PORTLAND, Ore., April 28, 2014 /PRNewswire/ -- Dozens of workers, elected officials, and community leaders gathered in Portland today to honor Workers' Memorial Day (April 28th) for a ceremonial groundbreaking of Lloyd District Commons, a new construction investment by the AFL-CIO Building Investment Trust. Workers' Memorial Day events were held across the country to remember those who have suffered and died on the job, and to renew efforts for safe workplaces.
The groundbreaking ceremony was for a new $43.2 million multifamily project at 330 Multnomah Street in Portland, OR, that will create hundreds of construction, service, and maintenance jobs performed by highly trained and expert union workers. The property will consist of a six-story, mid-rise structure containing 186 rental apartments and 190 parking spaces. Construction is expected to be completed in July 2015.
Lloyd District Commons is adjacent to the Convention Center and near the Rose Garden Arena and the Lloyd Center Mall. The property will also feature approximately 3,500 square feet of street-level retail space. A lease has already been executed with Starbucks (who previously operated a drive-thru store on the site) for 1,850 square feet of the retail space.
The BIT has ten projects currently in development across the country. Total development costs for these projects is approximately $1.1 billion, and they are expected to create some 5,500 union jobs throughout the course of construction.
Over the BIT's 25-year history, the fund has invested more than $5.3 billion for the development and acquisition of more than 180 retail, office, multifamily, hotel, warehouse, and mixed-use properties across the country.
The event was attended by the Oregon AFL-CIO, the Northwest Oregon Labor Council, the Columbia Pacific Building Trades Council, the Oregon State Building and Construction Trades Council (OBTC), the AFL-CIO Building Investment Trust, project developer Legacy Partners Residential, Inc., project manager Rembold Companies, PNC Realty Investors, Inc., and the AFL-CIO Investment Trust Corporation.
About the BIT:
The BIT is a bank collective trust for which PNC Bank is trustee. The BIT is comprised of qualified union pension and retirement plans. A mission of the BIT is to provide investors with competitive risk-adjusted returns through investments in institutional quality commercial real estate that seeks to generate competitive levels of income and long-term capital appreciation.
The BIT also provides collateral benefits such as union job creation and economic development by utilizing one of the most comprehensive union labor policies in the U.S. real estate industry.
Bernard Pollack, 202.320.1622
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SOURCE AFL-CIO Building Investment Trust