McCormack Baron Salazar explained

McCormack Baron Salazar, LLC
Type:Private
Industry:Real estate development
Financial services
Real estate management
Community development
Property investment
Urban planning
Urban design
Key People:Richard Baron, co-founder
Terry McCormack, co-founder
Num Employees:931 (2019)
Location:St. Louis, MO

McCormack Baron Salazar is an American real estate development firm based in St. Louis, Missouri specializing in economically integrated urban neighborhoods[1] with more than $4.23 billion invested in affordable and mixed-income housing projects. McCormack Baron Salazar provides development as well as ongoing property management services, development financing and tax credit services, and asset management services.

History

McCormack Baron & Associates was founded in 1973 by Richard Baron, a public interest and civil rights attorney representing public housing tenants in St. Louis and Terrence "Terry" McCormack, former homebuilder and consultant to labor unions who were interested in developing elderly housing for union members. Baron was representing tenants in a public housing rent strike and McCormack was working with the local Teamsters as part of a coalition called in to help resolve the conflict.[2]

McCormack and Baron saw the opportunity of redeveloping inner city neighborhoods. In contrast to large-scale urban renewal projects, early McCormack Baron developments focused on small, single site, mixed income rental properties with access to schools, services and local economic opportunities for residents.[3]

Terry McCormack died in 1981 the same year his son Kevin, who was a vice president of a New York bank, joined the firm. In 1985 Tony Salazar[4] joined the firm and in 2003, he became president of West Coast operations rebranding the firm McCormack Baron Salazar.[5]

McCormack Baron Salazar developed a mixed finance, mixed income approach to urban revitalization and their early projects served as a model for the U.S. Department of Housing and Urban Development HOPE VI program. McCormack Baron Salazar developed the first HUD Hope VI pilot project at Centennial Place in Atlanta, GA.[6] Since that time, McCormack Baron Salazar has developed and manages more than 7,000 apartments in 29 HOPE VI developments.[7]

In 2010 the Hope VI program was revamped as the "Choice Neighborhoods" program. McCormack Baron Salazar was awarded two of the first Choice Neighborhood implementation grants for the Eastern Bayview project in San Francisco [8] and for the Iberville/Treme project in New Orleans.[9]

In 2009 McCormack Baron Salazar created the Sunwheel Energy Partners subsidiary to provide solar energy programs linked to affordable housing and urban development. Sunwheel installs solar panels on public, affordable and mixed income housing developments to help lower energy costs.[10] The firm uses the federal New Markets Tax Credit Program to bring renewable energy components to affordable housing communities in St. Louis, New Orleans, Memphis and various cities in California.[11] According to the Journal of Tax Credits, 2600 solar panels installed by McCormack Baron saved the St. Louis Housing Authority $40,000 a year in energy savings.[12]

In 2010, the Urban Investment Group of the bank Goldman Sachs purchased a stake in McCormack Baron Salazar adding two Goldman representatives to the company's board. Goldman Sachs had been an investment partner[13] with McCormack Baron in the re-development of The C.J. Peete public housing site in New Orleans' which had been destroyed by Hurricane Katrina.[14]

Developments

Between 1973 and 2018 McCormack Baron Salazar developed more than 21,000 homes and 1.4 million square feet of commercial space across 197 developments in 46 cities and 22 states, DC, Puerto Rico and the USVI. Community development projects include 37 HOPE VI and Choice Neighborhood developments creating more than 10,500 mixed-income homes. McCormack Baron Salazar has conducted historic rehabilitation of more than 2,000 housing units and nearly 1 millions square feet of historic commercial space.[15]

In 2011 McCormack Baron Salazar became the first ever real estate developer to certify two completed LEED-Neighborhood Developments from the U.S. Green Building Council.[16] McCormack Baron Salazar has a total of five certified LEED neighborhoods, 1 LEED Platinum certified school, 758 LEED certified homes, 26 Enterprise Green Community Criteria sites and 3 HUD Green Community Sites.[17] McCormack Baron Salazar communities have been highlighted as examples of New Urbanism for integrating employment, services and other Urban Design components including transit oriented development and solar power energy programs.[18] McCormack Baron Salazar has 28 solar installation sites providing clean power to communities with more than 3,300 homes.[19]

The McCormack Baron Salazar development portfolio includes:

