July 22, 2014
By Stephanie West
Chicago, Ill. – The AFL-CIO Building Investment Trust (BIT) provided leadership and funding for the Wolf Point West Tower construction project in Chicago. The project required $34 million equity investment for the first part of the development. To ensure adequate financing, BIT also partnered with third-party lenders. Wolf Point West is the first of three new buildings to be built creating 2,000 construction jobs.
A groundbreaking ceremony took place on Friday, July 18, 2014 with hundreds in attendance including key representatives from labor, legislators and community leaders. Wolf Point will development into a $160 million, 48-story multifamily development. The housing complex will consist of 509 luxury rental units, market leading amenities, over 400 feet of publicly accessible river walk, and extensive green space. The initial occupancy is expected in the fall of 2015.
"We are very excited about Wolf Point—it is another example of union pension dollars being put to work and will result in the development of a new residential building along the river. The project will be another monument in Chicago, creating hundreds of jobs through investments of the AFL-CIO Building Investment Trust," said Tom Villanova, President, The Chicago & Cook County Building & Construction Trades Council.
In the Chicago area, over the life of the AFL-CIO Building Investment Trust, the Fund has committed over $490 million for the development and acquisition of 18 projects, a total of more than 3,200 housing units and 2,200,000 square feet of commercial real estate. BIT development projects in the area total over $790 million in development costs and have created over 3900 union construction jobs.
"We are thrilled that the AFL-CIO Building Investment Trust is investing in yet another development project in Chicago. It shows the potential of union pension dollars, not only to generate competitive returns, but to create hundreds of local jobs," said Michael Carrigan, President, Illinois AFL-CIO.