Some money people showed up today at the formal groundbreaking of the $42 million Cortona apartment complex under construction at the Highlands development just south of Forest Park.
Financing for the project is coming from the AFL-CIO’s Building Investment Trust, which is putting union pension funds into the development. On hand at today’s ceremony were officials of developer Balke Brown Transwestern, the St. Louis Building and Construction Trades Council, the local PRIDE labor-management team and PNC Realty Investors, the adviser to the Building Investment Trust.
Over the past two decades, AFL-CIO-sponsored real estate funds are credited with investing more than $500 million in union pension funds into St. Louis projects, including the Laurel and Park Pacific developments downtown.
The Cortona at Forest Park will be a 280-unit apartment complex at the Highlands mixed-used development on the former site of the St. Louis Arena. In 1999, demolition charges flattened the “Old Barn, ” as it was known to Blues fans.