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The Outstanding For-profit Neighborhood Real Estate Project Award

If all community development projects take creativity in figuring out what it takes to get the job done, the Whistler Crossing development in south suburban Riverdale took the challenge to a new level. In an area lacking in investment and affordable housing,a Technical Assistance Panel convened by the Urban Land Institute turned to Holsten Real Estate Development Corporation and Turnstone Development, who worked with an extraordinary array of partners in completing a project that is responsive to the needs of the community.

In order to bring Whistler Crossing to fruition, the development team, already experts in multi-layered financing, incorporated fully 17 layers of funding into the project. Working with both public and private partners on a range of funding vehicles including grants, loans and tax credits, Whistler Crossing required funders to operate outside of their normal parameters, stepping up to support the project with unprecedented contributions.

The result is a development that mixes sustainably designed historic and modern buildings, offering a range of affordability levels in a neighborhood now made accessible to the surrounding community through the infrastructure improvements completed by the development team.

For their extraordinary creativity and resourcefulness in revitalizing a neighborhood hrough historic restoration and new construction, Holsten Real Estate Development Corporation and Turnstone Development are the 2010 recipients of the OutstandingFor-Profit Neighborhood Real Estate Project Award.