Don’t Drink the Tea. Think With the WE.
Feb
2016
19

HIT Will Build Its 1,000th Housing Unit in St. Paul Following $27 Million Union Pension Investment

The waterfront area that will house 333 on the Park

The waterfront area that will house 333 on the Park


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The AFL-CIO Housing Investment Trust (HIT) has announced a $27.7 million investment in a St. Paul, Minnesota development called 333 on the Park. The project will transform an aging eight-story office building into 134 market rate units.  The investment will create 190 union construction jobs as well as 435 total jobs among various business and service sectors in the community.  Another $16 million will be pulled out of state and federal historic tax credits.   

In a statement, Don Mullin, Executive Secretary of the Saint Paul Building and Construction Trades Council, said:

“The rehabilitation will provide jobs for our members while increasing the area’s number of multifamily housing units.  This is a good example of investing union pension dollars to create construction jobs with health care and retirement benefits at the same time benefiting the community at large. It’s a win-win scenario for Saint Paul residents, HIT, and the Saint Paul Building Trades.”

The 333 on the Park project is the 10th project in St. Paul to benefit from HIT.  All in all, HIT has invested $139.1 million in 1,181 housing units. This has created an estimated 1,120 union construction jobs and nearly 2,700 total jobs in the community.  These projects have generated an estimated $420 million in economic benefits and nearly $150 million in personal income including salaries and benefits.

HIT Senior Investment Officer Chris Shaw asserted the group’s commitment to the region:

“333 on the Park exemplifies the HIT’s continuing commitment to St. Pau.  It represents quality housing that is close to mass transit and within walking distance of many attractions so that people have better access to jobs and services and community amenities. We are pleased to help make this project a reality.”

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