HOBOKEN, NJ-Ground will be broken tomorrow for a $131 million mixed-use development here that is one of ten projects owned and financed by the AFL-CIO Building Investment Trust around the country.
In partnership with Bijou Properties and Tishman Construction, the BIT is putting up Park Place, a 12-story building with 212 rental units, 13,000 square feet of retail space and 32,000 square feet of education space. Bijou has been working to develop the property, where a parking garage long stood, for nearly a decade.
The official ground breaking will take place at 10 AM with area workers, elected officials, and union leaders joining in the event. The site is at the Garden Street Mews, 14th Street and Garden St.
When the building is up, it will provide expansive views of the Hudson River and Manhattan as well as Hoboken and the Palisades Cliffs.
Like all the BIT projects, Park Place will be built by union labor and is expected to create an estimated 655 union construction jobs.
The BIT is a collective investment fund for which PNC Bank, National Association ("PNC Bank") is the trustee. It has directly or indirectly invested in 29 projects worth more than $2 billion in New York and New Jersey, including some 3,000 housing units and nearly 3 million square feet of commercial real estate.
The BIT development pipeline includes $1.4 billion worth of projects, expected to create over 7,000 union jobs throughout the course of construction.
Along with the Hoboken mayor Dawn Zimmer, the development partners, and others, New Jersey AFL-CIO President Charles Wowkanech, state Building and Construction Trades president William Mullen and Hudson Central Labor Council president Peter Busacca will speak at the ceremony.
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