Updated: Apr 30
The second phase of the City Foundry project in Midtown is moving ahead with a public hearing set for the TIF (Tax Increment Financing) Commission on April 28th*.
The TIF Commission hearing is required due to the change of scope in the Phase 2 plans, which originally called for two office buildings, a parking garage and additional retail space. Under that plan, the City was previously obligated to issue TIF notes totaling no more than $17,259,000 to help cover some of the costs of the second phase of the development. However, last December, a new plan for Phase 2 was revealed that included, and still includes, a 282 unit apartment building, 492 space parking garage, 60,000sf of office space, and 17,000-24,000sf of retail space. The cost of phase 2 also increased from the original amount of around $97 million to the current amount of around $138.6 million (which itself is an increase from the December reported amount of $115 million). As such, the need to revisit the TIF Commission is clear.
One change, and the most notable, to the plans since last December is the redesign of the 6-story office and retail building. The building's newest design brings a different eastern facade and a top floor terrace for office tenants, which will provide views down Foundry way and Eastward towards Downtown. It was previously reported that this office building would be constructed using mass timber, the first of its kind in the State of Missouri. It's unclear if that remains the case in the latest plans.
Chicago-based Todd Halamka + Partners and St. Louis-based Lawrence Group are the architects for phase 2. New + Found is the developer of the City Foundry development. The site of all phase 2 components is currently an unpaved parking lot that is fenced off. Construction on phase 2 was supposed to start sometime this year with previous reports indicating a start towards the middle year or into the fall. An updated timeframe on construction has not yet been released. However, the TIF Commission packet specifies that the office building, parking garage, and retail components will be completed and open by the end of 2024. The apartment building and associated retail space there would be completed by the end of 2025.
Foundry Phase 2 is one of many projects planned or going up in the Midtown area of the City. Other projects include the redevelopment of the Armory into Rec Hall, the redevelopment of the Jesuit Hall into the Melbourne as well as building a new neighboring structure, the Verve at 3765 Lindell, redevelopment of the Masonic Temple, new Jesuit Residence, the Mill Creek Flats, and the redevelopment of 1500 South Grand.
The Foundry has hosted a series of outdoor shopping markets throughout the Christmas season with others planned throughout the year. Additionally, the Foundry is currrently home to a series of live music hosted by Jamo Presents. Those concerts were previously held indoors, but with the nicer weather, the concerts have moved outside to a parking lot near Vandeventer. It's expected that the Food Hall and the Fresh Thyme grocery store will open sometime this Summer. The TIF Commission packet specifies that the Alamo Drafthouse Cinema should be complete and open by the end of 2021.
Previous Stories Regarding the City Foundry...
1/20/2020: A Look inside City Foundry STL
12/3/2020: City Foundry Gears Up For Phase 2
*- This TIF Commission hearing is the first for a project in the 17th Ward since new Alderwoman, Tina Pihl, took office on April 20th. Alderwoman Pihl replaced longtime Alderman Joe Roddy, who retired from office at the completion of his term.