With construction excavation underway on Phase One of the Las Vegas Market, developers of World Market Center Las Vegas are announcing new details of the project’s second and third phases, including leasing plans and updated architectural renderings.

Leasing has officially begun on Phase Two, which will encompass 1.5 million square feet on 15 floors and is planned to open in 2006. Construction is scheduled to begin in 2005 on Phase Two, which will build upon the dramatic architectural elements designed for Phase One.

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Phase Three will comprise 1.2 million square feet in 11 floors, and leasing is scheduled to begin early next year. A construction start date and opening date have not yet been set for the third phase; however, Las Vegas Market General Manager Dave Palmer says it’s possible that both buildings would be built in unison, given the high level of demand.

“We feel it’s an opportune time from a leasing perspective. The momentum of the project is on a fast-track, most recently with the start of excavation activity at the site,” said Leasing Manager Babs Blair. “Moving forward in Phases Two and Three gives us the opportunity to provide specific floor areas for individual categories of home furnishings. Not to mention our unique ability to reach out to the hospitality and contract side of the business; after all, Las Vegas is the premier venue for this category since it’s the Hotel and Convention Capital of the World.”

Phases Two and Three together will add a total of 2.7 million square feet of permanent showroom space, and over 500 additional permanent showroom tenants. Phase One has already attracted 225 permanent showroom tenants. Project officials expect Phase Two to be fully leased within the year, before the first Market is held in Las Vegas in 2005.

“In a relatively short time we have generated huge support of from the industry, and are working very purposefully to create a terrific home furnishings market in the West with an international draw,” said Palmer. “Las Vegas is a perfect venue for a home furnishings market because the city is rich with amenities, yet it is an affordable and convenient place to conduct business,” said Palmer.

The aggressive leasing goals for the next phases are based on the successful, rapid lease-out of Phase One, which was fully leased before construction even began. “Over 200 companies taking space at the Las Vegas Market before we’ve even built the building is indicative of the city’s appeal to business travelers,” Palmer said.

Last year, nearly 5.2 million conventioneers visited the city making Las Vegas the nation’s leading convention destination. Las Vegas is also home to the 10 largest hotels in the United States, and has one of the most accessible airports in the country serving more than 35 million passengers in 2002. Nearly 900 daily scheduled flights operate in and out of McCarran Airport, including international nonstop service to Canada, Germany, Japan, England, Singapore, and Mexico. Furthermore, the Las Vegas Monorail, the first public transportation system in the world totally funded by the private sector, will debut on the Las Vegas Strip in January 2004 and is further planned to connect to Downtown.

“Adding to the allure of Las Vegas, the city has no state corporate income tax or personal income tax, an attractive housing market, an educated workforce, world-class dining, and overall an exceptional quality of life,” Palmer said. “We feel strongly that the more the industry learns about us, the more they are going to want to be a part of the future of the Las Vegas Market.”

Phase One’s permanent facility – comprising 1.3 million square feet of showrooms – is fully leased with 225 companies spanning all categories of the home furnishings industry. This exhibitor mix includes two floors dedicated to leading manufacturers of decorative accessories, lighting, wall art and floral design. Developers also plan to create a 300,000 square-foot Temporary Pavilion in Phase One, and will begin temporary booth space leasing in early 2004.

“The Temporary Pavilion will house over 200 additional companies and add to the overall buying experience for retailers in all categories,” said Babs Blair.

Designed by lead architect Jerde Partnership International and executive architect JMA Architecture Studios, Phases Two and Three will carry Phase One’s contemporary design, featuring red sandstone and metal and glass panels that reflect the changing colors of the desert, sun and sky. The architectural style also strives to complement neighboring structures in downtown Las Vegas, such as the Clark County Government Center.

Amenities of the buildings include “Sky Bridges” at all levels above the first floor, providing easy access to all three phases, in addition to water features, interior and exterior landscaping, and a central atrium at the heart of the project that will provide for communal interaction for visitors.

Phase One exhibitors include furniture industry leaders Broyhill, Klaussner, Lane, Simmons, Serta, King Koil, Leggett & Platt Fashion Bed Group, Flexsteel, The Powell Company, Standard, AICO, Kushwood, Vaughan Furniture, Fairmont Designs, Coaster Company of America, DMI, Pulaski, and Magnussen Home, as well as leading companies in decorative accessories such as CBK, Stylecraft Lamps, Uttermost, Fredrick Ramond, and Somerset Studios among others.

“We have a list of 150 companies who have expressed interest in our future phases, and now that we have the floor plans for the second and third phases, we are ready to provide them with the opportunity to be part of the Las Vegas Market,” said Leasing Manager Russell Blair. “150 companies on a waiting list is an enormous start to our sales effort, and sends a powerful message about the appeal of Las Vegas.”

Construction excavation of the 57-acre World Market Center site began Sept. 29. Upon completion, the Las Vegas Market will be the west coast’s largest and most comprehensive home furnishings complex encompassing 7.5 million square feet and will showcase every aspect of the design trade including home furnishings, decorative accessories, lighting, area rugs, and related segments. The $1 billion home furnishings and convention center is the largest non-gaming commercial construction project in Las Vegas.