Groundbreaking Ceremony Held for 131M Hoboken Construction Project

Creates 655 Union Construction Jobs and to Feature Residential, Retail, and Education Space

Park_Place_Groundbreaking_1.jpgTRENTON – Area workers, community members, labor leaders, elected officials, and key project stakeholders joined today to break ground on the $131 million Park Place construction project in Hoboken, which is being funded by the AFL-CIO Investment Trust Corporation.

Please CLICK HERE for event piuctures.

“We are proud of the fact that the AFL-CIO Building Investment Trust has put more than two billion dollars into New Jersey and New York’s economy,” said New Jersey State AFL-CIO President Wowkanech. “And behind each of those dollars are good paying middle class jobs.”

“The Park Place building project will put local residents to work now and in the future and will unlock greater economic opportunity for the City of Hoboken,” added President Wowkanech. “This labor-funded construction project is further evidence that the interests of labor and the community are one and the same – to uplift families and to move our economy forward.”

Please visit www.aflcio-bit.com for more information on the AFL-CIO Building Investment Trust. For information on how your organization can invest with the BIT and support future projects which put union members to work, please CLICK HERE.

The project will be built 100% union, create approximately 655 construction jobs, and provide a positive boost to the local economy. Hundreds of permanent jobs will be created following completion of the building, which will contain a six level parking garage, 212 rental units, 13,000 sq. feet of retail space, and 32,000 sq. feet of education space.

The project will incorporate energy efficient construction methods, a green building design, and will have various features to promote environmental sustainability.

The AFL-CIO Building Investment Trust is an open-end commingled core commercial real estate fund with $3.2 billion in gross assets as of December 31, 2012. Since beginning operations in 1988, the BIT has invested over $4 billion for the development and acquisition of more than 160 office, retail, multifamily, hotel, warehouse, and mixed use properties across the country.

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