See also

Further reading

External links

Notes and References

  1. http://www.housingfinance.com/ahf/articles/2009/apr-may/ahf-top-50/AHF50-developers.pdf Top 50 Affordable Housing Developers
  2. http://www.pruittigoenow.org/wp-content/uploads/2011/10/HUD-Pruitt-Igoe-Final-Environmental-Impact-01.pdf&usg=AFQjCNEihKhTRyy76aVhJ51knSg99nlxag HUD Pruitt homes & Igoe apartments
  3. http://www.oberlin.edu/alummag/oamcurrent/oam_august99/rebuilding.html Rebuilding a Neighborhood – Inside and Out
  4. http://investing.businessweek.com/research/stocks/people/person.asp?personId=695258&ticker=CNDL:US&previousCapId=4523085&previousTitle=National%20Council%20Of%20La%20Raza%2C%20Inc. Tony Salazar Executive Profile
  5. http://www.uli.org/News/PressReleases/Archives/2004/2004PressReleases/Building%20A%20Better%20Way%20of%20Life%20in%20Inner-City%20Neighborhoods%20Nationally%20Acclaimed%20Mixed-Income%20Housing%20Developer%20Richard%20D%20Baron%20is%202004%20Laureate%20of%20the%20Urban%20Land%20Institute%20JC%20Nichols%20Prize.aspx Building a Better Way of Life in Inner-City Neighborhoods
  6. http://www.brookings.edu/metro/pubs/AtlantaCaseStudy.pdf HOPE VI and Mixed-Finance Redevelopments: A Catalyst for Neighborhood Renewal
  7. https://www.govinfo.gov/content/pkg/CHRG-112shrg75713/html/CHRG-112shrg75713.htm PREPARED STATEMENT OF SANDRA HENRIQUEZ, Assistant Secretary for Public and Indian Housing, Department of Housing and Urban Development
  8. http://portal.hud.gov/hudportal/HUD?src=/program_offices/public_indian_housing/programs/ph/cn/fy10funding FY10 NOFA/Funding Information
  9. http://portal.hud.gov/hudportal/documents/huddoc?id=CNFY2010-2011.pdf Choice Neighborhoods Project Summary
  10. http://www.bizjournals.com/stlouis/stories/2009/07/13/daily47.html McCormack Baron forms energy firm
  11. http://www.bizjournals.com/stlouis/stories/2009/11/09/story8.html McCormack Baron to use tax credits for solar power
  12. http://www.slha.org/wp-content/uploads/2011/11/novogradac_jtc_2011-11_hud_pg42_with_cover.pdf St. Louis Housing Authority installs more than 2600 solar panels
  13. http://www.pr-inside.com/mccormack-baron-salazar-goldman-sachs-r1881382.htm McCormack Baron Salazar/ Goldman Sachs Urban Investment Group strategic partnership on rebuilding urban America
  14. http://www.bizjournals.com/stlouis/stories/2010/05/17/story6.html Goldman Sachs buys stake in McCormack Baron Salazar
  15. https://gulfcoastinterfaith.org/wp-content/uploads/sites/5/2016/12/Affordable-Rental-Housing-Development-in-the-For-Profit-Sector_A-Case-Study-of-McCormack-Baron-Salazar-Bratt-Joint-Center-for-Housing-Studies-of-Harvard-University-March_-2016.pdf Affordable Rental Housing Development in the For-Profit Sector: A Case Study of McCormack Baron Salazar
  16. http://www.multihousingnews.com/featured-content/mccormack-baron-salazar-gains-two-leed-nd-certifications-2/1004034583.html McCormack Baron Salazar gains two LEED neighborhood certifications
  17. https://www.usgbc.org/organizations/mccormack-baron-salazar McCormack Baron Salazar profile
  18. http://www.metroplanning.org/uploads/cms/documents/startingoverturbov.pdf Public Housing Transformation Projects that Build Healthy Communities
  19. https://www.jchs.harvard.edu/sites/default/files/bratt_mbs_feb_2016_final.pdf, Bratt
  20. http://www.bedfordhillapts.com/ Bedford Hill Apartments, Pittsburgh, PA
  21. http://www.hollywoodhousing.org/carltoncourt.htm Carlton Court Apartments
  22. http://mccormackbaron.com/component/sobi2/?sobi2Task=sobi2Details&catid=2&sobi2Id=63 Centennial Villa Apartments
  23. http://www.ibjonline.com/print_east_stlouis_emerson_park.html East St. Louis’ Emerson Park neighborhood
  24. http://www.azcentral.com/arizonarepublic/business/articles/0619talton19.html Hopes are soaring for *Henson Village
  25. https://archive.today/20120714053104/http://mccormackbaron.com/component/sobi2/?sobi2Task=sobi2Details&catid=2&sobi2Id=30 Horace Mann Apartments
  26. https://archive.today/20120720130950/http://mccormackbaron.com/component/sobi2/?sobi2Task=sobi2Details&catid=2&sobi2Id=77 Irvine Inn Apartments
  27. http://www.jcha-gov.us/Sites/LafayetteVillage.aspx Lafayette Village
  28. http://www.memphisdailynews.com/editorial/ArticleEmail.aspx?id=39148 City Celebrates Launch of Legends Park
  29. https://archive.today/20120711180054/http://mccormackbaron.com/component/sobi2/?sobi2Task=sobi2Details&catid=2&sobi2Id=36 Lexington Village Apartments
  30. http://mccormackbaron.com/component/sobi2/?sobi2Task=sobi2Details&catid=2&sobi2Id=133 Gardens at Renaissance Place
  31. http://blog.cleveland.com/cribnotes/2009/04/tremont_pointe_among_affordabl.html Tremont Pointe among affordable housing projects lauded for design
  32. https://archive.today/20120708124005/http://gleh.org/about-gleh/our-buildings/triangle-square-hollywood Triangle Square
  33. http://www.multihousingnews.com/news/south/architecture-inc-celebrates-leed-nd-certification-of-university-place-in-memphis/1004034759.html Architecture Inc. Celebrating LEED-ND certification of University Place

    • Transforming Public Housing
    , Missourian, October 19, 2005.

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