m2) (including all buildings)
Design and construction
Architecture firmJerde Partnership International
JMA Architecture
Main contractorThe Whiting-Turner Contracting Company (buildings A and B)
Penta Building Group (Building C)
Website
www.wmclv.com

History

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The World Market Center was conceived by Shawn Samson and Jack Kashani,[5][6] both of Los Angeles-based Furniture Mart Enterprises.[7][8] Las Vegas mayor Oscar Goodman met with the company in 2000 to discuss its plans for a wholesale furniture center in downtown Las Vegas.[9] It was originally proposed as a 5 million sq ft (0.46 million m2) project.[10] It would be built on 57 acres (23 ha),[11] located beside Interstate 15.[9] The land, owned by Union Pacific Railroad,[12] had been for sale since 1992.[7] Speaking of any proposed project for the site, Goodman said, "I want people when they're driving by it on the freeway to say they've never seen anything like it."[9]

The project, known as the World Market Center, was officially unveiled in February 2001.[13] The land purchase was finalized that year, and the proposed project was expanded to 7.5 million sq ft (0.70 million m2). At that time, it was planned as a 10-building complex, with the added 2.5 million sq ft (0.23 million m2) consisting of hotel, residential and office space.[12] The project was to be constructed in three phases, with completion expected in 2010.[7] Goodman and Furniture Mart Enterprises believed that the project would establish Las Vegas as the furniture capital of the world.[7][14][15][16] Although San Francisco and High Point, North Carolina were known for their furniture industries, Las Vegas was viewed as a superior city for its abundance of hotel rooms, as well as its popularity as a convention city.[9][17]

The World Market Center sought a $115 million property tax rebate,[7][18] although the Las Vegas Redevelopment Agency recommended against this, as it would drain the agency of funding for future projects.[18] The city denied the request in 2001,[19] but approved a $40 million rebate the following year, after lengthy negotiations.[20][21] The Related Companies also provided financing.[22][23]

Furniture Mart Enterprises broke ground on the project on March 21, 2003,[8] with The Whiting-Turner Contracting Company as general contractor.[24][25] It was set to open in 2004,[26] although this was pushed back due to permitting issues. The foundation for the first structure, Building A, was eventually poured in January 2004.[14] It was fully leased more than a year prior to its opening, signing on 230 tenants.[27]

The World Market Center opened on July 25, 2005, with Building A hosting the Las Vegas Market show as its first event.[28][29] The twice-annual Las Vegas Market brought an estimated 62,000 people during its first two shows.[30][31][32] The World Market Center's early success had a negative impact on the San Francisco Mart,[33] while High Point remained a viable competitor.[34][35] The World Market Center also led to renewed interest in downtown redevelopment.[36]

 
2005 artist rendering of the planned eight-building complex
 
Construction of Building C, November 2007

New expansion plans for the market were announced several months prior to its opening, the final goal being a $2 billion, eight-building complex featuring 12 million square feet (1,100,000 m2), with completion expected by 2015.[6][37] These plans never fully materialized, although two more buildings would be added within a few years of the initial opening.[38] Whiting-Turner returned as the contractor for Building B,[25] which opened on January 29, 2007.[39][40][41] Building C was constructed by Penta Building Group. It was topped off in October 2007,[42] and opened on July 28, 2008.[43] During its first three years, the center attracted an estimated 300,000 people.[22]

Plans for future buildings were shelved in 2008, amid concerns about the Great Recession; these also prompted the World Market Center to diversify itself beyond furniture, expanding to cover the home accent and gift markets.[43][22][44] Occupancy and sales at the World Market Center dropped because of the recession, and the center defaulted on mortgages covering two of its buildings.[45][46] As a result of the recession and financial problems, ownership of the World Market Center was merged with its rivals in High Point, forming the new company International Market Centers (IMC) in 2011.[47][48][49] Blackstone Group later partnered with Fireside Investments to purchase IMC,[50][51] a deal that was completed on September 26, 2017.[52][53]

