Executive Profile - February 2007

Lance Bradford

Development by the Numbers

by Tiffannie Bond

As a baseball player for the University of Nevada, Reno in the 1980s, Lance Bradford didn’t think he would be where he is today – owner of L.L. Bradford and Co. CPAs and director of Stable Development.

Bradford moved to Las Vegas in 1992 and opened L.L. Bradford and Co. CPAs. Stable Development, which celebrates its first year of business this month, was a happy accident for Bradford. A five-year stint with Vestin Mortgage introduced him to commercial and industrial real estate and land development, which added to his interest in this business.

He resigned from Vestin Mortgage in 2005 to facilitate his own personal development. Stable Development combines two of Bradford’s professional interests, development and finance.

“One of my goals with Stable Development was to determine the primary reasons why growing companies were leasing their buildings rather than owning their buildings,” Bradford said. “And then try to find the solutions.”

Capitalization, the “fear factor” of constructing a building, lack of development knowledge and time are the main reasons Bradford identified to explain why growing companies were leasing instead of owning. He then set out to solve these problems by forming partnerships with growing companies to develop and construct buildings to fit each company’s unique needs. Instead of paying rent, and never seeing a return on the investment, business owners can redirect these funds into an appreciable real estate asset.

As a certified public accountant, Bradford has a unique advantage in the development business, he said. “We are going to own the building together forever unless we decide to sell it,” Bradford explained. “We have the ability to provide advice from a CPA’s perspective. It’s very seldom when you sit with a developer and they give you tax considerations that go along with [your development].”

Constructing a building is a choice for growth, Bradford said. Members of the staff at Stable Development also advise business owners about other aspects of growing their businesses, adding employees or formulating projections.

Although undeveloped land is becoming an increasingly scarce commodity, Bradford is presently unconcerned. According to Bradford, aside from being much easier to find than several individual small parcels, the larger piece of land, with its potential for common areas and shared utilities, can result in substantial cost-savings for the development’s owners. “It’s easier to find larger parcels, say five acres or larger, than a one-acre piece,” Bradford added. “We find four or five groups for one spot, and our clients are happy because they don’t have to do that much.”

Near the corner of Sunset Road and the Las Vegas Beltway, Bradford found a 17-acre parcel where nine buildings will eventually be constructed. A typical project, according to Bradford, requires about two years from initiation to completion.

Since Stable Development is a partner in each project, Bradford and his associates, including Chief Operating Officer Kale Flagg, conduct an intense interview and screening process prior to selecting companies with which to partner. In addition to verifying a firm’s corporate finances, they also carefully examine the personal character of each principal responsible for operating that business.

Stable Development finished 2006 with $125 million in development. The goal is nearly $250 million in development for 2007. “They’re all great years,” Bradford said, from his office with the view. “We work hard, and we have fun.”

Tiffannie Bond
Tiffannie Bond is a freelance writer based in Southern Nevada.