“When we use our pensions to fund projects like these, it is an investment in the community and an investment in ourselves. Essentially, it is a self-perpetuating cycle of investment, where the fund benefits. The Artisan project is yet another opportunity for building trades pension funds to invest in the community, create jobs for building trades members and to make money for their pension funds. “We not only get a return on our investment to our pension funds, but also in turn are creating more pension dollars going into the fund for the hours being worked on the project, which in turn are building our pension funds higher.” “Our members take pride in knowing that they are helping transformational projects being built (in the area) by both working on them, and helping to finance them,” Meaney said. The apartment building boom has kept many skilled union tradesmen and tradeswomen from the Cleveland area working.Īccording to Wondolowski, the Artisan project has a two-year construction timeline and will create an estimated 400 jobs – all for members of the building trades.įor affiliated members of the Cleveland Building Trades, including Local 38, pension-funded projects provide additional pride. They can easily get around to all of the amenities at University Circle and downtown from these new apartments.” “Some people do not want the responsibility of owning a house and do not want to own a car.
People who work at places such as the Cleveland Clinic or University Hospitals want to be close to work,” he said. Some of it is the location of these new apartments, such as the Artisan project. “Some of it is the limited supply of houses on the market. IBEW Local 38 Business Manager Dennis Meaney believes the apartment boom is a combination of factors. “Cleveland is a great place to live and work.” “I believe people want to live close to where they work,” said Cleveland Building and Construction Trades Council Executive Secretary Dave Wondolowski. The 23-story, 298-unit luxury high-rise apartment complex will include a mix of studio, 1-bedroom, 2-bedroom and 3-bedroom spaces, along with covered parking and retail space.Īccording to a news release, the project will include a number of outdoor amenities such as fire pits, grilling stations, a dog run and resort-style rooftop pool deck.įor affiliated members of the Cleveland Building Trades, the Artisan is one of the many apartment projects over the last five years to come to Cleveland. “With excellent partners in place in White Oak and Midwest, we seek to generate good returns, create good jobs and deliver a high quality, luxury living option for this community.” “Cleveland, specifically the University Circle neighborhood, is a burgeoning, dynamic market that we are thrilled to be a part of,” said Jeffrey Kanne, President and CEO of National, in a prepared statement. The PLA is a direct result of the project being partially funded by multiple building trades union pension funds, which will be managed by National Real Estate Advisors.Ĭleveland-based Midwest Development Partners, along with National Real Estate Advisors and the acquisition and development firm White Oak Realty Partners, partnered together for the $75 million project. Area leaders officially broke ground on July 29 at the new Artisan Circle Square building in Cleveland’s University Circle neighborhood, which will be built under a Project Labor Agreement.
0 kommentar(er)
