University Place, Wash. -- Dec. 20, 2004 -- The City announces that it has selected McCaffery Interests, based in Chicago, Ill., as the lead developer for the next phase of the University Place Town Center Project. With an ambitious timeline, the Town Center Project is ready to advance to the next stage of development -- creation of a final site plan, design documents and construction schedule. The City is committed to selecting the most capable and resourceful partner to ensure the best possible Project within the City's timeframe expectations. Robert B. Aikens & Associates was instrumental in helping the City determine the strength of the retail and housing market, but decided not to submit a proposal for the next phase of the Project when it become apparent that their company could not meet the City's aggressive timeline.
"The City believes that McCaffery is the appropriate partner for the Town Center Project because of the company's proven credentials in mixed-use developments," said City Manager Bob Jean. "Most importantly, McCaffery has a clear vision of how the Town Center Project will anchor redevelopment throughout the Town Center zone to maximize the benefit to the community."
McCaffery is a finalist for awards from both the National Association of Homebuilders and the International Council of Shopping Centers for its successful mixed-use development in Arlington, Va. The City is particularly impressed with McCaffery's mixed-use project -- "Market Commons at Clarendon" in Arlington, Virginia. The Clarendon project includes most of the elements that the City expects in its Town Center Project.
Comprehensive economic development strategy
The redevelopment of the City's central business area, as envisioned by the 1999 Town Center Plan, is on track. The City controls the land, the development process and standards for the Town Center Project. The City will continue to exercise that control to preserve the core goals and principles laid out in the Town Center Plan and to protect and advance the best interests of the community.
The Town Center Project, however, is only one component of the City's overall economic development strategy. In addition to the Project, the City has worked to redevelop other areas of the City (e.g., development of Grandview Plaza and redevelopment of Green Firs, including the addition of Trader Joe's). These projects will contribute additional economic benefits to the community.
About McCaffery Interests, Inc.
Established in 1991, McCaffery Interests, Inc. is a privately held real estate development company specializing in the development, leasing, and construction and management of urban mixed-use properties nationwide. McCaffery Interests, Inc. is located at 737 Michigan Avenue, Suite 2050, Chicago, IL 60611, (312) 944-3777.
For more information about the Town Center Project, click here to view the Town Center Q&A document or contact Eric Faison in the City's Economic Development Office at (253) 460-5443.