The Las Vegas economy will be getting a shot in the arm from an unlikely source, a foreign trade zone. A foreign trade zone or FTZ status has been granted to the proposed world jewelry center in Union Park. As I understand it, basically it allows tenants to import raw goods duty free, cooperate with other tenants to add value to those materials by making something out of them, then either sell them in the US at a reduced commerce rate (great for locals and tourists) or export them back out without paying a duty. With this permission granted, its far more likely the tower will be built, since its appeal will now be very high.
This will also help Las Vegas past a turning point, making it a national player for big business. Nevada's favorable tax and labor laws have helped bring many large corporations here and with the addition of the World Jewerly Tower, another business sector will be represented.
Current plans for the building include 80 luxury residential condominiums at the top of the tower. The impact the tower will have on surrounding real estate value will certainly be favorable, not to mention the addition employment opportunities in mid to high level paying positions. Residents in near by lofts like Soho, Newport and Streamline Tower should also stand to gain as well by having a high profile neighbor.
Another commercial development for Union Park