Deadlines extended for jewelry market
Las Vegas officially extended the deadlines for progress on the World Jewelry Center on Wednesday, citing continued economic malaise and the inability to get the large-scale project financed.
The original agreement between the city of Las Vegas and Robert Zarnegin, the center's developer, called for construction to start in October and wrap up by August 2012.
The new contract calls for Zarnegin to close on the property by Aug. 31, 2015, and start construction by the end of October 2015, although those deadlines can be extended as well.
"This really acknowledges the current situation ... as well as the availability of commercially reasonable financing," Zarnegin told council members.
Bill Arent, the city's acting director of business development, said credit markets for large-scale projects are "essentially frozen."
As originally envisioned, the World Jewelry Center would be a skyscraper with nearly 1 million square feet dedicated to jewelry wholesalers, retailers and designers located in Symphony Park, a 61-acre plot that will be home to a new performing arts center and the Lou Ruvo Brain Institute.
Developers have backed out of plans to include high-end residential units in the building, though, and the new contract allows more changes to the plans if the council approves.
Las Vegas, which owns the undeveloped land in Symphony Park, can also make a new deal with a different developer if someone comes forward with adequate plans and financing.
Mayor Oscar Goodman told Zarnegin that he still had faith in the plan, but warned against scaling the project back so much that it loses its "iconic" status.
"You have millions of dollars into this project out of your own pocket," Goodman said. "I don't think that idea will die. I think a good idea lives forever."
Contact reporter Alan Choate at achoate@reviewjournal.com or 702-229-6435.
