Vegas Jewelry Center Clears Another Hurdle

Another hurdle was cleared yesterday for the World Jewelry Center in Las Vegas, with the Las Vegas City Council unanimously approving the Site Development Plan and Special Use Permit for the project.The approvals allow the developer, Probity International Corporation, all the entitlements necessary to proceed with the project. The project’s Site Development Plan had been previously approved by the City of Las Vegas Planning Commission and the Union Park Design Review Committee.On Jan. 10, CPN reported that the Las Vegas City Council 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.All that remains for the Jewelry Center now is the completion of planning and obtaining of building permits. Construction is anticipated to get underway in the first half of 2009 with a projected completion date of mid-2011.The World Jewelry Center (pictured) will be part of the $6 billion Union Park project, which is being developed by Las Vegas–based Newland Communities and the City of Las Vegas. The 61-acre mixed-use urban development is located at the intersection of Interstate 15 and U.S. 95. Union Park will eventually include 1.9 million square feet of Class A office space, 363,000 square feet of ground-level retail, 3,100 residential units, a hotel-casino and two business hotels. The Jewelry Center itself is envisioned as a trade-specific office tower with an adjacent retail center. The project is being designed by Altoon + Partners and is located within a Free Trade Zone. The Jewelry Center will also include 90 residential condos on the tower’s top floors.Jewelry Center developer Probity International is a Beverly Hills-based developer and operator of Class A office, hotel, retail, industrial and residential properties in the United States and abroad. The firm has developed and invested in such notable properties as The Peninsula Beverly Hills hotel, 250,000 square feet of Class A office space located above Barney’s department store at 660 Madison Avenue in Manhattan, as well as Rodeo Drive Center in Beverly Hills and Brentwood Financial Plaza in Los Angeles.