Labor funds construction, despite slowdown

The $140-million-asset Delaware Valley Real Estate Investment Fund - chaired by lawyer and Democratic Party fund-raiser Thomas A. Leonard, run by Wharton School M.B.A. Paul Gilbert, and backed by locals of the Asbestos Workers, Cement Masons, Electricians, Laborers, Operating Engineers, Plumbers, Sheet Metal Workers, and Steamfitters - says it's backing these projects despite the big slowdown in building:

-- Oliver Tyrone Pulver Corp.'s Seven Tower Bridge in West Conshohocken, and its hotel and office complex in Coatesville. Both are "likely for '09," said president Donald W. Pulver, though he adds he'll need bank loans too.
-- Valley Forge Convention Center Development Corp.'s planned $120 million hotel redevelopment and casino in King of Prussia, backed by Ira Lubert and other investors, pending approval by state gambling officials.
-- John Buck Co.'s $90 million apartment complex, in partnership with the Unite Here labor union, at 21st and Chestnut Streets. (Buck, of Chicago, wouldn't comment.)
-- ARC Wheeler's Ten Rittenhouse, $140 million mixed-use development, already underway.
-- Buccini/Pollin Group's Residences at Rodney Square in Wilmington, and its planned Chester project. Partner Chris Buccini says this is an offer, not a contract, so far.

Delaware Valley isn't the only union fund at work in town. Pulver notes that Ullico (aka Union Labor Life Insurance Co.) financed construction of his  Eight Tower Bridge and Three Tower Bridge projects, for example.

The labor-backed Multi-Employer Property Trust is the equity partner in Hill International Inc.'s longshot American Commerce Center tower project in Center City.

And Bart Blatstein says his Tower Investments relies on DEBT (not equity as I mistakenly wrote in an earlier item) from labor-affiliated Amalgamated Bank's real estate funds for projects such as stores and apartments at the former Schmidt's Brewery site. Read the Philly Deals column from Sunday's print Inquirer here.