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Jul
2013
16

39-Story Condominium, Funded by Union Labor and Pension Funds, is ULLICO’s First SF Project in 5 Years

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A new 39-story condominium in San Francisco is being built and funded by union labor and pension funds. It is the 51st project funded in the city by Union Labor Life Insurance Company (ULLICO) and the first since 2008.  

At a luncheon celebration held at the Courtyard Marriot, ULLICO President and CEO Ed Smith said he was happy that the $35 million investment in the project at 45 Lansing Street would help put local tradesmen and women back to work.   He looked forward to ULLICO’s role in helping the regional economy by reestablishing the presence of their “J for Jobs” program in the Bay Area:

“We are Labor’s company,” he said. “We provide a steady return for the pension funds that are invested.” He noted that ULLICO’s “J for Jobs” program is the oldest union funded program for investing in job creation. “Our investments have produced a half billion hours of construction work, and the workers’ earnings provide a tax base to fund public sector jobs and services,” Smith said. “It’s a circle, with good jobs with good benefits helping to create other good jobs with good benefits.”

During the conference, Smith also told reporters that ULLICO has started an infrastructure fund that hopes to spark investment while protecting wages.  With private investors looking to invest in private/public ventures, many workers worry about the effect this new wave of investment will have on Project Labor Agreements and Davis-Bacon Requirements.  The infrastructure fund set up by ULLICO will guarantee 100 percent union signatory contractors and 100 percent union labor – including fabrication and transportation of materials.  

Bricklayers International President Jim Boland praised ULLICO’s efforts:

“You can’t get a better bang for your buck than investing pension funds in jobs. It’s good to see it coming back to San Francisco.”

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