FOR IMMEDIATE RELEASE

Best of the Best: Urban Land Institute Announces 2002 "Awards for Excellence" Winners

LAS VEGAS (October 31, 2002) -- The Urban Land Institute's (ULI) 2002 Awards for Excellence were presented to 10 outstanding real estate development projects today at an awards ceremony held during the institute's annual fall meeting in Las Vegas.

Established in 1979, the Awards for Excellence program is widely recognized as the development community's most prestigious recognition program. This year's winning projects were selected from 105 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. The winning projects reflect ULI's mission to provide responsible leadership in the use of land in order to enhance the total environment.

Urban Land Institute Award for Excellence
Small-Scale Rehabilitation

Hotel Burnham at the Reliance Building, Chicago, Illinois

The Reliance Building, built in 1894, is one of the forebears of the modern skyscraper and an architectural jewel in its own right. As such, it is considered one of the 100 most important buildings in the world. Despite this, the building had been allowed to fall into disrepair of the years and faced an uncertain future, despite its landmark status. The City of Chicago showed courage in purchasing the building, under criticism, in 1994, and McCaffery Interests’ unique idea of converting the building into the Hotel Burnham has placed the building back into the public domain.

The redevelopment of the historic Reliance Building into the Hotel Burnham involved a significant public-private partnership. The City of Chicago funded $2.5 million of tax increment financing with an additional $19 million in private funds. The city’s funding was used to restore the historic features that had been lost during the long years of neglect, and the development was brought in within the prescribed budget. The occupancy levels are experiencing positive growth due to the unique design for the hotel and the strength of the hotel market in the downtown area.

Owner/Developer
McCaffery Interests, Canal Street Partners, LLC, Chicago, Illinois

Key Consultants
Antunovich Associates (Architect) Chicago, Illinois
McClier (Restoration Architect) Chicago, Illinois

Jury Comments:
“The salvation and adaptive reuse of the historic Reliance Building takes the best of the past and uses it to inspire future development. Built for another era, the 1895 Burnham and Root-designed office building – one of the finest and foremost skyscrapers in the United States – was functionally obsolete as office space. The developer and city leaders had the vision, courage and discipline needed to convert it into a stylish, contemporary boutique hotel that has transformed its corner of the Chicago Loop into a new destination.”

About Urban Land Institute
The Urban Land Institute is a nonprofit education and research institute supported by its members. Its mission is to provide responsible leadership in the use of land in order to enhance the total environment. Established in 1936, the institute has more than 17,000 members representing all aspects of land use and development disciplines.

About McCaffery Interests, Inc.
Chicago-based McCaffery Interests, Inc., was founded in 1991 and is a nationally recognized developer of quality urban retail and entertainment centers. In addition to the Block E development, other current projects include The Market Common, Clarendon, a 10-acre multi-use complex in Arlington, Va.

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Media Contact:
Pamela Austin
McCaffery Interests, Inc
Ph: (312) 944-3777 x-31
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