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| May 22, 2008: Volume 2, Issue 5 |
A Message From Bill Boyajian
There was great excitement and anticipation among everyone who attended this landmark event, including the many stakeholders who are part of Union Park. Las Vegas Mayor Oscar B. Goodman, the visionary behind the city-sponsored development, was in rare form as he shared his dream, which was now becoming reality. Other city officials and Council members were present to witness the groundbreaking, which to some must have been a dream come true, and to others the beginning of a new era for Las Vegas. There is also much anticipation within the global gem and jewelry trade for the World Jewelry Center. We continue to reach milestones in making this historic project among the most talked-about in the jewelry world. We are soon approaching the end of phase one of our project and will be unveiling phase two at the upcoming Las Vegas jewelry shows. Until now, early adopters to the vision of the WJC have been offered preferential pricing for office space in the iconic new trade tower in Las Vegas. Due to continued demand for space, a new pricing structure – including increases – will become effective on June 3. The new office pricing structure will be determined by floor location and views. However, we will continue to honor the pricing that has been quoted to date, through the end of the JCK Show. Please contact us to reserve your space and lock in the lower price, while there is still time. Among the many features that make the World Jewelry Center so attractive to industry leaders worldwide are: no Nevada state corporate or personal income tax; a designated Foreign Trade Zone; whole ownership of showroom offices; manufacturing facilities; and a new, world-class marketplace where both the trade and consumers can shop. If you are attending the JCK Show, as well as the other gem and jewelry shows, I want to take this opportunity to wish you success, and I hope I will see you there. The entire WJC global sales team will participate, along with members of the Probity International staff. We will have a booth at the JCK Show and at Luxury by JCK, where we will unveil a magnificent scale model of the World Jewelry Center complex. Feel free to contact me, personally, for an appointment in Las Vegas, anytime from May 26 through June 3. I encourage you to join the more than 130 firms representing some 20 countries on four continents in what we believe will be the greatest new gem and jewelry marketplace in the world. Bill Boyajian 
Champagne Reception and Executive Update Highlight WJC Activities in Las VegasThe World Jewelry Center will have an exciting schedule of activities during the upcoming week of gem and jewelry shows in Las Vegas, highlighted by a Champagne Reception and Executive Update on May 30 at the Venetian Hotel. The WJC will be a sponsor of the Couture Show, May 28 – June 2, and members of the WJC global sales team will participate. At the Luxury by JCK Show, May 27 – 29, the WJC will operate a booth – L-6, Lobby. For the JCK Show, May 30 – June 3, please visit the WJC booth, # L-42, Lobby (level 2), near the AGTA Pavilion. On May 30, at the end of the first day of the JCK Show, the WJC will host a Champagne Reception and Executive Update starting at 6 p.m. in the Lando Ballroom of the Venetian Hotel, level 4, # 4201. WJC Managing Director Bill Boyajian will discuss the latest news about the project. Offering expert insights about doing business in Nevada will be special guest Somer Hollingsworth, President & CEO of the Nevada Development Authority. Also attending will be Probity International President & CEO Robert Zarnegin, principal of the WJC. For a personal appointment in Las Vegas during this period, please e-mail info@worldjewelrycenter.com, or call, 310-888-8864.
World Jewelry Center Officials Participate in Union Park Groundbreaking
Robert Zarnegin, President and CEO of Probity International Corporation and principal of the WJC, and Managing Director Bill Boyajian led the WJC contingent. The event marked the commencement of phase-one infrastructure construction for the 11-million-square-foot, mixed-use master-planned community. Ward 5 Councilman Ricki Y. Barlow, representing the area where Union Park is located, said, “The groundbreaking of phase one of improvements for Union Park is the beginning of a renaissance.” The $7.8 million in infrastructure improvements now under way includes site grading and roadway excavation; drainage features and structures; parking lots, access roads and public streets; curbs and gutters; sewers, water mains and fire hydrants; dry utilities including gas, telephone, cable and fiber optic; traffic signs, signals, and street markings. Zarnegin told the attendees, “We’re thrilled to see the groundbreaking for Union Park and the building of streets and tree-lined sidewalks getting under way. These are very important steps before the start of construction on the World Jewelry Center.”
Other speakers representing Union Park partners at the ceremony included Maureen Peckman, chief executive officer of Keep Memory Alive Foundation, representing the Frank Gehry–designed Lou Ruvo Brain Institute; Don Snyder, chairman, and Myron Martin, president, both of $500-million Smith Center for the Performing Arts; Dr. Warren Volker representing ACCESS Medical; Dmitri Vazelakis, chief operating officer of Forest City; and Charlie Palmer, who is building The Charlie Palmer, a 400-room boutique hotel.
