Tuesday, April 13, 2010

AFL-CIO invests $108M

 In St. Louis projects

St. Louis Business Journal - by Lisa R. Brown

The AFL-CIO Housing Investment Trust, based in Washington D.C., is investing $108 million in two downtown renovation projects that will soon start construction: the Park Pacific and the Laurel.Union leaders announced the investment at PRIDE of St. Louis Inc.’s Investment Summit this week.The AFL-CIO trust is investing $63 million in the Lawrence Group’s planned overhaul of the Park Pacific building at 210 N. 13th St. The project includes 230 residential units, office and retail space. The Lawrence Group is the architect on the project, and Paric Corp. is the general contractor.The trust also is committing $45 million in Connecticut-based Spinnaker Cos. planned overhaul of the Laurel building at 601 Washington. The Laurel will have 205 apartments and a 212-room Embassy Suites on the lower floors. Trivers is the architect, and BSI Constructors is general contractor.“The HIT’s level of commitment to downtown St. Louis is unmatched anywhere in the country,” said AFL-CIO HIT Chief Operating Officer Ted Chandler in a statement. “We commend PRIDE and the Building and Construction Trades Council of St. Louis, AFL-CIO for bringing attention to the opportunities for development here in St. Louis.”The AFL-CIO HIT has invested more than $430 million in 24 projects in the St. Louis area, generating an estimated 4,760 union jobs.