Once again, good news arrives regarding the World Market Center, downtown Las Vegas' jewel of the desert as the city of Las Vegas has officially approved a fourth building at the site of the 57-acre complex.
Construction on the 17-story "D" Building is scheduled to start late this year and be completed by the end of 2010. In addition to its 1.1 milion square foot West Coast venue for the gift, decorative lighting, and home textile industries, it will also connect the "C" building with the parking garage scheduled to open in the summer and bring the total project square footage to over 6 million square feet.
If you still don't think Downtown Las Vegas is a goldmine of potential, just ask Miami developer Gregg Covin about the area. Six months ago, Covin bought the downtown Las Vegas Gold Spike property for $15.6 million and just sold it to The Siegel Companies for $21 million. Not a bad profit for 6 months of work, huh? And don't think the buyer overpaid either - they're experienced developers who also believe in downtown Las Vegas revitalization. I predict they'll do quite well with their vision.
Potential condo purchasers better take note. Deals are going on right now which should signal to you that the downtown area is ripe for investing. The big guys are already doing it. The World Market Center is thriving. And the industry experts over at Preview Las Vegas are all saying the same thing: there's opportunity for those who go downtown.
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