World Jewelry Center Appoints David Girty to Head Commercial Office Division
Girty’s extensive experience in the commercial real estate industry throughout southern California includes executive posts with prominent firms such as Transwestern Commercial Services, PM Realty Group, and Grubb & Ellis Company, his most recent position, where he was a senior vice president. “David is a seasoned real estate broker with an exceptional background and 20 years experience in the field,” said WJC Managing Director Bill Boyajian. “I am delighted to have him join our team of professionals.” In describing Girty’s responsibilities, Boyajian noted, “David will be working closely with me and our WJC Sales Associates as we transition our clients from Letters of Intent to Purchase and Sale agreements in the second half of 2008. Most importantly, he understands and appreciates the needs of our clients in the gem and jewelry world, and he will provide exceptional service and assistance to them as we move forward in the months ahead.” Girty said his new role with World Jewelry Center fits perfectly with his successful career in Class “A” high-rise commercial real estate leasing and sales. “Frankly, I am very excited to be part of a once-in-a-lifetime project like the World Jewelry Center,” said Girty. He continued, “I recognize how fortunate I am to join such a team of highly qualified professionals who are the best in their business, from visionary Robert Zarnegin, our president and CEO, one of the elites in the diverse property development industry, to Bill Boyajian, and his team of well-respected gem and jewelry industry experts.” Girty added, “Leaders throughout the gem and jewelry industry have rapidly caught on to this great opportunity to own their own real estate interest in a unique international marketplace that will be a focal point of the global trade.” Girty is a graduate of California State University at Los Angeles with a Bachelor of Science degree in Finance, Real Estate, and Law. He is co-chairman of the South Coast (California) Metro Alliance, Commercial Leasing Group. He was honored with the National CoStar Group’s “Power Broker” Top Brokerage distinction in Orange County each year from 2002 through 2005.
WJC Managing Director Meets with Madame Zhang at WFDB Congress
News from WJC Participating FirmsHearts On Fire Founders Receive AGS Shipley Award Susan and Glenn Rothman, founders and owners of Hearts On Fire®, a WJC participating firm, have received the 2008 Robert M. Shipley award from the American Gem Society (AGS), another WJC participating organization. The award was presented on April 12, during the International Conclave in Seattle. According to AGS, the award, named in honor of the organization’s founder, is given annually to an AGS member “in recognition of outstanding service to the Society, for significant contribution to the science of gemology, and for exemplifying the high purposes, objectives, and ideals of the Society in the member’s community.” [Source: American Gem Society]
Avi Paz, founder and CEO of the Avi Paz Group, a WJC participating company, has been appointed president of the World Federation of Diamond Bourses (WFDB). The appointment was made during the WFDB Congress in Shanghai, last week. Paz is also president of the Israeli Diamond Exchange. [Source: Rapaport News]
Las Vegas News of InterestNew High-Rise Project Expands Las Vegas Time-Share Market The robust Las Vegas time-share industry is gaining a substantial new addition with the opening of the Grandview at Las Vegas, a 12-tower, 2,200-unit time-share complex at the southwest corner of Silverado Ranch Road and Las Vegas Boulevard South, adjacent to South Point. Developed by Eldorado Resorts Corp., of Fort Lauderdale, Fla., the project has a combination of 12-story and 20-story time-share buildings housing 800-square-foot units that can be combined into 1,600-square-foot suites. Grandview's 1,200 completed units are sold out, although sales continue for future phases. Nevada's time-share industry contributes $2.8 billion to state coffers annually, employing 15,910 people and paying $640 million in salaries, wages, and related income, the American Resort Development Association reports. [Source: Las Vegas Business Press, Tony Illia, April 23]
The vacancy rate for industrial office space in southern Nevada retained its position as one of the lowest in the U.S. through the first quarter at 6.1 percent, compared with double-digit vacancy rates elsewhere, according to the Las Vegas Business Press, citing CB Richard Ellis. [Source: Las Vegas Business Press, Tony Illia, May 7] |
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UNION PARK - 2007 YEAR IN REVIEW VEGAS RETAIL ON A ROLL DEAL WITH SKY HIGH POTENTIAL: ANALYSTS SEE POSSIBILITIES IN LAND ACQUIRED WITH TOWER |
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If you would like further information about the World Jewelry Center please visit us at WORLDJEWELRYCENTER.COM or contact: |
Bill Boyajian Jerry Buckley Newsletter and Media Inquiries |
Jane Lynch-Rush Robin Bartolo General Inquiries |
As you have read in recent editions of this newsletter, as well as in our other communications, we have made strong and steady progress in developing the World Jewelry Center. Only a few weeks ago, I joined Robert Zarnegin, President & CEO of Probity International Corp. and principal of the WJC, for the groundbreaking of Union Park, the future home of the World Jewelry Center (please see related article in this issue). 
World Jewelry Center officials joined Las Vegas Mayor Oscar B. Goodman and other dignitaries on April 24 for the groundbreaking ceremony of Union Park, home of the World Jewelry Center. Union Park is one of the largest city-sponsored master-planned developments in the U.S. 
“Union Park is quickly moving from paper to reality,” said Goodman. “It’s a place that is being created for those who live and work in southern Nevada, yet it’s so exciting it will attract many of the city’s 40-million-plus visitors.” 
WJC Managing Director Bill Boyajian added, “Union Park’s diverse cultural appeal and amenities will add a lot of prestige to the World Jewelry Center’s reputation as a global marketplace for gems and jewelry. Both the trade and consumers will no doubt find this to be a part of Las Vegas that they will want to visit again and again.” 
The World Jewelry Center has appointed David T. Girty to the newly created position of Senior Vice President of the Commercial Office Division. 
