This is an unprecedented third time McCaffery Interests has been recognized by the Urban Land Institute for its leadership in setting new standards in thoughtful and creative land-use practices. Previously, McCaffery Interests was honored with the Award of Excellence in 2002 for The Reliance Building in Chicago, IL and 2005 for The Market Common, Clarendon in Arlington, Virginia.
 

The ULI Award of Excellence is widely recognized as the land-use industry's most pres-tigious recognition. The 2009 winners were chosen from a field of nearly 150 entries. Projects were evaluated on the basis of financial viability, the resourceful use of land, design, relevance to contemporary issues, and sensitivity to the community and environment thereby recognizing the full development process of a project.
 

"We are proud to have The Cork Factory recognized in this special way by the Urban Land Institute," remarked Daniel McCaffery, Founder, McCaffery Interests, Inc., " To have your work judged by such a prestigious jury and recognized as top of its class is indeed a very special tribute to the creativity and attention to detail that is our trademark."
 

In 2004 McCaffery Interests formed a joint venture with local businessmen Mr. Chuck Hammel and Mr. Robert Beynon for the acquisition and redevelopment of The Cork Factory (www.thecorkfactory.com). Situated on 4.06 acres of the banks of the Allegheny River in Pittsburgh, PA also known as the Strip District (www.neighborsinthestrip.com). Once a thriving producer of hand-carved cork bottle stoppers, the Armstrong Cork Co. factory closed in 1974 and remained vacant for more than 31 years. During this time, five different development teams failed in efforts to redevelop the project.
 

McCaffery Interests has a proven track record for acquiring and redeveloping underutilized real estate assets and transforming them into developments that inspire the surrounding community. The Cork Factory advanced the ideals of smart urban growth and economic development. The McCaffery Interests venture successfully collaborated with the Pittsburgh Historic Review Commission and community and municipal leaders to bring together the best in land-use and urban planning to create a beautiful mixed-use development.
 

Today, the 383,000 sf factory is masterfully adapted into an elegant 297-unit luxury apartment complex with 43,547 sf of retail, 427 parking spaces and a new 60-slip marina, all while preserving a meaningful part of the history of Pittsburgh. Anchor tenants include the 10,000 sf Cioppino Seafood and Chop House and an 18,000 sf Right By Nature Organic Grocery.
 

The completion of The Cork Factory was the catalyst for ongoing revitalization of the Strip District resulting in a vast positive economic impact for the local economy and community. The Cork Factory exceeded lease-up and occupancy expectations by reaching stabilization within 15 months from delivery of the units. It maintains an impressive 98% occupancy rate and 55% average renewal rate. The residential living space in the Strip District has tripled over the last 3 years.
 

Debt financing was provided by ASB Capital Management, Pentrust and Sherwin Williams.
 

Since 1991, McCaffery Interests has successfully acquired, developed and/or redeveloped nearly $800,000,000 of outstanding real estate assets. McCaffery Interests continues to implement its mission to develop and redevelop great real estate across the U.S. with the following projects in the works: Morgan at Loyola Station, Chicago, IL (opening 2009), Flair Tower, Chicago, IL (opening 2009), The Market Common, Raleigh, Raleigh, NC and The Market Common, SouthShore, Chicago, IL. For more information call (312) 944-3777.