Thursday, January 10, 2008

Las Vegas’ World Jewelry Center Gets Key Approvals

Scott Baltic writes:

The planned World Jewelry Center in Las Vegas has moved a substantial step forward with the completion of all local approvals.

The Las Vegas City Council has approved the Disposition and Development Agreement, Owner Participation Agreement and related documents, allowing the Jewelry Center to proceed as part of the master-planned 61-acre Union Park redevelopment in Downtown Las Vegas, between The Strip and I-15.

The multifaceted project will include 800,000 square feet of Class A office condo space, gem-grading labs, educational facilities, and meeting and exhibition space. In addition, the tower’s top seven floors will feature 20 to 25 luxury residential condominiums. Bill Boyajian, the Jewelry Center project manager and a onetime Gemological Institute of America president, previously told CPN that the residential condos will be offered to the office buyers first.

For the most part, the property will be open only to the trade: jewelry wholesalers, manufacturers, dealers and trade associations. However, an adjacent three-story building with 90,000 square feet of retail space, as well as a museum and café, will be open to the public.

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