Vulcan Inc.
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| Formation | 1986 |
|---|---|
| Founders | |
| Type | Private |
| Purpose | Philanthropy, Education, Entertainment, Technology, Investments, Real Estate, Spaceflight |
| Headquarters | Seattle, Washington, United States |
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Area served
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Worldwide |
| Owner | Paul Allen |
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Key people
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Paul Allen, founder, chairman Bill Hilf, CEO Jody Allen, co-founder Barbara Bennett, President and COO |
| Website | Vulcan |
Vulcan Inc. is a private company founded by philanthropist and investor Paul Allen. The company was founded in 1986 and oversees Allen's diverse business activities and philanthropic endeavors--from sports teams like the Seattle Seahawks and the Portland Trail Blazers to conservation projects like the Great Elephant Census to the Seattle Cinerama and Museum of Pop Culture among others.
Headquartered in Seattle, Washington, the company's mission is to find solutions for some of the world's toughest challenges.
In 1986, Vulcan Northwest was formed to manage the business affairs, investments as well as a wide range of corporate and philanthropic operations on behalf of Paul Allen. Initially the company had a Pacific Northwest focus with headquarters in Bellevue, Washington. In 2001, the company changed its name to Vulcan Inc. to reflect the company’s burgeoning global interests. The company’s headquarters have since moved to Seattle’s International District.
Vulcan's Real Estate division offers development and portfolio management services from site selection and urban planning to build-to-suit construction, leasing and asset repositioning. Vulcan has developed 6.6 million square feet of new residential, office, retail and biotechnology research space and has a total development capacity of 10,000,000 square feet (930,000 m2).
Vulcan Real Estate is known for the redevelopment of the South Lake Union neighborhood immediately north of downtown Seattle and along the south shore of Lake Union. Several innovative companies in technology, life sciences, global health and business, are based in Vulcan developed properties. More than $5.7 billion has been invested in the neighborhood since 2002 for development projects and public infrastructure improvements.
Vulcan advocated for the Seattle Streetcar line known as South Lake Union Streetcar, which runs from Seattle's Westlake Center to the south end of Lake Union. The Streetcar is a public and private partnership created through a Local Improvement District (LID) supported by businesses and residents along the line; The LID provided 50% of the funding while the remainder came from Federal and State sources with no city money used for its development costs. The streetcar officially started operation on December 12, 2007. This development has been criticized as a city-supported real estate investment for Vulcan Inc., and concerns over the loss of low-income housing have been expressed.
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