Mark Siffin joined the privately-owned Maefield Development Platform family of companies at its inception in 1991 and has served as the Chairman and Chief Executive Officer ever since. In his leadership capacity, Mr. Siffin has proven adept at reading market trends and capitalizing on opportunities to expand and move the company forward, building on past successes to grow and ensure increasing returns. His keen eye for investment and enduring interest in following global markets have positioned him perfectly to plan the strategic direction of Maefield Development over the last quarter of a century, as well as moving forward.
Maefield Development has made a name for itself as a small but innovative real estate company unafraid to take calculated risks. Mr. Siffin's commitment to utilizing vertically integrated development strategies and venturing into new markets has taken the company from humble beginnings in residential real estate development to massive, multi-use, commercial projects in some of the most prestigious locations in the country, including New York City's Times Square. The versatile nature of Maefield Development includes not only a range of activities, including acquisition, development, and sales, but also an array of markets, from suburban to urban, with projects in both residential and commercial spheres.
Following successes in residential projects throughout the early '90s, Mark Siffin as CEO has transitioned Maefield Development to larger-scale projects, including mixed-use developments, in the late 1990s and early 2000s. Among the most successful of these projects were a planned urban development north of Indianapolis, IN on 600 acres, as well as a 3-block development on Sunset Blvd. in West Hollywood, CA.
Not content with his previous success, Mr. Siffin constantly searched for strategic land acquisition opportunities. Over the course of a decade, he followed the evolution of Times Square, awaiting the perfect property to develop. When Maefield Development snapped up 701 Seventh Ave., all the pieces were in place to negotiate a partnership with Marriott International, which is currently developing a 450-room Edition Hotel nestled atop a whopping 120,000 square feet of retail and entertainment space, including a base wrapped with 20,000 square feet of prime LED signage.
The $1.1 billion project, when complete, will be valued at an estimated $3 billion, with 50% ownership help by Maefield Development. Even better, this project paved the way for the development at 1568 Broadway, in which the company also holds a 50% stake.
Equally exciting is Maefield Development's latest venture into energy development in Texas, starting with the acquisition and development of over 8,000 acres of land in the Permian Basin that are producing 1,500 barrels of oil per day while further development of the property continues. Under the expert leadership of Mr. Siffin, Maefield Development continues to soar to ever greater heights, dabbling in new enterprises to enhance an already well-feathered cap.
Prior to taking the helm as the visionary behind Maefield Development, Mr. Siffin traded on the floor of the Chicago Mercantile Exchange, developing his understanding of global markets and real estate in preparation for the job that would come to define his professional pursuits.