BIT Hosts Worker Appreciation at San Mateo Apartments
BIT Honors Workers at Project in San Mateo
Today, the AFL-CIO Building Investment Trust (BIT), a bank collective trust fund sponsored by PNC Bank, National Association, in partnership with Sares Regis Group of Northern California (SRGNC), hosted a worker appreciation event at a BIT development in San Mateo, CA. A joint venture of Devcon Construction, Inc. and Regis Contractors Bay Area serves as the construction manager and general contractor.
Joining several dozen workers were United Union of Roofers, Waterproofers, and Allied Workers International President Kinsey M. Robinson; California AFL-CIO Chief Officer Art Pulaski; San Mateo Labor Council Executive Secretary-Treasurer Shelley Kessler; and Secretary-Treasurer of the San Mateo Building and Construction Trades Council William Nack. Speakers at the event praised the 100 workers on site for their skill and professionalism.
The $69.9 million investment in 888 San Mateo Apartments is expected to create approximately 350 union construction jobs, and more jobs in the servicing and maintenance of the completed project. The development broke ground in June 2012 and is expected to be completed in May 2014.
The project will offer residents several amenities, including an outdoor pool and playground, fitness studio, business center, and below and above ground parking.
Over its 25 year history, the BIT has directly or indirectly invested approximately $5.2 billion for the development and acquisition of more than 180 office, retail, multifamily, hotel, warehouse, and mixed use properties across the country. These investments have generated 68 million hours in union construction work and created thousands of permanent jobs in the service, maintenance, and operations of facilities owned by the BIT.
Here are things guests had to say about the union workers at 888 San Mateo Apartments and the BIT at today's event:
“It’s extremely important to invest in America’s communities and create jobs to ensure a full economic recovery. The AFL-CIO Building Investment Trust creates good jobs so that union members can provide their families a decent standard of living, while producing good market returns for union sponsored pension plans.”
- Kinsey Robinson
International President, United Union of Roofers, Waterproofers & Allied Workers
“Creating good jobs is a top priority for California. We’re very proud that the labor movement, through the AFL-CIO Building Investment Trust, is continuing to do our part to help lift our state's economy."
- Art Pulaski
Chief Officer, California AFL-CIO
"We are grateful to our investors and to the members of the building trades on site who have made this project possible."
- Kevin McCarthy
President, PNC Realty Investors, Investment Advisor to PNC Bank,
in connection with the BIT
“This mid-rise building at 888 North San Mateo Drive, which features a percentage of affordable units, is a clear victory for the community."
- Shelley Kessler
Executive Secretary Treasurer, San Mateo County Central Labor Council
“We are excited that this collaboration with BIT will bring high-quality, sustainable housing to San Mateo…housing that is close to transportation, jobs and services. We are also proud of the construction jobs that have been created, helping to spur local economic recovery.”
- Todd A. Regonini
Chief Development Officer, Sares Regis Group
"Nearly 400 union construction workers are going to work in California because of pension investments from the AFL-CIO Building Investment Trust. This worker appreciation event is really about honoring those workers and the incredible job that they do every single day on construction projects in California and across this country.”
- Robbie Hunter
President, California State Building and Construction Trades Council
"The AFL-CIO Building Investment Trust has directly or indirectly invested in 29 projects totaling over $1.2 billion in commercial real estate in California. These investments have resulted in approximately 8.8 million hours of union construction work."
- William Little
Vice-President, AFL-CIO Investment Trust Corporation
“Another project that is on budget and ahead of schedule. With more than $1 billion currently in development in the U.S., and more than 350 jobs in San Mateo alone, workers across the country are waking up each day to work on projects sponsored by their pension investments.”
- William Nack
Business Manager and Executive Officer, San Mateo Building
and Construction Trades Council