McCormack Baron Salazar
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| Private | |
| Industry |
Real estate development Financial Services Real Estate Management Community development Property investment Urban planning Urban design |
| Founded | 1973 |
| Headquarters | St. Louis, MO |
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Key people
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Richard Baron, co-founder Terry McCormack , co-founder |
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Number of employees
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435 (2011) |
| Website | www |
McCormack Baron Salazar is a U.S. real estate development firm specializing in economically integrated urban neighborhoods with more than $2.45 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 residential clean power programs. Based in St. Louis, Missouri, McCormack Baron Salazar was ranked by Affordable Finance Magazine in 2011 among the top five affordable housing owners in the country.
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. 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. 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 joined the firm and in 2003, he became president of West Coast operations rebranding the firm McCormack Baron Salazar.
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. Since that time, McCormack Baron Salazar has developed and manages more than 7,000 apartments in 29 HOPE VI developments. 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 and for the Iberville/Treme project in New Orleans. 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. 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. 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.
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 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.
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Wikipedia