SHREWSBURY, Mo. (KMOX) - During Tuesday’s PRIDE of St. Louis, Inc. investment summit in downtown St. Louis, AFL-CIO Housing Investment Trust COO Ted Chandler announced that their next project will be the renovation of the Holy Infant Affordable Housing complex (7600 block of Watson).
“It’s a $13 million project,” Chandler told KMOX News, “and it will bring us to $460 million invested in 23 projects in the St. Louis area since 1995.”
Work is just getting underway on energy-efficient retrofitting and the installation of new windows and HVAC units for the 157 apartments within the Holy Infant complex.
Chandler expects the work to create up to 75 union construction jobs.
“It’s a significant property within the Shrewsbury community and this will make a real difference,” Chandler said.
Under its Construction Jobs Initiative, AFL-CIO Housing Investment Trust (HIT) has invested $174 million to support five projects in the St. Louis area, creating 2,550 construction jobs.
“Last year, the largest projects in downtown St. Louis, The Laurel and Park Pacific, debuted thanks to a $198 million investment by AFL-CIO HIT,” said Jim LaMantia, executive director of PRIDE. “It plowed union pension funds back into our community to advance economic development at a time when credit was extremely tight.”
HIT CEO Ted Chandler said it’s going to take more projects like this one to help the hard-hit construction industry finally get past the devastating impact of the Recession.
“I think it’s going to take a commitment on the part of all lenders and investors to understand the underlying strength of this economy,” he explained. “People need to take a look at construction that can make a difference in the economy, put people back to work, get money circulating in the economy. That’s where we need all the lenders and investors these days.”