At the corner of France Ave. So. and Excelsior Blvd., a mixed-use development funded by union pension funds is creating union construction jobs while building new market-rate rental housing and retail space.
The $33.2 million development is the Ellipse on Excelsior, with $26.1 million in financing from the AFL-CIO Housing Investment Trust. The Ellipse will feature 132 market-rate rental housing units and 16,000 square feet of commercial space.
Like all development financed by HIT, 100 percent of the construction work at the Ellipse is required to be union labor.
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| The Ellipse takes shape (above) along Lake Calhoun. A sign (below) showcases the pension support of the project. Photos by Steve Share |
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The Twin Cities area has been “a good market for the Housing Investment Trust,” said Ann Kay, HIT communications director.
To date, HIT has provided $642 million in financing for housing developments in Minnesota that have totaled $849 million in development costs, produced 6,700 housing units, and created more than 5,400 union construction jobs. Most of that activity, Kay reported, has taken place since the early 1990s.
Almost 40 percent of the units financed by HIT in Minnesota have been affordable to lower income families. HIT has provided financing for inner city and suburban developments, including senior housing.
Applewood Pointe in Bloomington, a 101-unit senior housing cooperative is another HIT-financed development now under construction. HIT is providing $17.6 million in financing for the $20.3 million project.
HIT-finance developments also are incorporating green features to minimize energy consumption.
“We’re looking to do a lot more in the Twin Cities,” said Christopher Shaw, HIT investment officer.
“We take an active role in pursuing deals,” Shaw said, meeting with local developers, creating and establishing relationships with mortgage bankers.
HIT works nationwide to help meet housing needs, revitalize communities, and create union construction jobs, while earning a good rate of return for the union pension funds and other labor organizations which invest in HIT.
HIT carries on the work of the AFL-CIO Mortgage Investment Trust, launched in 1965, as a leader in socially-responsible investment.
Steve Share edits the Labor Review, the official publication of the Minneapolis Regional Labor Federation. Learn more at www.minneapolisunions.org
For more information
Visit the Housing Investment Trust website
Share
At the corner of France Ave. So. and Excelsior Blvd., a mixed-use development funded by union pension funds is creating union construction jobs while building new market-rate rental housing and retail space.
The $33.2 million development is the Ellipse on Excelsior, with $26.1 million in financing from the AFL-CIO Housing Investment Trust. The Ellipse will feature 132 market-rate rental housing units and 16,000 square feet of commercial space.
Like all development financed by HIT, 100 percent of the construction work at the Ellipse is required to be union labor.
|
| The Ellipse takes shape (above) along Lake Calhoun. A sign (below) showcases the pension support of the project.
Photos by Steve Share |
|
The Twin Cities area has been “a good market for the Housing Investment Trust,” said Ann Kay, HIT communications director.
To date, HIT has provided $642 million in financing for housing developments in Minnesota that have totaled $849 million in development costs, produced 6,700 housing units, and created more than 5,400 union construction jobs. Most of that activity, Kay reported, has taken place since the early 1990s.
Almost 40 percent of the units financed by HIT in Minnesota have been affordable to lower income families. HIT has provided financing for inner city and suburban developments, including senior housing.
Applewood Pointe in Bloomington, a 101-unit senior housing cooperative is another HIT-financed development now under construction. HIT is providing $17.6 million in financing for the $20.3 million project.
HIT-finance developments also are incorporating green features to minimize energy consumption.
“We’re looking to do a lot more in the Twin Cities,” said Christopher Shaw, HIT investment officer.
“We take an active role in pursuing deals,” Shaw said, meeting with local developers, creating and establishing relationships with mortgage bankers.
HIT works nationwide to help meet housing needs, revitalize communities, and create union construction jobs, while earning a good rate of return for the union pension funds and other labor organizations which invest in HIT.
HIT carries on the work of the AFL-CIO Mortgage Investment Trust, launched in 1965, as a leader in socially-responsible investment.
Steve Share edits the Labor Review, the official publication of the Minneapolis Regional Labor Federation. Learn more at www.minneapolisunions.org
For more information
Visit the Housing Investment Trust website