The closure of Cashman Center in 2017 left downtown Las Vegas with only 106,000 sq ft (9,800 m2) of convention space, spread across 10 different resorts. In 2018, IMC proposed an addition to the World Market Center that would add to downtown's convention space. The city approved the project and contributed $30 million in tax increment financing.[54][55] The ultimate cost of the facility was $103 million.[56] The addition, known as the Expo at World Market Center building, began construction in August 2019.[57] It was topped off on December 19, 2019,[58] and was completed the following year, although its opening was delayed because of the COVID-19 pandemic.[59] It eventually debuted on April 9, 2021.[60]

Features

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2018 aerial view of the World Market Center, with Pavilion tents to the right

The World Market Center has 5.3 million square feet (490,000 m2) of space.[61][62] It includes three primary buildings:

  • Building A is a 10-story structure containing 1.3 million square feet (120,000 m2).[27][29][63] It was designed by Jerde Partnership International,[12][64] in association with Las Vegas-based JMA Architecture Studios.[65] Its facade features a swooping arc made of reflective metal panels, reminiscent of a half-moon[27] or happy face.[65] The structure cost $230 million to construct.[25]
  • Building B is 16 stories and contains 1.6 million square feet (150,000 m2), and was built at a cost of $345 million.[41][66]
  • Building C is also 16 stories, and was designed by JMA as well.[42] It cost $550 million, and contains 2.1 million square feet (200,000 m2).[22][67] Building C was accompanied by a seven-level parking garage, located directly north.[25]

In addition to Building A, the World Market Center also opened with three large tent structures, known as the Pavilions. Each one measured 41 feet high and contained approximately 150,000 sq ft (14,000 m2) of space. The structures included heating, cooling, restrooms, and wireless Internet access. They cost a total of $15 million.[68][69]

The Expo at World Market Center is a 315,000 sq ft (29,300 m2) facility that connects to Building C.[57] Because of limited acreage, a large portion of the Expo facility was constructed within the first floor of the parking garage.[70] The Pavilion tents, located across the street, were dismantled following completion of the Expo facility.[57][71]

Las Vegas Market

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The Las Vegas Market is a major trade show held at the World Market Center twice a year.[72][73][74] The first event was held during July 25-29, 2005. It was launched as a West Coast rival to the twice-yearly International Home Furnishings Market in High Point.[28][75] The show is open only to designers, retail buyers, and wholesalers.[76]

Las Vegas Design Center

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When not hosting trade shows, the first two floors of Building A are open to the public as the Las Vegas Design Center, featuring numerous showrooms.[77][78] It has operated since 2005, but was not opened to the public until 2009.[79][80]

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  •  
    Buildings A (right) and B
  •  
    Building B
  •  
    World Market Center plaza at night

Notes

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  1. ^ In 2007, retailer Cost Plus World Market filed a trademark infringement suit against the World Market Center.[1][2] A settlement was reached in 2008, with the latter renamed World Market Center Las Vegas.[3]

