AFL-CIO HIT Invests $15.7M in M-U Construction Uptown
- Oct 22, 2012
The AFL-CIO Housing Investment Trust has invested $15.7 million in the construction of the City Walk Apartments, a mixed-use development in Minneapolis’ Uptown community.
The HIT investment of union pension funds will help construct a six-story building featuring 92 housing units, underground parking, retail and restaurant space, and a new public pedestrian plaza.
Located in the heart of Uptown, a high-density commercial and residential district that has seen significant development in the past few years, the City Walk Apartments will be situated close to another HIT-financed development that was completed in 2009: the $13 million Solhem apartments.
Dan McConnell, business manager for the Minneapolis Building and Construction Trades Council, said: “The HIT is keeping our members busy with another investment in union-built housing in Minneapolis. That means another quality apartment project for the city and family-supporting jobs for our members.”
During the past 10 years, the HIT has invested more than $380 million in the Minneapolis-St. Paul metropolitan area. With more than 4,000 units of housing built or preserved in 31 projects, it has generated more than 3,600 jobs for members of the local building and construction trade unions. The project’s mortgage banker is Oak Grove Commercial Mortgage L.L.C.
The investment is part of the HIT’s national Construction Jobs Initiative, a program that aims to create 15,000 union construction jobs over a three-year period. To date, investments by HIT and its subsidiary Building America CDE have leveraged more than $2.5 billion worth of development on 49 projects in 27 cities, generating more than 14,000 union construction jobs.
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