McCormack Baron Salazar is an American real estate development firm based in

St. Louis, Missouri St. Louis () is the second-largest city in Missouri, United States. It sits near the confluence of the Mississippi and the Missouri Rivers. In 2020, the city proper had a population of 301,578, while the bi-state metropolitan area, which e ...

specializing in economically integrated urban neighborhoods with more than $4.23 billion invested in affordable and

mixed-income housing The definition of mixed-income housing is broad and encompasses many types of dwellings and neighborhoods. Following Brophy and Smith, the following will discuss “non-organic” examples of mixed-income housing, meaning “a deliberate effort to ...

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 A rent strike is a method of protest commonly employed against large landlords. In a rent strike, a group of tenants come together and agree to refuse to pay their rent ''en masse'' until a specific list of demands is met by the landlord. This c ...

and McCormack was working with the local

Teamsters The International Brotherhood of Teamsters (IBT), also known as the Teamsters Union, is a labor union in the United States and Canada. Formed in 1903 by the merger of The Team Drivers International Union and The Teamsters National Union, the u ...

as part of a coalition called in to help resolve the conflict. McCormack and Baron saw the opportunity of redeveloping

inner city The term ''inner city'' has been used, especially in the United States, as a euphemism for majority-minority lower-income residential districts that often refer to rundown neighborhoods, in a downtown or city centre area. Sociologists some ...

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 The United States Department of Housing and Urban Development (HUD) is one of the executive departments of the U.S. federal government. It administers federal housing and urban development laws. It is headed by the Secretary of Housing and U ...

HOPE VI HOPE VI is a program of the United States Department of Housing and Urban Development. It is intended to revitalize the worst public housing projects in the United States into mixed-income developments. Its philosophy is largely based on New Urban ...

program. McCormack Baron Salazar developed the first HUD Hope VI pilot project at Centennial Place in

Atlanta, GA Atlanta ( ) is the capital and most populous city of the U.S. state of Georgia. It is the seat of Fulton County, the most populous county in Georgia, but its territory falls in both Fulton and DeKalb counties. With a population of 498,71 ...

. 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 The New Markets Tax Credit (NMTC) Program is a federal financial program in the United States. It aims to stimulate business and real estate investment in low-income communities in the United States via a federal tax credit. The program is admini ...

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 Goldman Sachs () is an American multinational investment bank and financial services company. Founded in 1869, Goldman Sachs is headquartered at 200 West Street in Lower Manhattan, with regional headquarters in London, Warsaw, Bangalore, Hong ...

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 Hurricane Katrina was a destructive Category 5 Atlantic hurricane that caused over 1,800 fatalities and $125 billion in damage in late August 2005, especially in the city of New Orleans and the surrounding areas. It was at the time the cos ...

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

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. 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 The U.S. Green Building Council (USGBC), co-founded by Mike Italiano, David Gottfried and Rick Fedrizzi in 1993, is a private 501(c)3, membership-based non-profit organization that promotes sustainability in building design, construction, and op ...

. 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. McCormack Baron Salazar communities have been highlighted as examples of

New Urbanism New Urbanism is an urban design movement which promotes environmentally friendly habits by creating walkable neighbourhoods containing a wide range of housing and job types. It arose in the United States in the early 1980s, and has gradually in ...

for integrating employment, services and other

Urban Design Urban design is an approach to the design of buildings and the spaces between them that focuses on specific design processes and outcomes. In addition to designing and shaping the physical features of towns, cities, and regional spaces, urban de ...

components including

transit oriented development In urban planning, transit-oriented development (TOD) is a type of urban development that maximizes the amount of residential, business and leisure space within walking distance of public transport. It promotes a symbiotic relationship between ...

and

solar power Solar power is the conversion of energy from sunlight into electricity, either directly using photovoltaics (PV) or indirectly using concentrated solar power. Photovoltaic cells convert light into an electric current using the photovoltaic e ...

energy programs. McCormack Baron Salazar has 28 solar installation sites providing clean power to communities with more than 3,300 homes. The McCormack Baron Salazar development portfolio includes: *Bedford Hill, Pittsburgh, PA *Carlton Court, Hollywood, CA * Centennial Place, Atlanta, GA *Centennial Villa, Kansas City, MO * Crawford Square, Pittsburgh, PA * Crossroads College Preparatory School, St. Louis, MO * East Hampton Apartments, Louisville, KY *Emerson Park, East St. Louis, IL * Hayes Valley Apartments, San Francisco, CA *Henson Village, Phoenix, AZ *Horace Mann Apartments, Gary, IN *Irvine Inn Apartments, Irvine, CA *Lafayette Village, Jersey City, NJ *Legends Park, Memphis, TN *Lexington Village, Cleveland, OH *

Heritage Park A heritage centre, center, or museum is a public facility – typically a museum, monument, visitor centre, or park – that is primarily dedicated to the presentation of historical and cultural information about a place and its people, and ofte ...

, Minneapolis, MN *

MacArthur Park MacArthur Park (originally Westlake Park) is a park dating back to the late 19th century in the Westlake neighborhood of Los Angeles. In the early 1940s, it was renamed after General Douglas MacArthur, and later designated City of Los Angeles H ...

Apartments, Los Angeles, CA * Harmony Oaks, New Orleans, LA *

Pueblo del Sol Pueblo del Sol is a housing project in Boyle Heights, Los Angeles, California. It is operated by the McCormack Baron Salazar management company. Administered by the Housing Authority of the City of Los Angeles, Pueblo del Sol occupies the Los A ...

, Los Angeles, CA *

Quality Hill, Kansas City Quality Hill is a historic neighborhood near downtown Kansas City, Missouri, USA, on a 200-foot-high bluff which overlooks the confluence of the Kansas and Missouri rivers in the West Bottoms below. It is on the west side of downtown, bounded by ...

, MO *Renaissance Place, St. Louis, MO *

Tobacco Row Tobacco Row is a collection of tobacco warehouses and cigarette factories in Richmond, Virginia adjacent to the James River and Kanawha Canal near its eastern terminus at the head of navigation of the James River. History Beginning in the 18th c ...

, Richmond, VA *Tremont Point, Cleveland, OH *Triangle Square, Hollywood, CA * University Place, Memphis, TN *Villa del Sol Apartments, Kansas City, MO*Transforming Public Housing
Missourian, October 19, 2005.

References

External links

Company websiteUrban StrategiesMcCormack Baron videos
{{Authority control Real estate companies established in 1973 Companies based in St. Louis Real estate companies of the United States Property management companies 1973 establishments in Missouri

History

Developments

See also

Further reading

References

External links