BIT Breaks Ground at Lloyd District Commons in Portland, OR




Portland, OR
 – Dozens of workers, elected officials, and community leaders gathered in Portland on Workers’ Memorial Day (April 28th) for a ceremonial groundbreaking of Lloyd District Commons, a new construction investment by the AFL-CIO Building Investment Trust. Workers’ Memorial Day events were held across the country to remember those who have suffered and died on the job, and to renew efforts for safe workplaces.

 

The groundbreaking ceremony was for a new $43.2 million multifamily project at 330 Multnomah Street in Portland, OR, that will create hundreds of construction, service, and maintenance jobs performed by highly trained union workers.

 

The property will consist of a six-story, mid-rise structure containing 186 rental apartments and 190 parking spaces. Construction is expected to be completed in July 2015.
 

“As we watch Oregon’s count of lives lost on the job stay pretty consistent each year, I have to believe there’s more we can do. We know that safe jobs save lives, and we know that strong training leads to safe jobs,”* said Tom Chamberlain, President, Oregon AFL-CIO.

 

“It is essential that we do more to address workers dying needlessly on the job each year. Workers’ Memorial Day puts a spotlight on this crisis, and projects like Lloyd District Commons are essential to demonstrate what the bar should be in terms of creating safe and healthy working conditions on construction projects,”* said Bob Tackett, Executive Secretary-Treasurer, Northwest Oregon Labor Council.


 

Lloyd District Commons is adjacent to the Convention Center and near the Rose Garden Arena and the Lloyd Center Mall. The property will also feature approximately 3,500 square feet of street-level retail space. A lease has already been executed with Starbucks (who previously operated a drive-thru store on the site) for 1,850 square feet of the retail space. 

 

“It is very encouraging to see union pension dollars in Portland put to work to create hundreds of new jobs in our community. And Lloyd District Commons is something that workers can be especially proud of for this reason,”* said John Mohlis, Oregon State Building and Construction Trades Council.

 

“Lloyd District Commons couldn’t come at a better time—creating hundreds of good, safe, local jobs here in Portland,”* said Willy Myers, Executive Secretary-Treasurer, Columbia Pacific Building Trades Council.

 

“We believe the development at Lloyd District Commons will be a solid addition to the BIT’s portfolio, and we’re excited to be investing in Portland’s growing market,”* said Kevin McCarthy, President, PNC Realty Investors.

 

“As we honor the workers who died on the job this Workers’ Memorial Day we are proud that the AFL-CIO Building Investment Trust leads by example with skilled job creation,”* said Mike Stotz, President, AFL-CIO Investment Trust Corporation.

 

The BIT has ten projects currently in development across the country. Total development costs for these projects is approximately $1.1 billion, and they are expected to create some 5,500 union jobs throughout the course of construction.

 

Over the BIT’s 25-year history, the fund has invested more than $5.3 billion for the development and acquisition of more than 180 retail, office, multifamily, hotel, warehouse, and mixed-use properties across the country.

 

The event was attended by Portland Mayor Charlie Hales, the Oregon AFL-CIO, the Northwest Oregon Labor Council, the Columbia Pacific Building Trades Council, the Oregon State Building and Construction Trades Council (OBTC), the AFL-CIO Building Investment Trust, project developer Legacy Partners Residential, Inc., project manager Rembold Companies, PNC Realty Investors, Inc., and the AFL-CIO Investment Trust Corporation.
 

*Opinions of third parties are not representations , warranties, or opinions of PNC Bank, National Association,

trustee for the BIT.