BIT Hosts Luncheon for Union Workers in San Jose
Workers Thanked for Commitment
to Quality Construction
San Jose, CA – More than 250 workers, business managers, and members of the Northern California labor movement recently gathered in San Jose to celebrate the workers at Centerra, who are helping to build the $153 million multifamily development in San Jose financed by the AFL-CIO Building Investment Trust (BIT). The project is expected to create approximately 700 jobs.
“It is great to see union pension funds invested in the AFL-CIO Building Investment Trust in San Jose,”* said Ben Field, Executive Officer, South Bay Labor Council.
The project will consist of a 21-story high-rise structure containing 347 rental apartments.
“Local workers are gaining secure and sustainable jobs thanks to projects like this one financed by the AFL-CIO Building Investment Trust,”* said Josué García, Chief Executive Officer, Santa Clara & San Benito Counties Building & Construction Trades Council.
Rendering of future Centerra, being built in San Jose, CA.
The purpose of the event was to offer appreciation and heartfelt thanks to the workers on the project for their professionalism, commitment to quality, and attention to detail.
“The Centerra project, financed by the BIT, is an opportunity to invest in local workers and economic development," said Robbie Hunter, President, State Building and Construction Trades Council of California. "Local building trades will construct quality buildings that will not only beautify the skyline, but also stimulate economic growth for the entire community. This is a great example of building trades unions investing their own money to create jobs for their members.”*
(l-r) Josue Garcia, Chief Executive Officer, Santa Clara & San Benito Counties BCTC; Art Pulaksi, Executive Secretary-Treasurer, CA Labor Federation; Kevin McCarthy, President, PNC Realty Investors Inc.; and William Little, Vice President, AFL-CIO Investment Trust Corporation.
This multifamily development in San Jose represents just one of several BIT investments currently underway in California. For example the $68 million Playhouse Plaza in Orange County is a five-story upscale office and retail building. It will create 340 union construction jobs and nearly 700,000 hours of work. Also, 888 San Mateo Apartments is a $69.9 million development that was recently completed in San Mateo in May. It created more than 350 union jobs.
“In our current economic climate, it is essential that we support development projects that will create great jobs for local skilled workers and new spaces for business, recreation, and living," said Art Pulaski, Executive Secretary-Treasurer, California Labor Federation. "The AFL-CIO Building Investment Trust does just that as it secures funding for projects that are improving cities across California and the lives of its residents.”*
Ben Field, Executive Officer of the South Bay Labor Council, addresses the crowd at the luncheon.
Over the BIT’s 25-year history, the fund has invested over $5.4 billion in the development and acquisition of more than 180 retail, office, multifamily, hotel, warehouse, and mixed-use properties across the country.