SEATTLE--()--Security Properties Inc., one of the largest multifamily real estate owners in the country, today announced it has received the Urban Land Institute (ULI) Terwilliger Center’s highest honor in workforce housing, one of four 2011 Jack Kemp Workforce Housing Models of Excellence awards.
“We’re thrilled by this recognition of our efforts to bring more workforce housing to a marketplace that so badly needs it”
The award was presented to Security Properties by former HUD Secretary Steven C. Preston at a gala held September 21 in Washington, D.C. The Awards, in memory of Jack Kemp, the late HUD Secretary and member of U.S. Congress, are a part of the Center's ongoing efforts to position workforce housing as a critical component of vibrant communities.
"These success stories show innovation and purpose on many levels. They are making a positive contribution to their communities, and they are providing important roadmaps for other communities in need of workforce housing," said Secretary Preston, now president and chief executive officer of OAKLEAF Waste Management in East Hartford, Conn.
On the Park was recognized as an outstanding achievement in several areas including innovative financing, unique construction methodologies, strong public/private partnerships, and replicability to achieve workforce housing affordability. The four winning developments for 2011 were chosen from 30 submissions located throughout the United States. The other three award-winning projects are located in New York and Massachusetts.
“We’re thrilled by this recognition of our efforts to bring more workforce housing to a marketplace that so badly needs it,” said John M. Orehek, President and CEO of Security Properties. “We’re grateful and humbled to be in such company with our fellow award winners, and to be recognized by an award named in honor of someone who did so much to advance equitable housing goals for this country.”
On the Park is a mixed-use, mixed-income development located in Seattle’s vibrant Ballard neighborhood. Once occupied by an aging grocery store and parking lot, the 1.5-acre development site now holds 268 apartments with a new 45,000-square-foot grocery store on the ground floor, all-underground parking and a small cafe. It offers 54 apartments affordable to individuals and families with incomes at or below 80 to 90 percent of AMI, with basic utilities included. Security Properties partnered with the AFL-CIO Building Investment Trust for the development and ownership of On the Park. The $90 million project was funded entirely with equity. Security Properties also partnered with the city of Seattle to meet the workforce housing goals of the project and make it financially feasible.
EDITORS NOTE: Photos available upon request
About Security Properties
Security Properties is a national real estate investment and operating company headquartered in Seattle, Washington with a 41-year history in both affordable and market-rate multifamily rental housing. The company’s broad range of capabilities includes acquisitions, development, financing, asset and property management, dispositions and advisory services. As one of the largest owners of multifamily real estate in the country, Security Properties has acquired or developed nearly 64,000 conventional and affordable housing units spanning over 440 properties in more than 40 states. For more information, visit www.securityproperties.com.
About the ULI Terwilliger Center for Workforce Housing
The ULI Terwilliger Center for Workforce Housing (www.uli.org/terwilligercenter) was established in 2007 with a $5 million endowment to ULI from former ULI Chairman J. Ronald Terwilliger, chairman emeritus of Trammell Crow Residential and chairman of the ULI Terwillliger Center. The mission of the Center is to act as a catalyst in increasing the availability of workforce housing by harnessing the power of the private sector.
About the Urban Land Institute
The Urban Land Institute (www.uli.org) is a global nonprofit education and research institute supported by its members. Its mission is to provide leadership in the responsible use of land and in sustaining and creating thriving communities worldwide. Established in 1936, the Institute has nearly 30,000 members representing all aspects of land use and development disciplines.
About the AFL-CIO Building Investment Trust
The AFL-CIO Building Investment Trust is an open-end commingled core commercial real with $2.9 billion in gross assets. The mission of the BIT is to provide competitive risk-adjusted returns for its pension plan participants through investments in institutional quality commercial real estate while promoting economic development and creating union jobs.
Since beginning operations in 1988, the BIT has invested over $4 billion for the development and acquisition of more than 160 office, retail, multifamily, hotel, warehouse, and mixed use properties across the country. These investments have generated approximately 54 million hours in union construction work and created thousands of permanent union jobs in the service, maintenance and operation of facilities owned by the BIT.
The BIT is managed by PNC Bank, National Association (PNC Bank), as Trustee. PNC Realty Investors (PRI) provides investment advisory services to the BIT. The AFL-CIO Investment Trust Corporation provides marketing, investor relations, and labor relations.
Facebook
Twitter
LinkedIn
Delicious
Reddit
StumbleUpon
Digg
MySpace
Newsvine
Google Bookmark
Yahoo! Bookmark
Email
Email 
