BIT Property Receives 2011 Jack Kemp Model of Excellence Award
The AFL-CIO Building Investment Trust's (BIT) On the Park apartments recently received the 2011 Jack Kemp Workforce Housing Model of Excellence Award from the Urban Land Institutes' (ULI) Terwilliger Center. The Jack Kemp Award is given to workforce housing developments that represent outstanding achievements in several areas, including innovative financing, unique construction methodologies, strong public/private partnerships, and replicability to achieve workforce housing affordability.
The BIT partnered with Security Partners for the development and ownership of On the Park, which was one of four properties chosen to receive the award out of 30 submissions. On the Park is a mixed-use, mixed-income development located five miles from Seattle's business district in the Ballard neighborhood. Once occupied by an aging grocery store and parking lot, the 1.5-acre development site now houses 268 apartments with a new 45,000 square-foot grocery store, underground parking, a small cafe, and 54 apartments affordable to individuals and families with incomes at or below 80 to 90 percent of the average median income. The $90 million project was funded entirely with equity, and is built and managed entirely by union labor.
The award was accepted by John Marasco and Mike Gruber of Security Properties, development contractor Blaine Wolfe of Absher Construction Company, and Clay Flanagan, Vice President of PNC Realty Investors Inc (PRI), which provides investment advisory services to the BIT.
"We were proud to work with Security Properties on this project," said Kevin McCarthy, President of PRI. "On the Park represents the BIT's commitment to creating jobs and building America's communities. We are excited that our efforts have been recognized by the ULI."