Pacific sells Altessa to pay debt, regain contracting license

Developer Steven Molasky of Las Vegas-based Pacific Contractors will have his contracting license reinstated if all goes well with the pending sale of the financially troubled Altessa condo project, a spokesman for the Nevada State Contractors Board said Wednesday.

Pacific owes subcontractors and vendors about $1.2 million and failed to provide company financial statements to the board in October, when the license was summarily revoked.

In February, local developer Irwin Molasky, Steven's father, put $1.3 million in escrow with Nevada Title Co. and formed Asset L.A. to negotiate the purchase of the project with U.S. Bank.

The license reinstatement is contingent upon the sale of the 180-unit Altessa condos to Asset L.A., board spokesman Art Nadler said. Molasky is the lone bidder on the project.

Within one week of the sale, all money must be released from escrow to pay subcontractors and a "construction control" account must be set up for vendors and suppliers, he added.

Nadler said all but three of the 67 subcontractors are in agreement with what they're owed.

A final condition is the indemnification of PH Homestead LLC, Irwin Molasky's holding company, along with current financial statements to be received by the board.

Pacific attorney John Naylor said Irwin Molasky is willing to be the indemnitor for Altessa and any future Pacific projects.

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