Saint Paul, MN – The AFL-CIO Housing Investment Trust (HIT) hosted a worker appreciation lunch at the construction site of 333 on the Park, where union workers are transforming an eight-story office building constructed in 1913 into an apartment building with 134 market-rate units. These luncheons are HIT’s way of thanking union construction workers on its projects for their quality work.
The HIT is providing $27.7 million of union capital towards the $42 million project, which is expected to generate approximately 190 union jobs for members of the building and construction trades.
More than 120 people attended the appreciation luncheon. Construction workers were joined by HIT staff, Building Trades representatives, general contractor Frana Companies employees, sponsor and management company Timberland Partners representatives, and local business managers.
HIT Chief Operating Officer Ted Chandler welcomed the attendees, saying "The Housing Investment Trust is pleased to partner with the men and women of the Saint Paul building trades to rehabilitate 333 on the Park by investing their pension capital in their community.” He added, “This project, the tenth HIT investment in Saint Paul, is contributing both to Saint Paul’s growth, and the preservation of its historic buildings.”
“The rehabilitation will provide jobs for our members while increasing the area’s number of multifamily housing units,” noted Don Mullin, Executive Secretary of the Saint Paul Building and Construction Trades Council. “This is a good example of investing union pension dollars to create construction jobs with healthcare and retirement benefits at the same time benefiting the community at large. It’s a win-win scenario for Saint Paul residents, the HIT, and the Saint Paul Building Trades.”
Jamie McNamara, Business Manager IBEW Local 110 noted, “The IBEW is very appreciative of the Housing Investment Trust’s commitment to downtown Saint Paul and is grateful for its partnership with the HIT. We look forward to working together on its next project.”
Well situated in the Lowertown district at the east end of Saint Paul’s central business district, the 333 on the Park project is located adjacent to Mears Park, two blocks from the Mississippi River, and the St. Paul Farmers Market. It is also within walking distance of the new Saint Paul Saints Stadium and the Xcel Energy Center. The location offers recreation, transit, shopping, and employment options, and is also connected to the Saint Paul skyway system. The new Metro Transit Green Line runs adjacent to the property along 4th Street.
Jerry Grobe, a Cement Mason from Local 633 stated, “It's good to come to a job with quality people and work, giving the company a high-quality product."
The HIT has invested $139 million in 10 projects in Saint Paul and a total of $564 million in 42 projects in the Twin Cities area since 1991. With total development investment of nearly $920 million, the 42 projects have built or preserved some 6,500 housing units and created an estimated 5,075 union construction jobs and approximately 6,775 jobs across other industries.
333 ON THE PARK
Total Development Cost
About the HIT
The AFL-CIO Housing Investment Trust (HIT) is a fixed-income investment company registered with the Securities and Exchange Commission. It manages over $5.9 billion in assets for over 390 investors, which include union and public employee pension plans. The HIT invests primarily in government and agency insured and guaranteed multifamily mortgage-backed securities. The HIT is one of the earliest and most successful practitioners of socially responsible, economically targeted investing, with a track record of over 30 years that demonstrates the added value derived from union-friendly investments. The investment objective of the HIT is to provide competitive returns for its investors and to promote the collateral objectives of constructing affordable housing and generating employment for union members in the construction trades and related industries. Since its inception, the HIT has invested $10 billion (in current dollars) to finance more than 101,000 units of housing nationwide, generating more than 76,000 union jobs. More information is available on the HIT’s website, www.aflcio-hit.com. Job and economic benefit estimates (in 2015 dollars) are calculated by Pinnacle Economics and the HIT using an IMPLAN input-output model based on HIT project data and secondary source materials.
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