Stephen Cloobeck and Steven Molasky, both developers, have now formed a partnership that will specialize in developing condominium homes on or close to the Las Vegas strip. The first project was announced Thursday, which will involve building up to 600 condominiums at Station Casinos' Red Rock Resort in Summerlin. It is projected that it will take the next six to nine months and opens the property by late 2007 or early 2008; price for the complexes is projected at $925 million.
Station Casino's executives wouldn't disclose the names of other competing developers. It seems that these partners are in for the running, and looking for other sites for condo construction, but no deals have been put on paper, and signed. At the moment Station Casinos seems like a go.
The partnership will be called Cloobeck Molasky Partners LLC. This partnership has been in the works for several months, created for the independent opportunity at Red Rock Resort. Cloobeck and Molasky have discussed the partnership for at least half a year now.
Cloobeck, a time share developer, left the business in 2003 when Marriott's time share unit bought his operating company. Its new time share development near the Las Vegas Strip is called The Chateau. Cloobeck, now the chief executive of Diamond Resorts, built and still manages the nearby Polo Towers time shares. As part of the deal with Marriott, he receives a percentage of business through Marriott time shares in Las Vegas. Molasky is the son of pioneering condo developer Irwin Molasky, he has developed condo units in Las Vegas and condo towers in California and Colorado.
The pair, who have known each other for over a decade, are now going to finally be partners. They have responded to a request for an offer, which was commenced by Station Casinos. They said their condo request bordered out residential home builders trying to enter the market in Las Vegas.
Potential sites include; Sunset Station, Durango Station, Las Vegas Beltway, and Wild Wild West. Durango Station is located at Durango Drive, and Wild Wild West, a casino and motel is ready for redevelopment. These are the potential sites of other new homes. |
