AFL-CIO Housing Investment Trust Invests $41 Million For The Penfield In Downtown St. Paul

The AFL-CIO Housing Investment Trust (HIT) announced Tuesday a commitment of $41 million of union pension capital to help finance construction of the Penfield, a $62 million mixed-use development in downtown St. Paul. The six-story building will have 254 rental units, a Lunds grocery store on the first floor, and three levels of parking. Construction work, which kicks off with a groundbreaking today, is expected to create more than 300 jobs for members of the St. Paul building and construction trades unions. The City of St. Paul is sponsoring the Penfield as a key part of its downtown redevelopment program, bringing quality market rate housing and a full-service grocery store to the area while serving as a catalyst for future development.

MarketWatch

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