BIT Breaks Ground on $131M Park Place in Hoboken
Today, the AFL-CIO Building Investment Trust (BIT) in partnership with Bijou Properties and Tishman Construction, broke ground on a $131 million multifamily and retail development, Park Place, in Hoboken, NJ.
Attendees at the event included Hudson County Executive Thomas DeGise; City of Hoboken Mayor Dawn Zimmer; New Jersey AFL-CIO President Charles Wowkanech; New Jersey State Building & Construction Trades President William Mullen; Hudson County Central Labor Council President Peter Busacca; Hudson County Board of Chosen Freeholders Chairman Anthony Romano; Hudson Building Trades Council President Patrick Kelleher; as well as dozens of other union leaders and workers from across the New Jersey labor movement.
Park Place, with views of the Hudson River and New York City, will stand 12 stories tall and contain 212 rental units, 13,000 square feet of retail space, and a six-level parking garage. The building will also feature 32,000 square feet of educational space. Park Place will be one of only two LEED-certified Gold residential rentals in Hoboken.
The project will be financed and owned indirectly by the BIT, a bank collective trust for which PNC Bank, National Association serves as trustee, that invests in commercial real estate.
Like all BIT projects, Park Place will be built using signatory union contractors and is expected to create an estimated 655 union construction jobs.
Since inception, the BIT has invested directly or indirectly in 29 projects worth $2.1 billion in New Jersey and New York, including over 3,000 housing units and 2.9 million square feet of commercial real estate.
Park Place is one of ten BIT-funded projects currently in pre-development or construction. With a combined total development cost of $1.4 billion, the BIT's development pipeline is creating over 7,000 union construction jobs, all made possible by union pension plan investors.
Here are some of the things folks had to say about Park Place
and the BIT at today's event:
“We are excited to continue our commitment to the region with Park Place. We believe the development will be a solid addition to the BIT’s portfolio.”
- Kevin McCarthy
President of PNC Realty Investors, Investment Advisor to the BIT
"We are proud of the work we've been able to do putting union workers to work on quality development projects all over the country."
- Mike Stotz
President of the AFL-CIO Investment Trust Corporation
"Park Place at 1415 Park Avenue represents an important milestone for Bijou Properties and Hoboken. As an anticipated LEED Gold project, Park Place will be our third LEED-certified building in Hoboken, reflecting our commitment to being leaders in sustainable design and building practices that foster neighborhoods within the urban context.”
- Larry Bijou
Managing Partner of Bijou Properties
“Tishman is proud to work with Bijou Properties and the AFL-CIO BIT on this significant project. Working to realize their vision, we look forward to transforming this site into a new icon for Hoboken.”
- Ed Cettina
Chief Operating Officer of the Americas, Tishman Construction, an AECOM Company
"We can be proud of the fact that the AFL-CIO Building Investment Trust has put more than two billion dollars into New Jersey and New York's economy. And behind each of those dollars are good paying jobs."
- Charles Wowkanech
President, New Jersey AFL-CIO
"New Jersey needs jobs. That's what the AFL-CIO Building Investment Trust is all about: using pension dollars to generate good returns and put our folks back to work."
- William Mullen
President, New Jersey State Building & Construction Trades Council
"Throughout our country's history the labor movement has played a significant role in lifting communities into the middle class. The AFL-CIO Building Investment Trust is a part of that legacy by creating good jobs not just here in Hoboken, but across this country."
- Peter Busacca
President, Hudson County Central Labor Council
"People deserve the right to retire with dignity and a good job while they are still working. The AFL-CIO Building Investment Trust is all about ensuring both, and that's what this project in Hoboken is all about."
- Patrick Kelleher
President, Hudson Building Trades Council