Two years after redeveloping Sahara Square, Laurich Properties and the Molasky Companies give Park Place a new life.

(Las Vegas, NV) -- Laurich Properties Inc. and the Molasky Companies are beginning its second shopping center redevelopment with Park Place Shopping Center, a 100,000 square-foot shopping center situated on the southwest corner of Twain and Maryland Parkway. Located in unincorporated Clark County, the estimated project value for this revitalization effort is $16 million.

"Redevelopment projects provide a wealth of benefits for the community," said Hank Gordon, Laurich Properties president. "A redeveloped area brings additional goods and services, more appealing aesthetics, better parking and upgraded parking lot lighting. As a result of this project, a much-needed County park will be built next to the center."

Expected to open for business in November 2001, tenants are currently in the negotiation process, with the exception of Von's grocery market and fuel center. Utilizing a 60,000 square-foot area of the old Mervyn's store, Von's has already signed on to be the main tenant. This new store will replace the existing 28-year-old Von's, which contains 32,000 square feet. Von's will also be installing their new prototype fuel center on the corner.

Built 28 years ago on the land parcel owned by Irwin Molasky, the project includes redeveloping 7.1 acres of the original 16 acres and selling the remaining 8.9 acres to Clark County for a park. Demolition of the existing shopping center will begin in the next sixty days.

Laurich Properties and the Molasky Companies redeveloped the Sahara Square shopping center located on the southwest corner of Maryland Parkway and East Sahara Avenue in 1999. Sahara Square, originally built in 1967, underwent a $21 million redevelopment that successfully attracted new retailers into the valley's major retail corridors. The two companies also redeveloped the old Lucky market at the corner of Maryland Parkway and Karen into a 32,000 square foot MARS music store that is the largest music store in Nevada.

Gordon is an advocate for creating a Redevelopment Agency in Clark County because it will refurbish existing neighborhoods, eliminate blight and allow new goods and services into an area that may become depressed. In addition, redevelopment creates a healthier tax base. The cities of Henderson, Las Vegas, Boulder City and North Las Vegas all have their own redevelopment agencies, but Clark County does not. "We are optimistic that someday soon the County will form a Redevelopment Agency," Gordon said. "Sahara Square is a perfect example of how a renewed area increases land value and provides a wealth of new services for the community. We expect Park Place to offer these same benefits."

Wells Fargo Bank will provide the construction financing. The project architect is Perlman Architects, Inc. and the exclusive leasing agent is Keith Bassett of Realty Holdings Group. GC Wallace is the civil engineer.

With more than four-million-square-feet of retail space in southern Nevada, Laurich Properties, Inc. is the largest Las Vegas-based shopping center developer. Since 1990, Laurich Properties has been responsible for more than two-dozen neighborhood and power shopping centers in the Las Vegas area. For more information about Laurich Properties, Inc., visit their website at www.laurichproperties.com or call 702.220.4500.