References

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  1. ^ "World Market operator says center to keep name". Las Vegas Review-Journal. July 31, 2007. Retrieved October 15, 2023.
  2. ^ "Trademark fight goes on for downtown jewel". Las Vegas Business Press. August 3, 2007. Retrieved October 15, 2023.
  3. ^ "Furniture market's identity out of crisis". Las Vegas Business Press. April 29, 2008. Retrieved October 15, 2023.
  4. ^ "World Market Center". Jerde Partnership International. Archived from the original on May 2, 2015.
  5. ^ Jones, Chris (November 19, 2004). "'Every week there's something new'". Las Vegas Review-Journal. Archived from the original on December 1, 2004.
  6. ^ a b Jones, Chris (May 15, 2005). "Furniture Showdown: Ready to Rumble". Las Vegas Review-Journal. Archived from the original on March 16, 2006.
  7. ^ a b c d e Smith, Hubble (June 16, 2001). "Furniture mart packs potential impact". Las Vegas Review-Journal. Archived from the original on February 27, 2002.
  8. ^ a b Jones, Chris (March 21, 2003). "Furniture complex to boost downtown". Las Vegas Review-Journal. Archived from the original on July 30, 2004.
  9. ^ a b c d Smith, Hubble (September 26, 2000). "Mayor examines furniture firm's plan". Las Vegas Review-Journal. Archived from the original on June 28, 2001.
  10. ^ Smith, Hubble (November 17, 2000). "Developer says plans for $150 million furniture showroom are not shrinking". Las Vegas Review-Journal. Archived from the original on June 24, 2001.
  11. ^ Gregor, Alison (September 17, 2008). "Furniture Showcase, Often Idle, a Success in Las Vegas". The New York Times. Retrieved October 14, 2023.
  12. ^ a b c Smith, Hubble (March 8, 2001). "Downtown plans grow: 10-building complex proposed for railroad land". Las Vegas Review-Journal. Archived from the original on July 8, 2001.
  13. ^ "Proposed furniture center may alter downtown skyline". Las Vegas Business Press. February 16, 2001. Retrieved October 3, 2023.
  14. ^ a b Huey, Erik C. (January 2, 2004). "World Market Center: Downtown home complex delayed". Las Vegas Review-Journal. Archived from the original on January 21, 2005.
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  16. ^ Jones, Chris; Kalil, J.M. (November 6, 2004). "Furor over furniture show escalates". Las Vegas Review-Journal. Archived from the original on December 8, 2004.
  17. ^ Mylchreest, Ian (September 2, 2004). "Market sets world-class goals". Las Vegas Business Press. Archived from the original on September 5, 2004.
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  19. ^ Hare, David (July 27, 2001). "Real Estate: Furniture mart wobbly but still standing". Las Vegas Business Press. Retrieved October 9, 2023.
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  21. ^ Moller, Jan (September 19, 2002). "Tax breaks OK'd for furniture mart". Las Vegas Review-Journal. Archived from the original on November 27, 2005.
  22. ^ a b c d Spillman, Benjamin (July 23, 2008). "A pause for World Market Center". Las Vegas Review-Journal. Retrieved October 14, 2023.
  23. ^ Jones, Chris (May 6, 2004). "Symposium, tour ease tenant concerns". Las Vegas Review-Journal. Archived from the original on December 13, 2004.
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  28. ^ a b McKee, Bradford (July 21, 2005). "Las Vegas Rolls Out a Challenge to Tradition". The New York Times. Retrieved October 8, 2023.
  29. ^ a b Jones, Chris (July 26, 2005). "Furniture showcase opens in LV". Las Vegas Review-Journal. Archived from the original on November 18, 2005.
  30. ^ "Furniture mart visitors avoid downtown hotels". Las Vegas Business Press. August 8, 2005. Retrieved October 9, 2023.
  31. ^ "World Market visitors still shunning downtown hotels". Las Vegas Business Press. January 23, 2006. Retrieved October 9, 2023.
  32. ^ "Benefits of WMC have yet to be realized". Las Vegas Business Press. August 7, 2006. Retrieved October 9, 2023.
  33. ^ "Frisco falls victim to World Market Center". Las Vegas Business Press. January 30, 2006. Retrieved October 9, 2023.
  34. ^ "Las Vegas, High Point battling for king of the hill". Las Vegas Business Press. January 30, 2006. Retrieved October 9, 2023.
  35. ^ Shubinski, Jennifer (August 12, 2005). "High Point improving service after challenge in Las Vegas". Las Vegas Sun. Retrieved October 14, 2023.
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  37. ^ Stutz, Howard (April 2, 2005). "Furniture showcase expanding". Las Vegas Review-Journal. Retrieved October 16, 2023.
  38. ^ Segall, Eli (July 12, 2017). "New World Market Center owner no stranger to Las Vegas real estate". Las Vegas Review-Journal. Retrieved October 16, 2023.
  39. ^ Spillman, Benjamin (January 27, 2007). "Expanding Market". Las Vegas Review-Journal. Retrieved October 15, 2023.
