BIT Breaks Ground at Playhouse Plaza in Pasadena, CA
Representatives from local labor councils, the AFL-CIO Building Investment Trust, IDS Real Estate Group, and the City of Pasadena break ground on Playhouse Plaza in Pasadena, CA.
Recently, more than 70 union leaders and workers, elected officials, and local community advocates joined the AFL-CIO Building Investment Trust (BIT) and IDS Real Estate Group to celebrate the groundbreaking of Playhouse Plaza in Pasadena, CA.
Speakers at the event included Los Angeles County Federation of Labor, Executive Secretary-Treasurer, Maria Elena Durazo; Los Angeles and Orange Counties Building and Construction Trades Council Executive Secretary, Ron Miller; Mayor of Pasadena, Bill Bogaard; Managing Principal of PNC Realty Investors (PRI) and Advisor to the BIT, Kevin McCarthy; and David Mgrublian, CEO of IDS Real Estate Group.
(l-r) Ron Miller, Executive Secretary of the Los Angeles and Orange Counties Building and Construction Trades Council; Maria Elena Durazo, Executive Secretary-Treasurer of the Los Angeles County Federation of Labor; and Sergio Rascon, Business Manager of Laborers' Local 300 at the groundbreaking ceremony for Playhouse Plaza.
Total development costs for Playhouse Plaza are estimated to be $68 million. The investment is a joint venture owned by the BIT and IDS Real Estate Group. The site is adjacent to the historic Playhouse Theater.
The project will contain 155,000 square feet of office space with a 367-space parking garage. It will be a five-story office and retail building, built by union workers. It is anticipated that Playhouse Plaza will create more than 350 construction jobs, along with more than 700,000 job hours. The project is designed to achieve LEED Silver certification.
Rendering of future Playhouse Plaza to be built in Pasadena, CA.
Playhouse Plaza in Pasadena is 1 of 11 projects that the BIT currently has under development, that together account for $1.1 billion in investment. This investment is creating 11 million hours of construction work for union members.
Playhouse Plaza is expected to be ready for occupancy in the first quarter of 2015.