August 10, 2016
By Stephanie West
St. Louis, Missouri – The AFL-CIO Building Investment Trust is bringing to life a community in Forest Park, St. Louis. Encore at Forest Park has an estimated total development cost of $51 million, and at completion is planned to be a five-story multifamily apartment with 247 rental units.
The building will be surrounded by a mixture of office mid-rises and retail as a part of the Forest Park redevelopment program. This is another important redevelopment project made possible by the AFL-CIO Building Investment Trust.
"We celebrate the beginning of this project,” said Randy Kinder, Senior Vice President of the AFL-CIO Investment Trust Corporation. Kinder added, “and we hope it is only the beginning of what the fund can help bring to Missouri.”
The BIT and its joint venture partner, Balke Brown Transwestern, have previously completed work on Cortona, a 278 unit multi-family property in St. Louis.Missouri That $69 million development lies directly next to Encore.
“We are proud to see our union pension dollars being put to work through investing in the Building Investment Trust. These investments help to put members to work on projects that improve our community” said Jeffery P. Aboussie, Executive Secretary-Treasurer of the St. Louis Building & Construction Trades Council.
"We’re at a time when families across Missouri are struggling to earn the wages it takes to raise a family, so we in the labor movement need to get creative with how we create opportunity," said Michael Louis, President of the Missouri AFL-CIO. President Louis added, "investment vehicles like the AFL-CIO Building Investment Trust are innovative ways to put our pension dollars to work while helping to create good union jobs for working men and women across the state.”