AFL-CIO Building Investment Trust (BIT) To Develop Luxury Apartments in San Mateo, California
The AFL-CIO Building Investment Trust (BIT) announced today it has contracted with Sares Regis Group of Northern California (SRGNC) to develop 155 luxury apartments at 888 North San Mateo Drive in San Mateo, California.
The $68.9 million development will offer residents such amenities as an outdoor pool and playground, along with a dog park, fitness center, and underground parking. The three acre site is also located within walking distance to downtown Burlingame and the nearby Burlingame Caltrain Station.
“We are excited about both the opportunity to invest in the vibrant Bay Area economy and the opportunity to create jobs for the skilled women and men of the local building trades,” said Kevin McCarthy, President of PNC Realty Investors, the investment advisor to the BIT.
As with all BIT investments, all on-site construction will be performed by members affiliated with the local building and construction trades councils. “This project is expected to create over 300 union construction jobs,” said William Nack, Secretary-Treasurer of the San Mateo Building and Construction Trades Council. “To say the least, we are excited by this prospect.”
The apartments which will be located at 888 North San Mateo Drive represent a continuation of the BIT’s program to invest in the development of multifamily rental properties. Recent BIT development projects include the Flux Apartments in Minneapolis, Minnesota; 500 Lake Shore Drive in Chicago, Illinois; and Youngstown Flats in Seattle, Washington.
“When you see union members back to work on BIT job sites, it’s impossible not to feel an appreciation and loyalty to this program,” said Mike Stotz, President of the AFL-CIO Investment Trust Corporation (ITC), which provides investor and labor relations services to the BIT. Groundbreaking for the apartments at 888 North San Mateo Drive is anticipated in June, with completion in December 2013. The architect for the project is Thomas P. Cox, Architects Inc., of Irvine, California. A joint venture of Devcon Construction, Inc. and Regis Contractors Bay Area will serve as the construction manager and general contractor.