  40. ^ "Eight new groups debut at World Market Center". Las Vegas Business Press. January 29, 2007. Retrieved October 15, 2023.
  41. ^ a b Spillman, Benjamin (January 30, 2007). "Winter Las Vegas Trade Market". Las Vegas Review-Journal. Archived from the original on November 23, 2008.
  42. ^ a b Smith, Hubble (October 29, 2007). "Frame topped off on World Market Center building". Las Vegas Review-Journal. Retrieved October 14, 2023.
  43. ^ a b Miller, Valerie (July 28, 2008). "World Market Center looks to diversify". Las Vegas Business Press. Archived from the original on April 21, 2009.
  44. ^ Wargo, Buck (August 16, 2010). "World Market Center betting on home accents to boost business". Las Vegas Sun. Retrieved October 15, 2023.
  45. ^ O'Reiley, Tim (September 14, 2010). "World Market Center defaults on two loans totaling $564.7 million". Las Vegas Review-Journal. Retrieved October 15, 2023.
  46. ^ Green, Steve (March 17, 2011). "Bank of America sues World Market Center over loans". Las Vegas Sun. Retrieved October 15, 2023.
  47. ^ O'Reiley, Tim (May 3, 2011). "World Market Center to merge with North Carolina showrooms". Las Vegas Review-Journal. Retrieved October 15, 2023.
  48. ^ Segall, Eli (July 31, 2012). "New plan in place for downtown Las Vegas' World Market Center". VegasInc. Retrieved October 15, 2023.
  49. ^ "Key Events Leading to Launch of International Market Centers". Furniture Today. May 27, 2011. Archived from the original on July 18, 2011.
  50. ^ Craver, Richard (July 6, 2017). "Owner of High Point, Las Vegas furniture markets agree to sell properties". News & Record. Retrieved July 7, 2017.
  51. ^ "Blackstone buys World Market Center". Las Vegas Sun. July 7, 2017. Retrieved October 15, 2023.
  52. ^ Craver, Richard (September 27, 2017). "Group completes purchase of owner of High Point showrooms". Winston-Salem Journal. Retrieved October 15, 2023.
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  54. ^ Munks, Jamie (March 29, 2018). "Downtown Las Vegas to get new $76M expo center". Las Vegas Review-Journal. Retrieved October 15, 2023.
  55. ^ Munks, Jamie (April 4, 2018). "Las Vegas expo center plan one step closer to approval". Las Vegas Review-Journal. Retrieved October 15, 2023.
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  58. ^ Velotta, Richard N. (December 19, 2019). "Contractors top off conference center at World Market Center". Las Vegas Review-Journal. Retrieved December 27, 2019.
  59. ^ Sodoma, Brian (April 10, 2021). "Las Vegas Market takes critical steps forward". Las Vegas Review-Journal. Retrieved October 15, 2023.
  60. ^ "Opening of Expo at World Market Center signals 'new beginning'". Las Vegas Review-Journal. 2021-04-09. Retrieved 2021-10-06.
  61. ^ Hemmersmeier, Sean (July 26, 2023). "Furniture, home decor proves attractive at Las Vegas Market". Las Vegas Review-Journal. Retrieved October 16, 2023.
  62. ^ Hemmersmeier, Sean (July 31, 2023). "Modern furniture and decor on display at Las Vegas Summer Market". Las Vegas Review-Journal. Retrieved October 16, 2023.
  63. ^ Kellogg, Anne (August 4, 2005). "The Consumer: Inside World Market". Las Vegas Weekly. Retrieved October 15, 2023.
  64. ^ Gorman, Tom (February 26, 2006). "Tom Gorman explains he didn't see the whole picture on first impression of World Market Center's architecture". Las Vegas Sun. Retrieved October 14, 2023.
  65. ^ a b Hagen, Phil (June 20, 2005). "Market makes itself the center of attention". Las Vegas Business Press. Retrieved October 9, 2023.
  66. ^ "Big-names sign up for next furniture mart building". Las Vegas Business Press. January 30, 2006. Retrieved October 9, 2023.
  67. ^ "World Market Center unveils tenants for 'critical' Building C". Las Vegas Business Press. August 3, 2007. Retrieved October 15, 2023.
  68. ^ Brean, Henry (May 13, 2005). "First of three steel tents takes shape". Las Vegas Review-Journal. Archived from the original on November 25, 2005.
  69. ^ "Going through customs". Las Vegas Business Press. February 12, 2007. Retrieved October 15, 2023.
  70. ^ Cafiero Giusti, Autumn (October 26, 2021). "Excellence in Sustainability Award, Best Specialty Construction: The Expo at World Market Center". Engineering News-Record. Retrieved October 17, 2023.
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  77. ^ Bernstein Saylor, Halli (March 7, 2013). "Changes make Las Vegas Design Center better place to shop". Las Vegas Review-Journal. Retrieved October 15, 2023.
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  80. ^ Hansel, Mark (April 3, 2009). "WMC's Design Salon opens to public". Las Vegas Sun. Retrieved October 15, 2023.
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