(Mark Your Calendars: RealShare Apartments 2011, October 20 in Los Angeles).
SAN FRANCISCO-The AFL-CIO Housing Investment Trust revealed a commitment of $70 million of union pension capital to help finance construction of the $105 million 333 Harrison Apartments in San Francisco’s South of Market neighborhood. The seven-story residential structure will produce 326 rental units and create approximately 600 jobs for members of San Francisco's building and construction trades unions, according to a prepared statement.
“As an investor of union and public employee pension capital, the HIT seeks to be an active partner in San Francisco's redevelopment efforts,” says HIT's western regional director Liz Diamond, noting that 333 Harrison is the third new residential development that the HIT has helped finance in San Francisco in the last 18 months. “These projects are creating much-needed in-town housing, community development and union jobs.”
As GlobeSt.com previously reported, the company was also involved in providing $35 million in financing to further two other residential products here. The $80.4-million Potrero Launch residences project in the Central Waterfront area and the $48 million Arc Light Co. residences in the city's South Beach neighborhood. Together, these three projects represent a total of 616 housing units, approximately 1,340 union construction jobs and $105 million in HIT financing.
The developer of 333 Harrison Apartments is locally based Emerald Fund Inc. The project is well-situated near one of the city's major ongoing redevelopment projects, the Transbay Transit Center, which will be a mass-transit hub for the region's public bus and rail systems.
“Thanks to the HIT's investment and our long partnership with Emerald Fund, the work on this major new development will be 100% union workers," says Michael Theriault, Secretary-Treasurer of the San Francisco Building and Construction Trades Council, in a prepared statement. “This means hundreds of our members are going to be back on the job practicing their craft and earning a family-supporting wage.”
Alastair Mactaggart, president of Emerald Fund, points out that “333 Harrison is the poster child for how intergovernmental agencies and union labor can work together successfully to create a major urban housing project. We are exceedingly grateful to HUD and the AFL-CIO Housing Investment Trust for working so well with us.”
Anthony D. Cinquini, senior managing director and lead banker for Red Mortgage Capital LLC, says that the financing is expected to close by mid-August. Webcor Construction is the construction manager for the project. The architect is Christiani-Johnson Architects.
With the hundreds of union workers to be employed on this project, the investment in 333 Harrison helped the HIT surpass its goal of creating 10,000 union construction jobs around the country through its Construction Jobs Initiative, according to a prepared statement.
The HIT launched the jobs initiative in mid-2009 in response to the AFL-CIO's call to action on high unemployment, especially in the building trades. Since then, the HIT has provided financing for more than 30 projects representing more than 10,000 jobs for union workers and more than 9,000 housing units in 18 cities, including San Francisco, Boston, Chicago, Milwaukee, New York, St. Louis and the Twin Cities. Projects financed through the initiative represent nearly $1.8-billion of development activity and over $800 million in HIT financing.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
