Groundbreaking for AFL-CIO funded Lloyd District apt.

Groundbreaking for AFL-CIO funded Lloyd District apt.

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by Joe Smith, KGW Staff

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kgw.com

Posted on April 29, 2014 at 12:12 PM

Updated Tuesday, Apr 29 at 12:14 PM

PORTLAND- Monday April 28th was worker's Memorial Day, a chance to remember those who have died while on the job.

It was the backdrop for the ground breaking of the Lloyd District Commons, the newest project in an area that has seen incredible development growth.

The project is completely funded by the AFL-CIO Building Investment Trust at a cost of $43.2 million.

The money is a re-investment of pension and retirement funds. It's full circle for the hundreds of union trades men and women who will be working on the construction while contributing to their own pensions.

While Monday was the ceremonial ground breaking. Work has been underway for a few months.

"In Portland, the economy is very very strong," according to Mike Stotz, president of the AFL-CIO Building Investment Trust. "This project has all the right mix, public transportation, brand new apartments, pent up demand for them and we're certain its going to be very successful from a financial standpoint," he said.

The Lloyd District Commons will be a six story, 186 unit apartment complex with ground floor retail.

This is the first project in oregon for the AFL-CIO Building Investment Trust.

Construction is expected to be finished in July of 2015.

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