07.11.08: Star Development a Finalist for National Award

ROCKFORD, IL July 11, 2008 - Star Development's Champion Park HOPE VI Revitalization Project (also known as Washington Park Redevelopment) has been chosen as a Finalist in the Master-Planned/Mixed Use category of Affordable Housing Magazine's annual Reader's Choice Awards. As one of three finalsits in this category, Star Development was cited for its ability to come into the Project as the replacement developer, re-evealuate the faulty financial assumptions of the previous developer and quickly provide the financial structure necessary to make the Project successful. In a short period of time, Star had to essentially match the $18.8M HOPE VI grant for the Project with a combination of other funding sources, while at the same time insuring that construction began before the end of the year. The success of the Redevelopment is in part measured through the dramatic improvements made to the neighborhood, as well as the increase in sales prices that occurred between the first and second phases involving home-sales. In addition, the rental phase was leased-up ahead of schedule and maintains an extensive waiting list.

Subscribers to Affordable Housing Magazine are able to vote for projects in each of the various categories from July 21st through August 26th. Winners will be announced at the annual AHF Live! conference in Chicago on November 6th. A copy of the article featuring Star Development can be viewed online.

For more information about Washington Park, click here.

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