The AFL-CIO Housing Investment Trust (HIT), in cooperation with the Milwaukee Building and Construction Trades Council (BCTC), hosted a lunch last week at the construction site of The Moderne to honor the union workers who are building this 30-story residential tower in downtown Milwaukee.
The HIT is providing $42.4 million of union pension capital to help finance construction of the $56.7 million project. The union-built Moderne will have 203 rental units and over 7,300 square feet of ground-floor commercial and retail space as well as above-grade parking. Work on the project is expected to generate more than 320 jobs for members of Milwaukee’s building and construction trades unions.
Lyle Balistreri, President of the Milwaukee BCTC, joined workers at the construction site. “I’m proud that it’s union pension dollars that are making this project possible, putting hundreds of our members on the job while giving our community an economic boost,” he said.
At the lunch, HIT Director of Labor Relations Rod DuChemin thanked the project’s union workforce. “Like all projects in which the HIT invests, the construction work at The Moderne is being done 100% union,” he told attendees. “This event is to say ‘thank you’ for the skill and professionalism you bring to this and every job every day.”
Others on hand for the event included Marlyn Spear, Chief Investment Officer of the Building Trades United Pension Trust Fund (Milwaukee and Vicinity) and a HIT board member. “I’m very pleased that the HIT is investing in construction of The Moderne,” she said. “This is a sound investment that strengthens the HIT portfolio, and it is also bringing much-needed jobs, housing, and development to downtown Milwaukee.”
The project’s developer is Barrett Visionary Development, and J.H. Findorf & Son is the general contractor.
The Moderne is one of more than 40 projects financed by the HIT around the country under its Construction Jobs Initiative, launched in mid-2009 to help counteract massive job losses. Having surpassed its initial goal of creating 10,000 jobs in less than two years, the HIT has raised the goal to creating 15,000 jobs by year-end 2012. To date, the HIT and its subsidiary Building America CDE have created over 13,400 union construction jobs nationwide through the Initiative.
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 $4.4 billion in assets for more than 350 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 45-year track record 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 over $6.3 billion to finance more than 102,500 units of housing nationwide, generating over 70,000 union jobs.
More information is available on the HIT’s website, www.aflcio-hit.com.
(Photos: Milwaukee Business Journal, Daily Reporter, Urbanmilwaukee.com)
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Posted by: Account Deleted | 07/06/2012 at 03:50 AM
This is definitely good news, especially to those who have families to feed. Even when construction is finished there will still be jobs available for the new establishments built. Thank you for sharing your blog, it’s nice to read good news for a change.
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