Molasky gets go-ahead to build 2 office buildings in Symphony Park
Symphony Park is one step closer to securing its first private, tax-paying company.
Plans to add over 250,000 square feet of office space to Symphony Park in downtown Las Vegas progressed Wednesday when the City Council unanimously approved the land sale to PH Symphony Park LLC.
The development company — owned by Molasky Group of Cos. Chairman and Las Vegas developer Irwin Molasky — plans to build two office buildings and an 800-space parking garage on nearly 6 acres of park property across the street from the Molasky Corporate Center.
A spokesman for Molasky could not be reached for comment Wednesday night.
"Irwin has a proven track record as a game-changing developer in our community. I'm looking forward to what this means for the future of Symphony Park," Mayor Carolyn Goodman said in a statement.
The prominent building company plans to pay taxes on the building regardless of which government entity moves in, potentially making Molasky Symphony Park's first tax-paying tenant since opening in 2010.
Only the nonprofits Smith Center for the Performing Arts, Discovery Children's Museum and Lou Ruvo Center for Brain Health have landed at the park since it was opened for business.
Three casinos, 1,800 residential units and 257,000 square feet of retail space were promised by developers before the city decided to pour around $100 million worth of infrastructure improvements and environmental remediation into the 61-acre former Union Pacific railroad yard.
The parcel's sale price was $7,340,000. The city entered into negotiations with the group in September.
The project hinges on the company luring the state's Department of Business and Industry to move into the building. The agency has been searching for a new office since August 2014.
The department declined to comment for this story.
One of the buildings, or about 140,000 square feet of the office space, will be dedicated to the state office. The company has until Feb. 26 to submit its lease proposal to the department.
That building is expected to be finished by June 2018. The second building and parking garage have five years from the close of escrow to be finished.
Contact Colton Lochhead at clochhead@reviewjournal.com or 702-383-4638. Find him on Twitter: @ColtonLochhead
