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Development News, Spring 2006



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The Molasky Group of Companies Development News Casa Molasky Group Grande Opens Helps Nevada Enter New Era of Correctional Rehabilitation Irwin Molasky escorts Governor Kenny Guinn on a tour of the largest correctional re-entry center in the country. The opening of a correctional facility isn't usually a cause to celebrate, but on January 25, 2006, the Casa Grande re-entry center drew a distinguished crowd in-cluding the Nevada Governor Kenny Guinn, U.S. Representative Shelley Berkley and Sheriff Bill Young. Casa Grande was developed for inmates at the end or their sentences to have a place where they can start life anew and cut the high rate of recidivism that not only plagues Ne-vada's prison system, but those across the country. " I f I had a nickel for every time I arrested a suspect who said, 'Man, I just got out of prison,' I would be The Molasky Group of Companies 3111 S. Maryland Parkway Las Vegas, Nevada 89109 rich," said Sheriff Young. "A place like Casa Grande is absolutely neces-sary if these guys are going to have a life other than that of crime." Casa Grande will house up to 400 offenders finishing their sentences for non-violent, non-sexual crimes. They will spend their final three months be-fore being paroled working, learning new job skills, advancing their educa-tion, reuniting with their families, and learning to avoid the temptations that sent them to prison in the first place. It is not country club living. Of-fenders are housed in secure, dormi-tory- style rooms. There are facilities for dining, visiting, counseling and group rooms for classes like basic 702.735.0155 Fax: 702.737.7025 GED training, conflict resolution, vic-tim empathy, financial management, work readiness, health awareness and parenting. The goal is to reintroduce offend- "Casa Grande is absolutely necessary if these guys are going to have a life other than that of crime." ?Sheriff Bill Young ers into society with a fighting chance to stay there and not go back to pris-on. It's a goal that makes sense on (continued on page 2) SPRING 2006 Members of the Molasky Group of Companies and family are joined by state and local politicians and members of the NDOC at the ceremonial opening of Casa Grande. ?continued from page 1 many levels, said Nevada Governor Kenny Guinn. "The concept behind Casa Grande is simple: program those who have gone astray to be better able to provide for themselves and their families by providing the op-portunity to use the skills they have learned to obtain good paying jobs. By doing so, the state will be able to keep costs in check by holding down the need to build more prisons." "Personally, I am very proud of the project," says Richard S. Worthington, president of the Molasky Group of Companies. "However, almost as important and moving to me is the hard-working spirit which everyone had on this project?the 'can-do' attitude that prevailed from the Nevada Dept. of Corrections, to the Attorney General's office, the Treasurer's Inmate Stephen Basden got a standing ovation when he told the audience how important Casa Grande is for guys tran-sitioning from prison life to real life. office, the general contractor Korte Co., and Clark County's political leadership, which would typically run for the hills on a project like this. In our business it's rare that everyone would be working so hard, selflessly and cooperatively towards one goal," said Worthington. The hoped-for result will be a win for the offenders, who have a chance to start again; for the community, which will be safer with productive workers replacing petty criminals; and for the state, which will reduce recidivism costs on one end and col-lect taxes from the new workers on the other. # Family friend and congresswoman Shelley Berkley congratulates real estate developer Irwin Molasky for stepping up to the plate and making a difference in Las Vegas. Executive Team Brings MBA Discipline to Family-Owned Business re For more than half a century, the Molasky family has run one of the most successful land-planning and real estate devel-opment companies in Las Vegas. Led by Irwin Molasky, its pioneering ventures are legendary?from build-ing the Boulevard Mall, the town's first fully en-closed shopping center, to igniting the high-rise phenomenon with Park Towers. And furthering the mystique, the company's quality and commitment to the community re-main unsurpassed. Why change the for-mula? Because the Mo-lasky Group of Compa-nies' success has been its ability to keep up with the times. In 21st centu-ry Las Vegas, that means MBA-style discipline, progressive diversifica-tion and other new ways of thinking about real