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The Urba the Urban OBD Staff NE VA DA Special Thanks CITY OF LAS VEGA S 4 Insider’s Info OFFICE OF BUSINESS DEVELOPMEN T 5-8 Demographics Televised Poker THE URBAN 10 Dome Opens Free Community RENAISSANCE 11 Profile Available NEWSLETTER VOLUME III • 2006 Las Vegas Premium Construction Begins Outlets Expand on WMC’s Third Phase hough only three years old, the 435,000-square-foot, 120-store downtownT shopping center known as wmc’s Phase 3 Building the Las Vegas Premium Outlets mall is already undergoing an expansion. 0, 12, 100, 0 Today, it is the most successful pre- mium discount operation in the port- PMS 5405C CITY OF LAS VEGA S OFFICE OF BUSINESS DEVELOPMEN T folio of the nation’s largest shopping center developer, The Simon Prop- PMS 471C THE URBAN erty Group, Inc. Opened in August RENAISSANCE 2003, this outlet center comprised of NEWSLETTER PMS 1797C designer and name-brand outlet stores is already planning a 104,000-square- PMS 2622C The World Market Center’s phase 3 building (pictured in red on the above rendering) will bring foot expansion, including approximate- the total amount of permanent showroom space at the center to five million square feet. ly 25 additional stores and two new, When completed, the World Market Center will include eight buildings covering (see “Premium Outlets” page 3) 12 million square feet. onstruction began during the In June 2006, the city of Las Vegas Cfourth quarter 2006 on phase approved plans for this third building News Flash! three of the massive World Market phase, as well as an adjacent nine- Newsweek’s Center complex, which is situated story parking garage. This building International in the heart of downtown Las Vegas. will be the largest and most diversified Edition recently Valued at $550 million, when finished showroom structure planned for the rated Las Vegas 400 Stewart Avenue Second Floor this third phase of the World Market World Market Center. as one of the Las Vegas, Nevada 89101 Center will consist of 2.1 million The original World Market Center 10 most square feet and 16 floors. It will be concept called for 7.5 million square TOLL FREE (866) 777-7483 economically PHONE (702) 229-6551 completed in late 2008. feet, valued at $1 billion and generating dynamic cities FAX (702) 385-3128 in the world! E-MAIL [email protected] (see “WMC” page 3) WEB SITE www.lasvegasnevada.gov/obd 4 THE URBAN RENAISSANCE VOLUME III • 2006 THE URBAN RENAISSANCE VOLUME III • 2006 1 The rendering above depicts ground-floor retail space as it might look once Streamline Tower is completed. Downtown Update Allure Condominiums of Las Vegas contributed the land for Newport Lofts Located one block west from the this venture; it will recoup the cost of Situated two blocks west of the prime real estate intersection of Las this initial donation through long-term recently completed Soho Lofts off Vegas Boulevard and Sahara Avenue, property taxes. The building is located Las Vegas Boulevard, you will find the first of two condominium towers off Martin Luther King Boulevard in a new 24-story condominium being has topped out. When fully completed, the city’s Enterprise Park. built by the same local developer, Sam the two-tower complex will consist of Cherry. In addition to 168 residential 808 units. Expertise Cosmetology units, this high-rise facility will offer Institute 6,000 square feet of ground floor retail FBI Building opportunities. This development will Located one block west of Martin be completed in 2007. Completed in the fall of 2006, this Luther King Drive in the city of Las building will serve as the regional Vegas’ Enterprise Park, the 11,000- headquarters for both Las Vegas and square-foot educational facility opened Streamline Tower the state of Nevada. This four-story, this fall. The institute offers classes in Recently, a time capsule ceremony 102,000-square-foot complex will cosmetology, hair design, manicur- lead by Streamline Managing Partner house approximately 250 employees. ing and aesthetics. Day and nighttime Dusty Allen and Mayor Oscar B. The project was developed by Har- classes are offered. Their services are Goodman signaled the official begin- wood Associates, based in Virginia. open to the public Tuesday through ning of construction on Streamline Harwood Associates will lease the Saturday. For more information call Tower. As of October 2006, construc- building long-term to the General (702) 636-8686. tion has been completed on the second Services Administration for the Fed- floor. This new construction is located eral Bureau of Investigation. The city (see “Update” page 12) 2 THE URBAN RENAISSANCE VOLUME III • 2006 THE URBAN RENAISSANCE VOLUME III • 2006 3 WMC (continued from page 1) Premium Outlets (continued from page 1) City and World Market Center officials hit pay dirt while celebrating the