Our Development Partner

McCormack Baron Salazar, Inc.
Statement of Qualifications and Experience

McCormack Baron Salazar (formerly McCormack Baron & Associates, Inc.) was incorporated in 1973 and has distinguished itself as the leading for-profit residential development and management company committed exclusively to urban neighborhoods. It is often called upon by cities and local agencies to
provide housing opportunities in difficult to develop areas. The firm has moved from developing residential buildings (both historic rehab and new construction) during its early years to creating affordable urban neighborhoods through multi-block, mixed income projects. The more recent projects often evolve from extensive community planning exercises which produce a comprehensive plan to
create new and attractive urban neighborhoods. The larger scale residential projects often stimulate new private investment in the community, either by single-family homebuyers or by retail and commercial businesses.

In the past twenty-eight years, the company has completed eighty-seven (87) projects with development costs in excess of $1.1 billion. It has developed over 10,000 housing units and one million square feet of commercial space. After an earthquake severely damaged housing in sections of southern California in
the mid-1990s, McCormack Baron Salazar began its west coast operations opening an office in Los Angeles. Since 1995, the firm has closed on 1,260 units in California with total development costs in excess of $170 million.

McCormack Baron Salazar has extensive experience in the adaptive reuse and rehabilitation of historic structures and the integration of new construction into urban historic districts. The firm has developed 2,515 units of residential housing and 769,000 square feet of retail/commercial space in historic districts.

The company’s has been extensively involved with HUD’s public housing “mixed-finance” program dating back to early 1994 when it proposed the idea to then HUD Secretary Henry Cisneros. The first two demonstration projects closed in the Spring of 1996, and were both McCormack Baron Salazar developments, Centennial Place in Atlanta and Murphy Park in St. Louis. Both Centennial Place and Murphy Park were mixed-income developments requiring the physical transformation of two severely distressed public housing sites, including two significant educational initiatives with adjoining schools, welfare-to-work programs with returning residents, and a variety of new social service providers serving
the new communities. The two developments offer excellent examples of public housing transformation. Since 1996, McCormack Baron has closed seventeen (17) phases of HOPE VI developments in eight cities involving over 2,457 units and $328 million in total development costs. To date, 1,775 units have been completed and 682 units are under construction.

McCormack Baron Salazar developments are also characterized by a blend of financing sources -- both public and private. Its financing techniques incorporate a variety of funding approaches utilizing federal programs where available, tax-exempt financing, conventional loans, pension funds, foundation loans
and grants, and equity from the private sector. During the course of its development activities in local communities, the firm has successfully created relationships with local government, the private sector, community-based organizations, and foundations.

The foundation community has seen value in many McCormack Baron Salazar projects. To date, such foundations including Ford, Pittsburgh, Heinz, Mellon, Hall Family (Hallmark), Cleveland, Gund, Danforth, as well as other corporate funds have invested approximately $50 million

McCormack Baron Salazar Philosophy

Mission Statement: “McCormack Baron Salazar is a fully integrated, for-profit real estate development and management company, dedicated to the production and preservation of affordable housing of the highest quality in urban areas. Investor values and neighborhood stability and growth are created through innovative public-private partnerships, superior property management that is responsive to our residents, and the efforts of our skilled and dedicated employees.”

With this as a beginning premise, McCormack Baron Salazar has found that the redevelopment process is best served by creating strong relationships with cities as well as with neighbors or neighborhood groups to learn their goals, needs, and expectations with respect to new housing within their community.Developments frequently involve partnerships with community groups, local government, and
foundations. In nearly all instances, conventional development techniques are inappropriate for urban neighborhoods, and a joint venture with a non-profit organization or community development corporation creates a quality development that contributes to both neighborhood stability and city growth.

Dedicated to its belief in a strong program of property management and the lasting impact it has on the success of its neighborhoods, since its inception, McCormack Baron Salazar has managed its developments through its affiliate, McCormack Baron Management Services, Inc.