estate development in this booming but ever-changing market. More specifically it means that more trust is handed over to top ranking company offi-cials whose last name is not Molasky. The stra-tegic "Executive Team" for the Molasky Group is comprised of Richard S. Worthing-ton (President), Suzanne Sanders (VP Design and Development), and Brad-ley Sher (VP Finance). It's Worthington who is charged with transforming the family-run business into a cutting edge opportu-nistic development corporation. "I had a couple of agendas when I came here," said Worthington, who has been associated with the compa-ny since 1988. "One was to continue to flourish as a real estate company, and the second was to help transition the company from entrepreneurial founder and sole proprietor to the next generation." The Executive Team has brought a different brand of fiscal discipline and professional management into the organization. The change of phi-losophy starts with a focus on "actual equity" where company holdings are turned over more quickly and profits are reinvested in new projects. "The family tended to hold on to real estate for the long-term," Worthington says. "That mind-set doesn't reflect the way financial performance of assets are evaluated today. So the company evolved from that." For example, the Mo-lasky Group of Compa-nies sold 1,700 units of apartments, retail cen-ters and older compo-nents of its portfolio and started reinvesting the funds in projects such as condo conversions and into some new market niches such as govern-ment works?starting with the Internal Rev-enue Service building and continuing with the Social Security Admin-istration and Nevada Department of Correc-tions? as well as some "one-off projects" like private jet hangars at McCarran airport. "As a result of our refined focus on opportunistic strategies," Sher says, "our investment objectives have been re-evaluated allowing the company to pursue a broader range and greater scope of projects. This has helped increase the volume of our business quite a bit. We're more efficient and this office is now a more professional development company." That doesn't mean the handshake intimacy the Molaskys have honed for years is being run out by MBAs wielding sharp pencils. One part of the Molasky mission statement seeks to foster win-win relationships with our employees, business partners, and the community. According to Sher, "Finding a core group of em-ployees that share the integrity, pas-sion and social responsibility that Ir-win Molasky has lived his life by was important for the Molasky Group to grow as an organization." An important consideration is creating good experiences for our employees whereby they can grow professionally while creating a bal-ance between work and life. As Sanders notes, "As a lean organiza-tion we have to sometimes work long hours, but everyone within the orga-nization is committed to achieving our defined goals." The Molasky Group of Com-panies, in fact, strives to stay "lean and mean," Worthington says, with 15 employees in the main office and 100 property managers elsewhere?small num-bers for a corporation of its size. "We want to be able to go through cycles of real estate without resiz-ing the organization," he says. "It's hard to maintain operational characteristics that we have worked on over the years if subordinates go through expansions and contractions. So we like to stay lean and mean. That makes it easy to communicate. You're not just a cog in the wheel around here; you're involved." That involvement very much in-cludes the family, including the four "You're not just a cog in the wheel around here; you're involved." ?Rich Worthington, Molasky Group of Companies Molasky children?Steven, Andrew, Alan and Beth?who are all partners in the company, each having earned a distinguished reputation for strategic land planning and progressive real estate development. And each has his or her own expertise, which adds up to a dynamic portfolio of com-mercial, residential and mixed-use properties that has a great influence not only in Las Vegas, but Southern California as well. Meanwhile, the land develop-ment pioneer himself?Irwin Mo-lasky, continues as chairman of the board. "Irwin is active in everything," says Worthington. "He thrives on that, he loves what he does and he fosters that in his employees, espe-cially me. He inspires us all." Preserving Molasky's legacy is another key component in Worthing-ton's ever increasing role as leader of the Molasky Group of Companies. He breaks it down into two missions: 1. Continue the tradition of creating a lot of great projects throughout the Las Vegas landscape and 2. Preserve the legacy of a pioneering company that will thrive longer after the com-pany founder is gone. That legacy