groundbreaking of the center’s third building. It’s full speed ahead with construction on one of two multi-level parking garages planned $9.3 million in annual property taxes. the 12 million-square-foot complex as part of an expansion of the Las Vegas Due to its success, a total of 12 mil- are completed in 2010, it is projected Premium Outlets mall. This parking facility is lion square feet is now planned. World that World Market Center will gener- situated on the mall’s south side. Market Center owners and operators ate 45,000 direct and indirect jobs. multi-level parking garages. The first assert that, when fully built-out, the 12 The World Market Center has also garage is currently under construction million-square-foot campus will “be produced a number of public improve- on the south side of the mall. the largest, most comprehensive trade ments by using the city of Las Vegas The city of Las Vegas Redevel- show complex in the world.” Redevelopment Agency’s Tax Incre- opment Agency provided financial Currently, the World Market Cen- ment Financing incentive program. incentives through Tax Increment ter sponsors semiannual furniture These public improvements include Financing (TIF) to the Las Vegas trade shows attended by over 100,000 installation of storm drainage, site Premium Outlets developers to attract national and international furniture lighting, fencing, sidewalks and retain- them to the downtown area. TIF funds buyers and representatives each year. ing walls. will also be used for the outlet mall’s The trade show complex will ulti- The center has also increased local expansion. mately open year-round after expand- demand for business (rather than lei- ing its offerings into other related sure-oriented) hotels. It has spurred areas including lighting, decorative purchases for nearby condominiums, and floral furnishings, plumbing, floor fueled by the need to provide accom- coverings and more. modations for traveling clients and Since it first opened its doors in July company executives. 2005, the World Market Center has had The World Market Center has creat- a substantial economic impact on the ed a new industry, furthering econom- area — an impact that is expected to ic diversification for the Las Vegas grow dramatically. Over 1,500 perma- Valley. Entities such as the World nent, full-time jobs are the result of the Jewelry Center are currently consid- Over 104,000 square feet, including first two building phases. At the origi- ering building a retail and wholesale approximately 25 additional stores, will be nally planned 7.5 million square feet, center and corporate headquarters in added to the Las Vegas Premium Outlets the center was expected to produce Las Vegas thanks to the success of the shopping center, located in the downtown area. 35,000 jobs. When all eight phases of World Market Center. 2 THE URBAN RENAISSANCE VOLUME III • 2006 THE URBAN RENAISSANCE VOLUME III • 2006 3 Insider Information Provided to Developers and Brokers by RDA elow are key highlights from the recent Insider’s LasB Vegas Real Estate Tour, con- ducted by the city of Las Vegas Redevelopment Agency (RDA). These annual tours provide those in the real estate industry with up-to- date details on key, influential com- mercial construction projects in and near the city’s Redevelopment Area. For a copy of the more com- prehensive information that was covered during the Insider’s Tour, please contact Diane Rodriguez at (702) 229-6593, drodriguez@las- vegasnevada.gov or Julie Quisen- berry at (702) 229-2109, jquisen- [email protected] Las Vegas Mayor Oscar B. Goodman provides an introduction for the Redevelopment Agency’s recent Insider’s Las Vegas Real Estate Tour. Las Vegas between J and H streets. Open for busi- ridor provides mobility for and acces- Enterprise Park ness are Auto Zone, Executive Cuts sibility to area businesses. With land Master planned by the city of Las Barbershop, JB Men’s Fashions, Save supply diminishing in the Las Vegas Vegas, this 75-acre commercial busi- 99 Cents, Wells Fargo Bank and Urban Valley, the long-anticipated Apex ness park recently welcomed the addi- Wear. The search is on for a 43,000- Industrial Park, located 15 miles tions of Cox Communications – Las square-foot grocery store anchor and north of Las Vegas on the west side of Vegas’ and the FBI’s regional head- for neighborhood retail services and I-15, could become a new industrial quarters. Future projects include a 10- restaurants. Lease rates for in-line corridor. acre retail center with a grocer anchor space range from $1.25 to $1.60 per opportunity and the Urban Cham- square foot, triple net. Most units are Martin Luther King ber of Commerce Business Center in grey shell condition with a gener- Boulevard & ous tenant improvement allowance featuring a Bank of Nevada branch.
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