Pittsburgh Development Group’s New Chief Has Big Ideas
By Craig Smith
Saturday, February 19, 2011
Michael Sriprasert had an exciting week.
He got engaged to his girlfriend, Gladys Perez, 32, of Bloomfield, and was named president of Landmarks Community Capital Corp., the financing division of Pittsburgh History & Landmarks Foundation.
“It’s been a heck of a week,” said Sriprasert, 30, of Bloomfield.
Sriprasert, who has been with the foundation for about five years, will retain his title and duties as director of real estate development. Wearing two hats is nothing new.
“I’m used to it. It’s not out of my skill set,” he said. “I like to keep busy.”
A 2005 graduate of the Heinz School of Public Policy and Management at Carnegie Mellon University, he is completing a Master of Business Administration degree at the university’s Tepper School of Business.
At Landmarks Community Capital, he’ll oversee about $8 million in assets. The agency funds four to six large projects a year, something Sriprasert hopes to see increase.
“I want to raise the deal flow … we’re going to be ramping it up,” he said.
He will push for Landmarks to win a Community Development Financial Institutions Fund designation from the U.S. Treasury Department. The application is pending.
The CDFI Fund certifies organizations to provide financing and related services to communities and populations that lack access to credit, capital and financial services. The designation would open the door for more money to flow into the region for preservation and other projects.
“I’m excited. … It will further the mission of Landmarks,” Sriprasert said.
The CDFI designation will “elevate the image of our work with banks and financial institutions and make us eligible for Treasury support,” said Arthur P. Ziegler Jr., president of Pittsburgh History & Landmarks Foundation.
The foundation formed Landmarks Community Capital in 2007 to provide investment capital, development expertise and pre- and post-technical assistance to low- and moderate-income communities during the early stages of development.
A substantial amount of funding for the startup came from Dick Scaife, owner of the Tribune-Review, Ziegler said.
The Sarah Scaife and Allegheny foundations gave more than $500,000, he said.