Editorial: Dawn of downtown

Saturday, Nov. 13, 2004 | 12:14 p.m.

WEEKEND EDITION

November 13 - 14, 2004

It's not idle dreamers, but successful men and women in power suits who believe that the showcasing of furniture will lead to a new era of prosperity for downtown Las Vegas. If plans remain on schedule, we'll be getting our first glimpse of this new economic era next summer, from July 25 to 29, when the Las Vegas World Market Center hosts its first show.

Phase one of the World Market -- containing at least 1.3 million square feet of exhibition space -- is now under construction at Grand Central Parkway and Bonneville Avenue. As outlined in today's cover story by Sun reporter Jennifer Shubinski, reception within the wholesale furniture industry to this first show has been immense -- so much so that another million square feet will have to be leased from the Las Vegas Convention Center. Plans call for finishing the $1 billion, 57-acre World Market in phases over the next few years. In all, there will be seven buildings containing more than 7.5 million square feet.

Negotiations between the developers and the Las Vegas City Council began four years ago. There were some tense moments as an agreement for tax breaks -- $40 million over 20 years -- were worked out, and agreements were reached on a plan to lessen the competitive impact on local furniture dealers and a plan for hiring local workers. No one is tense now, however, as prospects are highly optimistic.

With the World Market, Las Vegas may become the No. 1 Western showcase for furniture, supplanting San Francisco, which has held that distinction since 1915. Keith Schwer, director of the Center for Business and Economic Research at UNLV, estimates the finished project will create 35,000 jobs, generate an additional $60 million a year in local and state taxes and draw an additional 1.7 million visitors a year. Developers are confident that these figures, in actuality, will be greatly exceeded.

Given the spinoff boom, in the form of new housing and office development for which the World Market will create a need, it's no exaggeration to say that downtown could, finally, now be on its way toward the revitalization that has so long eluded it.