The Casa Grande Concept PDF Brochure

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The Casa Grande Concept Brochure Cover

Download our latest PDF brochure “The Casa Grande Concept: Mitigating the Correctional Crisis through Innovative Development.”

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Knowledge of Land Price, Timing Help Molasky Succeed

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As reported in the Las Vegas Review-Journal:
http://www.lvrj.com/business/knowledge-of-land-prices-timing-help-molasky-succeed-135081003.html

By Hubble Smith
LAS VEGAS REVIEW-JOURNAL

Posted: Dec. 6, 2011 | 2:00 a.m.
Updated: Dec. 6, 2011 | 9:40 a.m.

Irwin Molasky has made a tidy fortune over his 60 years of developing shopping malls, office buildings and high-rise condominiums in Las Vegas, largely because he’s pretty shrewd about land prices.

The founder of Molasky Group of Cos. foresaw the crash of the Las Vegas real estate market when land that should have been selling at $10 a square foot or less was getting multiple offers up to $15 and $18 a square foot.

It was around 2004 that Rich Worthington, president of Molasky Group, persuaded his boss to switch directions and go after government projects outside of Nevada.

Good move.

Molasky Group just finished the $110 million National Archives and Records Administration center in St. Louis, a 474,000-square-foot central repository of military and civilian employee personnel records since the Civil War.

The shelving contract alone was $11 million, Molasky said. Complex mechanical and electrical engineering systems control humidity, temperature and air contamination, preserving 2.3 million boxes of military records.

The company is also building 700,000 square feet of FBI field offices and state headquarters in Minneapolis; Cincinnati; Portland, Ore.; and San Diego. The Minneapolis and Cincinnati offices are scheduled to open in January.

In all, projects developed for the government’s General Services Administration are generating $450 million in construction revenue for Las Vegas-based Molasky Group, keeping more than 20 people employed in the corporate office and 35 people in leasing and management. All of the properties are owned by Molasky and leased to the government for 20 years.

The projects created about 2,000 construction jobs in cities that, like Las Vegas, could use the work. The national archives in St. Louis hired 800 full-time workers.

“I think the big news here is we’re a Las Vegas-based company thriving in a down economy,” Molasky said Tuesday in his 17th-floor office at Molasky Corporate Center. “We were lucky enough or fortunate enough to envision changes in the marketplace. In the meantime, we’re keeping our best assets in town, which is our people.”

Worthington, who joined Molasky Group in 1998, said it became difficult for projects to produce desirable profit margins when competition drove land prices beyond what the developers felt was affordable.

“We’re a conservative company. We take calculated risks, not this blind hubris of build it and hope they’ll come,” Worthington said. “We knew the market was going through this ‘irrational exuberance,’ to use (former Federal Reserve Chairman Alan) Greenspan’s term.”

That’s when the “book of business” changed to pursue government projects out of state, he said.

“When I mentioned it to Irwin, he said, ‘I’ve never bid on low-bid jobs in my life.’ I said, ‘You’re going to learn to. We’re going to start.’ We had to learn the business. We didn’t win every project we bid on,” Worthington said.

Since coming to Las Vegas in the 1950s, Molasky developed commercial properties to produce income, though he sold several properties over the years, including the Boulevard Mall, Bank of America Plaza and Best of the West shopping center.

Molasky’s first government project was the 90,000-square-foot Internal Revenue Service office in downtown Las Vegas, completed in 2002. He also built the 400-bed Casa Grande Transitional Center for Nevada Department of Corrections, the 1,000-bed Clark County Detention Center on Las Vegas Boulevard near Nellis Air Force Base and the Social Security Administration office at Buffalo Drive and Charleston Boulevard.

One of his most notable projects is the $100 million Molasky Corporate Center, the largest privately owned Leadership in Energy and Environmental Design gold-certified building in Nevada. The Southern Nevada Water Authority occupies seven floors totaling 190,000 square feet.

“As you know, the real estate market is pretty bad,” Molasky said. “We had a lot of developers from New York and Florida who were going to teach us what to do and they left us with a lot of unfinished product.

“The economy in general and the development business in our city is very poor because there’s more supply than demand, because a lot of big companies, greedy companies were coming in and buying property on speculation.”

Contact reporter Hubble Smith at hsmith@reviewjournal.com or 702-383-0491.

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Breaking Ground for New FBI Headquarters in San Diego

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Construction underway for new FBI Headquarters in San Diego

Construction underway for new FBI headquarters

As seen on: Fox5SanDiego.com

SAN DIEGO – Ground was broken for a nearly 250,000-square-foot area headquarters for the FBI Thursday, overlooking the 805 freeway in MiraMesa.