seems to grow by the month, not just in terms of landing major projects but the quality of each of them?thanks to one aspect that will never change. From blueprints to bricks and mortar, the Molasky Group of Companies looks to sus-tain its uncompromising tradition of excellence with a team of topflight personnel, award winning designers and skilled craftsmen. The centerpiece of the "next generation" philosophy will be the Molasky Corporate Center, and this landmark in the making will fea-ture all the things the company does well, from innovative architecture to community-minded growth. The center is be-ing built downtown and will open by mid 2007. This government-certi-fied Leadership in Energy and Environmental De-sign (GREEN) Class A office building is one of only 2 0 0 nationwide and the largest in the western states. Yet another first in Las Vegas real estate development courtesy of Molasky. % The Molasky Corporate Center will be Las Vegas' first Leadership in Energy & Environmental Design (LEED) "GREEN" Class A office building. Certified by the U.S. Green Building Council, this building enjoys a superb downtown location next to the city's 61 acres. Select spaces are available for occupancy Fall 2007, but with 300,000 sq.ft. out of 365,000 sq. ft. already leased, they will go quickly. Another fine project developed by ^MOLASKY GROUP OF COMPANIES 3111 S. Maryland Parkway Las Vegas, Nevada 89109 702.735.0155 CB RICHARD ELLIS For leasing information contact Brad Peterson, Randy Broadhead, Darren Lemmon at 369-4800. 4I0LLUW00D ^ ^ought Andrew Molasky has long been involved in Las Vegas real estate development, he has now turned his attention towards the entertainment industry via a partnership called Stone Village Pictures. The partnership has produced the award-winning NBC TV series "Las Vegas," the motion picture "The Human Stain" starring Nicole Kidman and Anthony Hopkins, an HBO movie based on Pulitzer Prize-winning novel "Empire Falls," starring Paul Newman and Helen Hunt and which was awarded an Emmy, a remake of Akira Kurosawa's 1952 classic "Ikiru" with DreamWorks studio, and a movie based on the Pulitzer Prize-winning novel "Love in the Time of Cholera" by Gabriel Garcia Marquez to be directed by Mike Newell. Andrew just returned from London where he is producing a film entitled 'Penelope' starring Academy Award winner Reese Witherspoon and Christina Ricci. Andrew's daughter Sarah is a performer in LeReve at Wynn Las Vegas. Excellence = Molasky Corporate Center With what professional group are you most involved? What's your proudest moment? What do you collect? What's your biggest challenge? What's your favorite book, CD or movie? From the executives at The Molasky Group of Companies Rich: Becoming a father to a lovely little girl Suzanne: There are many but they all seem to revolve around my children's accomplishments Brad: When I was acknowledged as the top graduating student and Student of the Year by the USC Business School and seeing my parent's pride?I will never forget that day Tony: The birth of my son Pam: Being the only child of seven to graduate from college, then receiving my CPA certification Jeff: Opening my P.O. box and finding the letter of acceptance into the University of Washington business school Rich: Finding a great piece of dirt that I can afford for my next deal Suzanne: Achieving and maintaining balance in my life Brad: Keeping my work space organized Tony: Time management Pam: Continuing to find the balance between work and family Jeff: Learning that processes take time?Rome wasn't built in a day Rich: Young President's Organization (YPO) Suzanne: USGBC, APA, ULI and NAIOP Brad: Financial Executives International Tony: AGC Pam: Institute of Management Accountants Jeff: NAIOP Rich: Wine Suzanne: Demitasse cups Brad: Credit card statements Tony: Memories Pam: I have a passion for scrapbooking Jeff: Ticket stubs, room keys, matchbooks from anyplace I travel Rich: Anything Clancy Suzanne: Something's Gotta Give Brad: The Three Musketeers Tony: Omega Man Pam: The American President Jeff: The Last Samurai Molasky Corporate Center Secures $96 Million Loan Two powerhouses come together to build city's first LEED building It's going to take a lot of green to build the city's first green build-ing. To that end, the Molasky Group of Companies has secured $96 million in financing from Wells Fargo for the construction of the Molasky Corporate Center in downtown Las Vegas. "Our finance team?Brad Sher, Christina Natale and Pam Capko? really knocked this one out of the park," says company president Rich Marnell Corrao Associates has earned recognition for developing some of the world's most luxurious and notable landmarks. Its clients include Boyd Gaming, Harrah's En-tertainment, Wynn Design