With the first day of spring setting the stage for the groundbreaking ceremony of World Market Center, elected officials today heralded a new future for economic diversification in downtown Las Vegas, while furniture industry leaders from around the country enthusiastically showed their support for a new home furnishings market in Las Vegas.

The largest non-gaming commercial construction project in Las Vegas, Phase One of World Market Center will encompass 1.3 million square feet. When fully developed, the 7.5 million square-foot, $1 billion project will be the largest and most comprehensive home furnishings complex in the West.

Among the 200 guests in attendance was United States Department of Commerce's James C. Leonard III, Deputy Assistant Secretary of Commerce for Textiles, Apparel and Consumer Goods, who acknowledged the project's significance as a global trade enterprise.

Las Vegas Mayor Oscar B. Goodman also spoke at the ceremony commenting: "The city of Las Vegas and the World Market Center have created a new strata of business diversification to the Las Vegas economy that will positively impact our community. Las Vegas will become the furniture industry mecca and projects like this prove that downtown Las Vegas is the place to be."

"It is fitting that we break-ground on World Market Center on the first day of spring," said Jack Kashani, developer and co-managing partner for the Las Vegas Market. "This season signals the beginning of all things new, and so does this project with its potential to provide a vibrant, innovative new facet to the Las Vegas economy. Today we have planted a very important seed for the future growth of the home furnishings industry."

Shawn Samson, developer and co-managing partner also commented: "We have not only captured the imagination of the industry but also its commitment. Virtually all segments of the industry have enthusiastically embraced World Market Center and are eagerly awaiting our grand opening. We are positioned to provide the 21st century approach to conducting markets for the industry."

Project officials announced that Phase One -- despite the fact that the building has not yet commenced construction -- is virtually fully leased including more than 200 leases with leading furniture manufacturers who have leased permanent showrooms.

Among the major tenants who have signed lease agreements are such industry leaders as Broyhill, Klaussner, Lane, Simmons, Leggett & Platt, Flextsteel, The Powell Company, Standard, AICO, Kushwood, Vaughan Furniture, Fairmont Designs, Coaster Company of America, DMI, Pulaski, and Magnussen Home among others. Additionally, two floors, or 260,000 square feet, have been leased to leading manufacturers of decorative accessories, lighting, wall art and floral design.

Officials also announced today that World Market Center would hold two semi-annual Markets in January and July, which is the cycle of other regional markets. Las Vegas Market is set to debut to the industry with its first two shows Jan. 18-21, 2005, and July 19-22, 2005.

Commenting on this opening date, Dave Palmer, general manager, said: "We have been polling members of the industry for 18 months asking them their preferences for the dates of the Las Vegas Market. Tenants and retailers agreed that the January/July period is ideal; and our esteemed Board of Advisors has further supported this timeframe," he said.

Palmer added that opening in 2005 also provides exhibitors with time to build their showrooms to their own exacting specifications. "Our showrooms will be among the most important first impressions World Market Center will make to the industry and the world. Because these are permanent spaces, millions of dollars will go into tenant improvement to create a unique environment. Consequently, they must be terrific," he said.

The rapid leasing achievement for Phase One means that Phases Two and Phase Three construction plans will be accelerated with reservations now being taken, according to project developers. In addition, a 300,000 square Trade Pavilion outside the building will house the temporary market and other trade shows.

"There is already a long list of prospective exhibitors who want space in the temporary market, said Palmer," said Palmer. "Again, it is expected that demand will outstrip the available temporary space in the Phase One. As a result World Market Center will jury the exhibitors and select the best for participation."

The development team for Phase One includes Whiting Turner Contracting Co., general contractor; Jerde Partnership International, lead design architects; JMA Architecture Studios, executive architects; JW Zunino, landscape design architects; Martin & Peltyn, structural engineers; Martin & Martin, civil engineers; Harris, mechanical engineers.

Comprising 7.5 million square feet and including a convention center, World Market Center will showcase every aspect of the design trade including home furnishings, decorative accessories, lighting, area rugs, and related segments.

Phase One's 10-story building will house six floors of furniture and bedding showrooms and two floors of decorative accessories and lighting; the first two floors will comprise the Design Center, featuring a diverse selection of showrooms open year round. It also is the first of three buildings in Stage 1 of the project, which eventually will comprise 4 million square feet of showroom space.

For more information, visit www.LasVegasMarket.com