The regional field office will provide space for more than 500 agents and staff, according to the agency.

“We are currently located in six leased facilities in San Diego which are incapable of supporting new functions and do not meet enhanced IT and security requirements,” Special Agent in Charge Keith Slotter said. “This new building will consolidate our resources to facilitate both an efficient working environment and provide us with state of the art capabilities needed to meet the needs of the FBI’s intelligence and law enforcement activities.”

The FBI’s main administrative offices are off Aero Drive in Kearny Mesa. When the agency can move to its new location is unclear.



As reported by By CARLOS RICO, in The Daily Transcript, San Diego:

Construction starts on new FBI headquarters

Federal officials, local politicians, developers and contractors gathered in Sorrento Valley Thursday for the groundbreaking of the new San Diego FBI headquarters.

The build-to-lease project will be a six-story, 248,882-square-foot building with office space, interview rooms and a regional forensics lab. The 11.2-acre campus will also have a 30,000-square-foot garage for 480 vehicles.

From the outside the facility will have glass windows throughout most of the outside, terraces and an open area in the front of the building.

HGA Architects and Engineers, Clark Construction Group and Weidlinger Associates Inc. make up the design and construction team on this project.

The $100 million FBI building is being built to consolidate the six county FBI offices and it’s agents into one facility, since the FBI says it needs to support new functions and meet the enhanced IT infrastructure requirements.

“This building means a lot to us because now we will have a campus that will allow us to manage our staff more efficiently to better serve this county,” said Keith Slotter, FBI special agent in charge of the San Diego region, to the approximately 100 people that attended at the groundbreaking ceremony.

Slotter added that the facility will have “ideal security requirements” that follow FBI protocol.

The new FBI headquarters will house 400 agents and staff, including U.S. General Services Administration staff.

The new facility will be built with energy efficient amenities and sustainable features. GSA anticipates the building will meet LEED Gold standards from the U.S. Green Building Council.

“The GSA has been challenged by President Barack Obama to create projects that are designed to ensure excellence in public architecture, engineering and construction,” said Ruth Cox, regional administrator for GSA’s Pacific Rim Region.

Local politicians in attendance at the groundbreaking included Mayor Jerry Sanders and councilmembers Carl DeMaio and Kevin Faulconer.

Construction is slated to be completed by the second quarter 2013.

The Las Vegas-based Molasky Group, which is acting as the developer of the project, expects approximately 700 construction related jobs will be created during the lifespan of this project.

The $223.4 million build-to-lease agreement spans 20 years, where the project is being built to meet FBI and GSA designs and standards.

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Irwin Molasky Featured in Las Vegas Review-Journal

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As reported in the Las Vegas Review-Journal:
http://www.lvrj.com/view/irwin-molasky-s-projects-helped-mold-las-vegas-community-126565313.html

Irwin Molasky’s projects helped mold Las Vegas community 

By Maggie Lillis – VIEW STAFF WRITER

Hung with thumbtacks and forming a rough circle on a bulletin board in his office, renderings of Irwin Molasky’s ongoing — often high-profile — development projects are kept within his view.

In the center of it all is a glossy head-shot photo of an athletic young woman with a bob haircut.

She is his granddaughter Sarah, a stunt woman and aerialist, and her photo among the chaos of his professional business is a symbol of what he holds most dear.

“My family is what I’m most proud of,” he said.

The 84-year-old real estate developer’s cup could overflow with projects of which he is proud. To look out from his downtown office onto Las Vegas, his home of 50 years, Molasky can point out high-rises he developed, one of which he now lives in with his wife, Susan. Under his feet is one such building and home to his umbrella company, the Molasky Group of Companies ; he is chairman.

A squint southeast of his office and one can almost see Maryland Parkway, the road that Molasky was most influential in transforming from dirt lot to an epicenter of city life. He developed Sunrise Hospital & Medical Center, the city’s first privately owned hospital. He developed The Boulevard mall, Southern Nevada’s first indoor shopping center.

He saw to Paradise Palms, the first master-planned community in Clark County; Nathan Adelson Hospice, the state’s first hospice; the 17-story Bank of America Plaza, the first high-rise office building in Las Vegas; Regency Towers, the first high-rise condominiums ; and Park Towers, the first luxury high-rise condominiums.

Molasky also donated 45 acres of land for the development of the UNLV.

The projects aren’t even the tip of the iceberg of what Molasky has accomplished in five decades. He helped launch a production company, Lorimar, which created TV hits such as “The Waltons,” “Dallas,” “Eight is Enough,” “Full House,” “Perfect Strangers” and a slew of television movies.

