The trust is providing $63 million to the mixed-useredevelopment of the Missouri Pacific/Union Pacific headquarters at210 N. 13th St, to be called Park Pacific. The developer, ParksideTower LLC, is working on a $98 million reuse project that willconvert the 24-story property into 230 residential units, retail,offices and a new parking facility.

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The other $45 million from the trust will be used for theresidential portion of the Laurel development, which includes theredevelopment of the Dillard's department store in the downtown.The 205-unit Laurel, which will also have retail and hotel rooms,is part of a $165 million mixed-use project that is still trying togain its legs following the recession and a former developer,Pyramid Cos., declaring bankruptcy.

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Ted Chandler, COO of the trust, tells GlobeSt.com that while hismain job is to gain a good return for investors, the trust'ssecondary mission is to help provide construction jobs to thestruggling industry. St. Louis officials say that the constructiontrade is suffering from about 40% unemployment.

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"There has been no better time where it is more important for usto accomplish that mission than right now. This is the worst degreeof depression ever for the construction trades," Chandler says.

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He says his trust, a $3.7 billion fund, specializes in investingin multifamily projects that are backed by the federal housingadministration. "At this time in the economy, the only source tomake construction lending happen is if it's federally insured,"Chandler says. The trust has invested more than $430 million in 24projects in the St. Louis area. The trust made the recent fundingannouncement at an event hosted by Productivity and ResponsibilityIncrease Development and Employment (PRIDE), which promotesconstruction activity in the St. Louis area.

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