Union Investment Brings New Development & Jobs to Seattle; Workers Honored at Luncheon
SEATTLE, July 31, 2012 /PRNewswire-iReach/ -- With steady unemployment both nationally and in the Seattle region, the Youngstown Flats development, funded by the AFL-CIO Building Investment Trust (BIT), is bringing a much needed boost to the local economy. The $48 million project is expected to create hundreds of union construction jobs, while bringing 193 rental units to the neighborhood of North Delridge.
Youngstown Flats is being constructed using environmentally friendly methods and sustainably sourced materials. Unique eco-conscious amenities set this building apart, including live/work lofts available for home-based businesses and artist residents, a community garden, and a bike room with repair facilities.
Over 150 workers, all members of unions affiliated with the Seattle Building and Construction Trades Council, were in attendance at today's luncheon. Guests were also joined by labor leaders who recognized the BIT for its commitment to job creation in Seattle and praised the workers for their skill and professionalism.
"This is the kind of project that will make a significant impact on the local economy," said Lee Newgent , Executive Secretary of the Seattle Building & Construction Trades Council, co-host of the luncheon. "The new building creates jobs which will invite new residents to our community. They, in turn, will patron neighborhood businesses. We are proud to support this project and co-host this event to thank the workers on site. We look forward to partnering with the BIT to bring more development and jobs to Seattle in the near future."
This sentiment was echoed by Lynne Dodson , Secretary-Treasurer of the Washington State Labor Council. "Far too many people in Washington State are still unemployed or underemployed. The Youngstown Flats will provide hundreds of jobs for local workers during construction, and further down the road in the maintenance of the completed building. Projects like these are exactly what we need to reduce unemployment in our state."
The BIT is a commercial real estate fund that provides competitive returns for its union pension plan investors. The BIT has been helping America's cities carry out their urban development and revitalization plans for over 24 years, participating in nearly $4.3 billion in real estate projects nationwide, with a focus on supply-constrained urban markets.
"This luncheon is being held in honor of the hard-working men and women of the construction industry who have dedicated their time and skills to making this building project a reality," said Mike Stotz , President of the AFL-CIO Investment Trust Corporation, which provides marketing and investor services for the BIT. "But I also think it is important to express our gratitude to the union pension funds that have chosen to support development across America through their investments."
The BIT operates with one of the most comprehensive labor policies in the real estate industry, enabling the Trust to generate an estimated 54 million hours of construction work, as well as thousands of permanent union jobs in the service, maintenance, and operation of properties owned by the BIT.
"We are grateful to our brothers and sisters in the labor movement who have invested in the BIT," said David Myers , Executive Secretary of the Washington State Building and Construction Trades Council. "The fruits of your investment are represented here today in the jobs you have created for your fellow workers. Together we are creating a new sustainable labor economy."
About the AFL-CIO Building Investment Trust
The AFL-CIO Building Investment Trust is an open-end commingled core commercial real estate fund with $3 billion in gross assets as of June 30, 2012. The mission of the BIT is to provide competitive risk-adjusted returns for its pension plan participants through investments in institutional-quality commercial real estate, while promoting economic development and creating union jobs.
Since beginning operations in 1988, the BIT has invested over $4 billion for the development and acquisition of more than 160 office, retail, multifamily, hotel, warehouse, and mixed use properties across the country. These investments have generated approximately 54 million hours in union construction work and created thousands of permanent union jobs in the service, maintenance and operation of facilities owned by the BIT.
PNC Bank, National Association ("PNC Bank") is a subsidiary of The PNC Financial Services Group, Inc. ('PNC"). PNC provides investment and wealth management, fiduciary services, and FDIC-insured banking products and services and lending of funds through its subsidiary PNC Bank, which is a Member FDIC, and provides certain fiduciary and agency services through its subsidiary PNC Delaware Trust Company. Investments and interests in the AFL-CIO Building Investment Trust (the "BIT") are not bank deposits, nor are they backed or guaranteed by PNC or any of its affiliates, and are not issued by, insured by, guaranteed by, or obligations of the FDIC, or the Federal Reserve Board. Investments and interests in BIT involve risks, including possible loss of principal.
Except as otherwise disclosed, materials, representations and opinions presented herein are those of PNC Bank, and are of a general nature. They do not constitute the provision by PNC Bank of investment, legal, tax or accounting advice to any person or entity, or a recommendation to participate in the BIT. Opinions expressed herein are subject to change without notice. Information and figures, upon which the materials, representations and opinions may be obtained from independent sources deemed reliable, but have not been independently verified by PNC Bank, and their accuracy and completeness cannot be guaranteed.
Past performance is no guarantee of future performance. This information is not intended to be a comprehensive description of any investment product or capability. Neither the information in this report, nor any opinion expressed herein constitute an offer to buy or sell, nor a recommendation to buy or sell, any security or financial instrument. Investors should consider the BIT's investment objectives, risks and expenses before investing therein. Investors should consult their own advisors and investment professionals to evaluate the merits and risks of investments. Any case, ruling, law or regulation discussed should be independently reviewed in its entirety before it is relied on in any particular situation.
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Media Contact: Gianna Franzone AFL-CIO Investment Trust Corporation, 202-898-9190, email@example.com
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SOURCE AFL-CIO Investment Trust Corporation
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