McCormack Baron Salazar looks back on an exciting 2012
2012 was an exciting year for the McCormack Baron Salazar family of companies. We began construction of communities in two new states (Oklahoma and North Carolina), we expanded our management services, and we reaffirmed our commitment to existing communities. We are pleased to share our many accomplishments of 2012.
The achievements listed below would not have been possible without the dedication of our employees, partners, and residents. Thank you for all the hard work that makes the dream of home into reality for families across the country.
McCormack Baron Salazar celebrated the following groundbreakings and grand openings of communities across the country:
Groundbreakings
Better Family Life Cultural and Educational Center, Saint Louis, Missouri
Mission Plaza Apartments, Los Angeles, California
West Park Apartments, Tulsa, Oklahoma – A Green Community!
Legends Park North, Memphis, Tennessee – A Green Community!
Southside East, Durham, North Carolina – A Green Community!
Grand Openings
Oakland Heights, Kansas City, Missouri – A Green Community!
North Sarah Phase I, Saint Louis, Missouri – A Green Community!
MacArthur Park Phase A, Los Angeles, California
Arlington Grove, Saint Louis, Missouri – A Green Community!
Legends Park West, Memphis, Tennessee – A Green Community!
Marrero Commons, New Orleans, LA
In addition, we were part of the team that received a $29.8 million 2012 Choice Neighborhoods Initiative Implementation grant from HUD for a community in San Antonio, Texas. Arlington Grove and North Sarah were honored by the Mayor of St. Louis with the 2012 Developments of the Year award. And, our LEED Platinum School, Crossroads College Preparatory School, received the U.S. Green Ribbon School Award from the White House.
MBS Urban Initiatives CDE provided New Markets Tax Credit Financing for the following programs and developments:
Better Family Life Cultural and Educational Center, Saint Louis, Missouri
St. Louis Food Hub, Saint Louis, Missouri
BJC Administration Building in Cortex, Saint Louis, Missouri
Educational Alliance, New York, New York
McCormack Baron Asset Management continued to pursue its acquisition strategy in the Salt Lake City area while providing services for almost 30,000 apartments across the country. Recognizing significant opportunities to improve performance in the McCormack Baron Salazar-developed portfolio, McCormack Baron Asset Management successfully refinanced 8 projects, with another 8-10 applications in process and another dozen under evaluation for refinance. The team also evaluated other metro areas to target for acquisitions.
McCormack Baron Ragan Management Services expanded their portfolio while simultaneously increasing the organization’s capacity for growth. In addition to managing the lease ups of eight owned and three fee-managed communities MBR was appointed as manager for the Faubourg Lafitte community in New Orleans and was recently appointed as third party fee-manager for a portfolio of communities in St. Louis with approximately 1,000 units. The MBR team also received national recognition for providing outstanding management services when they were honored as the National Affordable Housing Management Association Vanguard Award Recipient for Harmony Oaks in New Orleans. MBR created McCormack Baron University to meet the educational needs for our family of companies and added the new positions of Regional Director and Risk/Insurance Manager to meet our growing portfolio needs.
Sunwheel Energy Partners completed all installations in its first two solar funds and continues to assist McCormack Baron Salazar on new solar photovoltaic and solar thermal projects. Sunwheel also manages and operates existing solar facilities in California and Missouri.
Finally, the origins of the McCormack Baron Salazar Family of Companies and our philosophy for transforming urban communities in conjunction with the non-profit Urban Strategies were explored in the full-length documentary film, “Envisioning Home: the Jean King and Richard Baron Story,” which world-premiered at the St. Louis Film Festival in November. Tracing the roots of the mixed-finance development model to the St. Louis rent strikes in the 1960’s and 1970’s, the film not only features Richard and Jean, but also includes interviews with Tony Salazar, Sandra Moore of Urban Strategies, former HUD Secretary Henry Cisneros and others.