Vegas on track with furniture showroom development
On the morning of the second day of this summer’s Las Vegas furniture market, developers were focusing on their next show.
The World Market Center opens a second showroom building in January with 1.6 million square feet of space. That will double the size of its young furnishings trade show, which is seen as a competitor to the long-running one hosted in the Triad.
Developers toured the nearly complete 16-story building Tuesday. It is fully leased.
The new building will feature a design center open year-round and a VIP lounge and restaurant and will be linked with a glass skywalk to the market’s main building.
The $345 million second showroom building is part of a larger development in Las Vegas that will include eight showroom buildings with more than 12 million square feet of showroom space by 2013.
The total project spanning 57 acres could cost about $3 billion.
Although just one-tenth the size of High Point’s International Home Furnishings Market — known as the world’s largest home furnishings show with more than 12 million square feet — some in the industry say the growth and development of showroom space in Las Vegas could threaten High Point’s future shows.
The High Point market, held twice a year, pumps an estimated $1.2 billion into the state’s economy annually.
World Market Center officials said in addition to attracting new exhibitors to the upcoming space, a number of existing furniture exhibitors plan to expand their Las Vegas showrooms.
Among the new tenants expected to move into showrooms in the second building are Sealy, an Archdale-based mattress manufacturer; Universal Furniture International, a High Point-based furniture importer; and Vaughan Bassett, a Virginia-based furniture maker.
Las Vegas developers are ready to start construction on Phase 3 in September. It will include 2.1 million square feet of showroom space and be ready to open by July 2008.
And just a few miles south of the downtown market complex, another developer plans to also offer furniture showroom space.
Wall Street Nevada plans to build 1 million square feet of showroom space as part of its World View Towers condo and office space complex.
Developers for the World View Towers will go before the Las Vegas City Council in August for approvals on the showroom space.
Contact Sue Schultz at 883-4422 Ext. 232 or sschultz@news-record.com