and De-velopment and MGM Mirage. The company has also embarked in a new direction with the creation of Mar-nell Properties focusing primarily on the office, retail, and flex/distribution real estate market. important projects," says Tony Mar-nell. Molasky Corporate Center will earn the U.S. Green Building Coun-cil's Leadership in Energy and Envi-ronmental Design (LEED) silver cer-tification. The 16-story building will create 265,000 square feet of office space and 2 0 , 0 0 0 square feet of retail at the corner of Grand Central and City Parkway. Howard F. Thompson &c Associ- The Molasky Corporate Center goes vertical at the corner of Grand Central and City Parkway across from the new IRS Office Building and next to the city's 61 Acres. Worthington. "They worked very hard looking at deals and making the numbers work so we can get this project vertical." Best known for high-end turnkey design-build services to clients in the entertainment/hospitality industry, Marnell Corrao Associates has been tapped by the Molasky Group of Companies as general contractor for the Molasky Corporate Center. This is not the first time the two powerhouses of development have come together. In 1985 they teamed up to bring La Costa Hotel and Spa to the San Diego area. "We are once again proud to have been chosen as General Contractor to build another important Molasky project. Our re-lationship now extends over 2 8 years and we continually strive to achieve the Molasky Group's goals in these ates is the architect. Tony Sibella is the project manager for the Molasky Group. CB Richard Ellis and Burn-ham Realty have the listing and the Southern Nevada Water Authority is the anchor tenant. If you have questions about any of our properties or are interested in discussing a development opportunity, contact Rich Worthington, President of The Molasky Group of Companies at 702-735-0155 or via e-mail: Bradley Sher Vice President of Finance VP of Finance doesn't just crunch numbers? Brad Sher helps fuel Companies' rapid growth As Vice President of Finance, Bradley Sher can be mistak-enly viewed as just a number cruncher... this could not be further from the truth. According to Irwin Molasky, "Brad is the best I have seen at evaluating and modeling complex business opportunities; we depend upon his keen insights and strategy." For the past eight years, Sher has helped fuel the growth of the Mo-lasky Group of Companies in times of challenging markets, rising inter-est rates and skyrocketing costs with his ability to zoom in on complex fi-nancial data and deftly interpret the information. His knowledge of advanced busi-ness economics is coupled with solid relationships at a broad band of lend-ing institutions and private inves-tors, allowing the company to make strategic business decisions. Rich Worthington notes, "Sher is involved in all aspects of the company's devel-opment business, from initial project conception, through completion and asset management." "I enjoy working on a broad range of projects," Sher says, "and aggressively managing the ability to extract greater value from our exist-ing real estate portfolio." It was Sher who wrote the financing memorandum that helped secure the financing for Park Towers, the luxury condominium property credited with starting the high rise craze that has swept the Las Vegas market. Sher says, "At the time, obtaining funding for the next generation of vertical living in Las Vegas was no easy task. Market demand was, as yet, undefined and scarcity of available, buildable land was not yet considered a problem." Since Park Towers, Sher has led the negotiation for financing hun-dreds of millions of dollars of new projects in Las Vegas. He has also helped the company forge public-pri-vate partnerships that led to the cre-ation of the IRS building downtown, the Social Security Administration building, Casa Grande re-entry facil-ity and the Molasky Corporate Cen-ter, which will be the city's first LEED (GREEN) Class A office tower. When asked about his success with the company, Sher notes "I am successful because of the team we have assembled. Everyone at every level of the organization works dili-gently to help deliver projects that are feasible and that the company can be proud of." Sher is involved in Financial Ex-ecutives International (FEI), a presti-gious group of sharp executives who handle the finance, strategy and ac-counting issues for Las Vegas' larg-est firms. On a personal note, Brad has a 16-month old daughter who is named Sydney, after the Austra-lian city where Brad met his wife, Glenda, who moved to the States from Ireland to marry Brad in 2002. When asked about Sydney, Sher just smiles and says "Glenda and I are so blessed." So when is a little brother or sister coming? Sher says, "Stay tuned!" #