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LAS VEGAS — The Molasky Group is developing a string of properties that will bring new rental units, retail spaces and hotel keys to multiple markets.
The company broke ground on four developments in the past twenty-four months in Portland, Seattle and Los Angeles and will soon embark on a redevelopment of a historic series of buildings in Jacksonville, Florida.
“Our company is actively in development on projects from the Pacific Northwest to the Gulf Coast,” says Rich Worthington, president and chief executive officer of The Molasky Group of Companies. “Some are design-builds that came online relatively quickly; others have been in the works for several years. Regardless of the circumstance, our company and partners are committed to more than $450M in construction.”
The Molasky Group has been in business for more than 65 years and is best known for building many of modern Las Vegas’s construction firsts – master-planned community, apartments, hospital, enclosed mall and office tower. These accomplishments set the stage for the Molasky Group to work on a national level, building large-scale projects for the federal government including six field offices for the FBI and projects for the IRS, Social Security Administration, National Archives and Records Administration and Veterans Affairs.
The company has gradually increased its presence in private sector work, especially multifamily, as a purposeful strategy to complement its prolific public-private-partnership portfolio.
In June, Sky 3 (http://www.sky3pdx.com/) became the company’s first project to come on-line with 194 units and 15,000 square feet of retail in downtown Portland, Oregon. Sky 3 adds values to the urban core by offering efficient units and high-quality amenities in a sustainable environment. Ground floor retail includes local coffee roaster Coava and online retailer Amazon is opening a package delivery and drop-off concept specific to universities as Portland State University is within walking distance.
Several blocks away, the company, along with local partner Langley Investment Properties, is putting the finishing touches on North Hollow. The 121-unit 6-story multi-family complex complements Portland’s charming Goose Hollow neighborhood.
The Harrison (http://www.harrisonglendale.com/) will come online in by the end of 2017 bringing 164 units to the Los Angeles submarket of Glendale. Sustainable design with a 15,000 square foot CVS Pharmacy on the ground floor that includes a drive-thru prescription drop-off and pick-up lane. Sustainably designed with a look and style to meet the sophisticated demands of the LA market, The Harrison offers a mix of studio, 1 and 2 bedroom units with high-grade resort-inspired amenities.
Currently under construction in the Belltown district of Seattle by joint venture development partners The Molasky Group + Binjiang Tower Corp. is Arrivé (http://arriveseattle.com/). When it opens in 2019, the 41-story building will be one of the first for-rent mixed-use properties in downtown Seattle with ground-level retail, an upscale hotel, well-amenitized apartments and secure below grade parking. It is adjacent to the landmark Seattle Cinerama on 4th Avenue and only two blocks from Amazon’s three million square foot headquarters. Formerly known as Potala Tower, the property was revitalized by a substantial new investment by the joint venture development partners, as well as a recommitment of EB5 investor capital. The general contractor is Denver, CO-based PCL, the sixth largest contractor in the United States. The architect is Weber Thompson, Seattle’s most notable architectural firm. The Los Angeles office of Hirsch Bedner Associates (HBA), the world leader in interior design, is creating the signature decor at Arrivé.
The Molasky Group and SouthEast Development Group are restoring downtown Jacksonville’s historic Barnett Building and the Laura Street Trio structures. Architect Edward H. Glidden designed the oldest of the three buildings in the Classical Revival style. The Bisbee Building was constructed between 1908 and 1909, and it was designed by prominent Jacksonville architect Henry J. Klutho in a Chicago School-influenced Prairie Style. The third structure, The Florida Life Building, was also designed by Klutho, between 1911 and 1912.
The deal moved forward when the Jacksonville City Council approved $9.8M in economic incentives. Molasky and SouthEast plan a total of $78 million work of work to build apartments, restaurants, a bank, hotel and bodega market. The developers would also build an adjacent parking garage. The Trio structures, comprising the Florida Life Building, the Bisbee Building, and the old Marble Bank Building, include about 72,000 square feet of general office space and 10,000 square feet of commercial and retail space. Plans include a Courtyard by Marriott hotel, bodega market, café, restaurant, rooftop bar and retail office space. The Barnett Bank building will be converted into 50,000 square feet of office space and 100+ apartments. A 550-space, $11 million parking garage also is part of the project and will be built by the developers on property the city owns at Adams and Laura streets.
About the Molasky Group
The Molasky Group of Companies is one of the most prolific real estate development and property management companies in the United States. For more than 65 years, the company has created an impressive and highly marketable portfolio of office, commercial, multi-family, retail, healthcare, aviation, law-enforcement and correctional properties. The Molasky Group has significant experience with Public-Private Partnerships on large-scale build-to-suit projects for federal, state and local agencies. And, it is a market leader in sustainable construction building seven LEED Gold, three LEED Silver and two LEED Certified large-scale properties across the United States. The Molasky Group is based in Southern Nevada and has offices in Atlanta, Georgia and Portland, Oregon. For more information visit http://molaskyco.com/