Molasky Park, 1065 E. Twain Ave., and Irwin & Susan Molasky Junior High School, 7801 W. Gilmore Ave., are namesakes.

Molasky estimates that he has built billions of square feet in his career.

“I was ambitious,” he said.

He got his start in construction as a boy learning alongside his dad, who was a developer, too.

Molasky attended Ohio State University for a year to study engineering. The only degree he holds is an honorary doctorate from UNLV, he said.

“I quit school like a dummy,” he said.

After military service, he helped build G.I. housing in Florida. He still rattles off the sales pitches like a well-rehearsed salesman.

The cost was “$4,800 for the whole house, $7,500 for a big one, nothing down, only $54 a month,” he said.

He moved his first wife and their young daughter to California, where he picked up speed with his development career. He was 18 and had to forge his father’s signature to get a loan for a five-unit apartment project he was working on. Molasky did all the concrete work himself.

In 1951, the family moved to Las Vegas, “a tiny little town of 25,000 people,” he said.

“I had a love affair with Las Vegas,” he said. “I immediately fell in love with it.”

He remembers the days of three-party phone lines and knowing all his neighbors around Sixth Street, where the family lived.

Before Molasky got to it, Maryland Parkway was a dirt lot past Sahara Avenue.

“I helped blade with a bulldozer to divide it to a two-lane road to Desert Inn Road,” he said.

During the construction of Sunrise Hospital & Medical Center, workers could tell if someone was en route thanks to hefty plumes of dust that would flare up, Molasky said. Eventually, they oiled the dirt down to avoid disrupting the budding hospital.

Molasky still counts Sunrise Hospital & Medical Center and Nathan Adelson Hospice as his most proud productions.

Molasky said he still has a love for Las Vegas. He loves the nearby mountains and lake. He loves the heat, although he’s given up on golfing in 110-degree swelter.

Several of his seven children and stepchildren, 13 grandchildren and five great-grandchildren live locally. Their pictures, notes and gifts eclipse in number the photographs of Molasky with celebrities and former presidents on shelves in his office.

Many of his children and grandchildren are in development either here or in other parts of the country.

“I let them make up their own minds, but because of who I was, I gave them job opportunities in construction. They learned from the ground up,” he said. “They were always grateful to get back to school.”

Molasky also was founding chairman of the UNLV Foundation, and a few of his family members attended the university.

Molasky said he and Susan keep up philanthropic efforts and visit their namesake school often. He said they were humbled by the offer to name the school for them.

Their park namesake isn’t far from many of Molasky’s most famous projects.

“I’m glad it’s on that side of town . That part needs parks,” he said.

Molasky is still active with his business, which mainly deals with government contracts outside his hometown, thanks to the economic downturn.

“I’m a big booster (of Las Vegas), but it’s in tough shape,” he said. “We don’t just build buildings. We plan them so you can live and work and gather in a pleasing environment that fits your lifestyle.”

Molasky is to the point about his take on retirement.

“I hate the word,” he said.

His main hobby these days, he said, is his beloved racehorses.

Mark Hall-Patton, administrator for the Clark County Museum System, said Las Vegas owes a debt to Molasky’s vision.

“He’s definitely one that was absolutely central to the development of Las Vegas,” he said. “He helped transform Las Vegas from a really small community to what it is today.”

Contact Centennial and Paradise View reporter Maggie Lillis at  477-3839.

As reported in the Las Vegas Review-Journal:
http://www.lvrj.com/view/irwin-molasky-s-projects-helped-mold-las-vegas-community-126565313.html

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The Molasky Corporate Center Featured as 1 of 6 Environmentally Friendly Buildings in Las Vegas

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The Molasky Center

The Molasky Center

The Molasky Corporate Center was featured in Sunday’s Las Vegas Sun as 1 of 6 environmentally friendly buildings in Las Vegas.

As reported by Rebecca Clifford-Cruz
Las Vegas Sun, Saturday 7/16/11 2:00 a.m.

Link to view the full article at LasVegasSun.com:
http://www.lasvegassun.com/news/2011/jul/16/6-sensational-living/

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Winterwood Senior Apartments Featured on Las Vegas Business Press

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As seen in the Las Vegas Business Press and reported by Tony Illia, June 27, 2011.

Winterwood Senior Complex

Winterwood Senior Apartments

Ground broken for $16 million apartment complex breaks
Ovation Development presses ahead with affordable senior housing project

 

BY TONY ILLIA

Alan Molasky’s Ovation Development Corp. recently broke ground on a $16.5 million affordable housing complex in east Las Vegas.

