It Takes a Team to Rebuild Communities

The HOPE VI revitalization taking place in Memphis is nothing short of astounding. With the assistance of key partners, the team of McCormack Baron Salazar and Community Capital is remaking what were once severely distressed public housing neighborhoods into desirable and sustainable communities. And the good news isn’t isolated to these developments. Located to the north and south of the rapidly growing Memphis Medical Center area, Legends Park and University Place are part of a larger story of dynamic urban renewal in Downtown Memphis.

Development Team

McCormack Baron Salazar

McCormack Baron Salazar (MBS) has distinguished itself since the late 1970’s as the leading for-profit residential development and management company committed exclusively to urban neighborhoods. Based in St. Louis, Missouri, MBS is often called upon by cities and local agencies to provide housing opportunities in difficult-to-develop areas.

MBS believes 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.

In the past 30 years, the firm has completed more than one-hundred-twenty-four (124) projects in 33 cities with development costs of $1.8 billion. Eighty-five(85) of these projects, developed at a cost of $817 million, utilized Low Income Housing Tax Credits (“LIHTC”). In sum, McCormack Baron Salazar has developed more than 13,800 housing units and more than 1 million square feet of commercial space.

Along Community Capital, MBS was selected by the Memphis Housing Authority as a partner in the University Place and Legends Park development projects.

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Community Capital

Community Capital was formed in October 1999 by Archie Willis III, who envisioned a firm designed to provide financial advice and consulting services to community-based and public sector organizations involved with affordable housing and community development projects.

Since its formation, the firm has become a leader in the area of affordable housing financing and consulting in Memphis. The firm has served as financial advisor and/or development consultant on numerous affordable housing developments, totaling more than 2,900 units, including the 1,100 unit Uptown HOPE VI redevelopment initiative. The principals of the firm have more than 40 years of combined experience in the areas of real estate and project financing.

Community Capital was selected by the Memphis Housing Authority as a partner in the University Place and Legends Park development projects. Community Capital will provide the development team with knowledge of the local housing market and local issues.

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Memphis Housing Authority

The Federal Housing Authority (FHA) was established in 1934. The following year Memphis became the second city in the nation, following New York, to establish a local housing authority - Memphis Housing Authority. Memphis’ first two public housing developments (Dixie Homes and Lauderdale Courts) opened on land that was once occupied by slums. In 1954, the enactment of the federal Urban Renewal program greatly expanded MHA’s role. Its focus was no longer strictly housing management.

In 1991, Dr. W.W. Herenton became the first African American Mayor of Memphis. One of his primary goals was to increase affordable housing for Memphis citizens. Over the next 15 years, MHA received more than $124.5 million in HOPE VI funding for planning and implementation of projects to redevelop LeMoyne Gardens (now College Park) and the historic Greenlaw, Manassass neighborhoods and surrounding areas (now Uptown) as well as Lamar Terrace and Dixie Homes.

Click hereto learn more about Memphis Housing Authority.

McCormack Baron Ragan Management Services, Inc.

McCormack Baron Ragan Management Services, Inc. was founded in 1975, along with its development affiliate McCormack Baron Salazar, with the knowledge that hands-on, professional management practices will sustain successful residential communities suited to all incomes, races and ethnic backgrounds. MBR has established a portfolio of more than 1 million square feet of commercial space and more than 16,469 residential in 15 states.

The firm operates generally in urban neighborhoods providing a stable environment that acts as a catalyst for additional neighborhood reinvestment and positive growth. As a result of its involvement, distressed properties have shown marked improvement in physical condition as well as all other aspects of property management.

McCormack Baron Ragan provides all aspects of management for University Place and Legends Park.

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Urban Strategies, Inc.

Urban Strategies, Inc. is a non-profit organization that was incorporated in 1978 to facilitate non-profit research efforts led by Richard Baron. The organization has worked with public agencies at each level of government, with non-profit organizations and community groups, and with the private sector. Bringing more than 20 years of experience in community building, Urban Strategies has helped residents and community stakeholders design and implement a wide range of transformative projects in distressed communities around the United States.

Urban Strategies’ staff works with communities and neighborhoods to develop a fully representative leadership team to plan for the customized needs of the community or neighborhood. The organization acts as staff to the leadership team to implement the planning process.

Urban Strategies Memphis Hope project will provide community and supportive services for the University Place and Legends Park developments and will provide services focused on enhanced schools, healthy living, fund development and resident leadership.

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The Women’s Foundation for a Greater Memphis

The Women’s Foundation for a Greater Memphis is a 501(c)(3) nonprofit grant-making organization. Fostered by an initial gift from local philanthropist Mertie Buckman, it was established in 1995 to encourage philanthropy and foster leadership among women and to support programs that enable women and children to reach their full potential.

Now in its 12th year, the Women’s Foundation has awarded more than $2.7 million in grants to support over 200 programs that help women and children in the greater Memphis community reach their full potential.

Spearheaded by the Women’s Foundation, the Memphis HOPE program expands on the HOPE VI grants for University Place and Legends Park by providing localized support to ensure human capital objectives are met. To that end, the program is coordinating an effort to fund a four-year, $6.8 million budget and a network of partners to provide services that can assist neighborhood residents in developing economic self-sufficiency and stronger families.

Click here to learn more about the Women’s Foundation for a Greater Memphis and Memphis HOPE.