Minneapolis, MN – On September 19th at 11am, the AFL-CIO Building Investment Trust, Hines, Minneapolis Mayor R.T. Rybak and members of the Minneapolis Building and Construction Trades broke ground on the Dock Street residences, a new for-rent multifamily complex in the North Loop neighborhood of Minneapolis, located at 333 Washington Ave. North.
“We believe Dock Street will prove to be a sound investment for our investors,” said Kevin McCarthy, President of PNC Realty Investors, Inc., investment advisor to the BIT. “The property is well located in the heart of the Washington Avenue entertainment corridor and at the nexus of Minneapolis’ public transit system.”
Following a high-density, transit orientated development philosophy, the six-story complex will include 185 market-priced rental units, 3,000 square feet of retail space and a two-level parking garage.
Bob Pfefferle, Hines local Director of Development said, “Hines is excited to have shovels in the ground on the Dock Street development as it is an important project in many ways - it is the first ground up private development in the transit-oriented Interchange/Ballpark District; it will be very pedestrian, bicycle and transit friendly and it will add to the vibrancy of the North Loop Neighborhood.”
As with all BIT development projects, on-site construction will be performed by union construction workers affiliated with the local building and construction trade unions.
“I am sure I speak for all building trades workers – and other Minnesota union workers for that matter – when I say we welcome new development from the BIT,” said Dan McConnell, Business Manager of the Minneapolis Building and Construction Trades Council. “The BIT is reinvesting union members’ pension capital back into projects that create good union jobs with great benefits and working conditions.”
The Dock Street residences represent the second recent BIT investment in Minneapolis. The $38 million Flux Apartment complex, which was completed in April, is already fully leased. “I have been working with the BIT for a long time now in Minnesota,” said Harry Melander, President of the Minnesota State Building and Construction Trades Council. “They have invested over $100 million in our state and created hundreds of union construction jobs.”
The Dock Street project is part of a larger development plan for the area called North Loop Green, and will include other for-rent residences, retail space and offices. Construction of the property is expected to be completed in the Fall of 2013.