The AFL-CIO Housing Investment Trust (HIT) has declared that it will be providing $70 million from the union pension capital to assist in financing the construction of 333 Harrison Apartments valued around $105 million in the neighborhood of San Francisco's South of Market (SOMA).
The proposed seven storey residential construction will have around 326 rental units. During the construction period it will generate around 600 job opportunities for the members of the building and construction trade unions in San Francisco.
The project is developed by Emerald Fund, a real estate development company with proficiency in building neighborhood constructions with close access to public transport facility. The project will be located close to a presently ongoing reconstruction project, the Transbay Transit Center, which remains as a mass-transit center for rail and public transport systems of the region. The project designed by Christiani-Johnson Architects will be managed by Webcor Construction as construction manager.
With the investment plans for the 333 Harrison HIT will exceed its aim of generating around 10,000 union construction jobs in the country using its construction job initiative. HIT introduced the job initiative in the middle of 2009 to oblige the call of action of AFL-CIO to solve unemployment in the building sector. The trust has offered financing to over 30 projects representing around 9,000 housing units in over 18 cities thus providing employment opportunities for 10,000. HIT through its initiatives has financed around $800 million to start construction development activities worth $1.8 billion.
Source: http://www.aflcio-hit.com