The AFL-CIO Housing Investment Trust has committed $70 million of union pension capital to help finance construction of the 333 Harrison Apartments in San Francisco. Work on the 326-unit residential development is expected to generate approximately 600 jobs for members of San Francisco’s building and construction trades unions.
Michael Theriault, Secretary-Treasurer of the San Francisco Building and Construction Trades Council:
Thanks to the HIT's investment and our long partnership with the Emerald Fund, the work on this major new development will be 100% union workers. This means hundreds of our members are going to be back on the job practicing their craft and earning a family-supporting wage.
Besides its investment in 333 Harrison, the HIT is currently providing $35 million in financing to build two other San Francisco residential projects – the $80.4 million Potrero Launch development 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 approximately 1,340 union construction jobs, 616 housing units, and $105 million in HIT financing.
The investment in 333 Harrison helped the HIT surpass its goal of creating 10,000 union construction jobs around the country in less than two years through its Construction Jobs Initiative, launched in response to the AFL-CIO’s call to action on high unemployment. Since mid-2009, the HIT has invested union pension capital in 34 projects representing more than 10,000 jobs for union workers across America. Having met its 10,000 jobs target, the HIT has announced it is now raising its goal to 15,000 union construction jobs.
The HIT manages nearly $4 billion in assets for approximately 350 investors, which include 39 union and public employee pension plans in California. To learn more, visit www.aflcio-hit.com.