Speculative ground-up housing is rare in today’s real estate market. Nevertheless, strategic partnerships are helping the 142-unit Winterwood Senior Apartments defy the odds. For example, the infill project is a joint venture with Reno-based senior housing nonprofit Silver Sage Manor Inc., which helped secure the complex financing package that made the development a reality.

Nearly 75 percent of Winterwood is being underwritten by federal low-income housing tax credits, administered by the state housing division and purchased by a unit of Wachovia. Additional funding is coming from Wells Fargo Bank, the Clark County HOME Consortium and Utah Community Reinvestment Corp.

“These types of public-private partnerships are what it takes to get developments done in today’s market,” said Clark County Commissioner Chris Giunchigliani, who represents District E. “We are still in the red for affordable senior housing.”

Winterwood plans call for a pair of three-story buildings, on 4.2 acres, at 5025 E. Mohave Ave. The 124,000-square-foot complex, designed by Scott L. Baker, will offer 93 one-bedroom units and 49 two-bedroom residences, plus a pool and spa, and exercise and activity rooms, among other amenities. Horizon Las Vegas Property Management will oversee the complex’s day-to-day operation.

The average apartment will be about 700 square feet, with rents averaging around $575 per month including utilities. That marks a 25 percent discount over first-quarter valley rents, which averaged $761 a month, Las Vegas-based business advisory firm Applied Analysis reports. Winterwood, however, will be a mostly age- and income-restricted community. Residents must be 55 or older and earn at or 40 percent to 50 percent below the area income.

“I wanted to build beautiful efficient spaces that don’t cost a lot,” Ovation CEO Alan Molasky said during a June 15 groundbreaking ceremony. “This is going to provide affordable housing to the area for the next 50 years.”

Winterwood will feature roof-mounted photovoltaic panels that offset an estimated 5 percent to 10 percent of the building’s electrical consumption. Ovation, a unit of the Molasky Group of Cos., is acting as its own general contractor. Las Vegas-based Ovation has built $900 million of local apartment communities totaling 7,324 units since 1984.

Winterwood Senior Apartments are scheduled to finish in June 2012.

PROJECTS

SDA Inc. is developing a $20 million, 8,909-square-foot office building for the U.S. Immigration and Customs Enforcement agency at 501 Las Vegas Blvd. downtown. SR Construction is the contractor; 10Nine Design Group is the architect. SDA Inc. bought the 10,454-square-foot parcel at the southeast corner of Las Vegas Boulevard and Clark Avenue for $2.87 million, or $275 per square foot, from the city of Las Vegas Redevelopment Agency.

One-hundred fifty full-time immigration and customs employees will work in the five-story building when it’s finished.

MILLION-DOLLAR DEALS

Denny’s restaurant signed a 20-year, $15 million lease for 6,308 square feet inside Neonopolis at 450 Fremont St. downtown. DZ Realty’s David Zacharia represented the tenant. The reported average rent equals $9.91 per square foot.

Knight Transportation bought 10 acres of vacant land inside the Cannery Commerce Center at the northeast corner of Berg Street and Craig Road in North Las Vegas for $1.85 million, or $185,000 per acre, from NLV Industrial Center LLC. CB Richard Ellis’ Greg Tassi represented the seller; MRH Associates’ Selena Ramirez represented the buyer.

Capstone Brokerage bought the 12-year-old, 12,320-square-foot Lake Sahara Plaza, on 0.68 acres, at 8681 W. Sahara Ave. in Las Vegas for $1.55 million, or $126 per square foot, from 8186 Sahara LLC. TMC’s Ann Santiago sourced the 20-year, 5.36 percent fixed-rate acquisition loan. The two-story office building was 10 percent leased at the time of sale.

Colonial Property Management LLC bought the 5-year-old, 9,439-square-foot Eastern Canyon Office Plaza, on 1.05 acres, at 8595 S. Eastern Ave. for $1,225,000, or $130 per square foot, from Artur Terabelian. TMC’s Ann Santiago sourced the 20-year, 5.36 percent fixed-rate acquisition loan. The single-story building was vacant at the time of sale.

Contact reporter Tony Illia at 702-303-5699.
View the article online at Las Vegas Business Press Website

Download this article in PDF Format.

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Molasky Group of Companies: Mission Statement

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The mission of the Molasky Group of Companies is to pursue excellence in real estate development through collective efforts that create extraordinary value for our clients, company and the community. We provide strategic vision, leadership and creativity to design, build, finance, lease and manage real estate developments across the spectrum, locally and nationally. Our brand is more than sixty years old and is built upon an uncompromising commitment to quality, integrity and respect to the people that we work alongside of, the resources that we use and the clients which we serve.

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