Next month, New + Found, the development company behind the City Foundry project, will break ground on the $125 Million second phase of the development.
In a press release sent out by New + Found, phase 2 will include a 14-story, 272-unit residential tower, an 83,000-square-foot office building, 25,000 SF of retail space and a 481-car parking garage. The office building will be the first office building built in the city of St Louis and State of Missouri utilizing mass timber construction, which has become more common place in the Pacific Northwest.
“We are using a completely sustainable material, with a lower carbon footprint, and creating an overall healthier building for its inhabitants compared to traditionally constructed office buildings." -Tim Rowbottom, principal at Lawrence Group, the lead architect and interior design firm for the project.
As part of the incentive agreement, New + Found, Alderwoman Tina Phil (17th Ward) and the Mayor's office worked out a deal that will see a contribution of $1.8 million to the City of St. Louis Affordable Housing Trust Fund.
“I see firsthand the substantial investments happening in the central corridor of St. Louis, but also the struggles and dis-investment in many other parts of our city. I strongly believe that for our region to be successful, we need the entire region to benefit. Through our Equitable Development Contribution, I am excited that we can be a part of helping the entire city benefit and move forward.” - Steve Smith
Steve Smith is joined by London-based industrialist Lord Swraj Paul. Smith and Lord Paul are the General Partners in City Foundry STL Phase 2. This is the third project in which Lord Paul has invested with Smith, the others being the Angad Arts Hotel and the City Foundry Phase 1.
Greater St. Louis, Inc. has also been an active and close civic partner on the City Foundry STL
development for many years, and an investor through its patient capital real estate development fund.
“This is a catalytic development that created market confidence in the urban core of the St. Louis metro and has helped unleash significant new development in the Midtown area. This development supports inclusive entrepreneurship, strengthening the tax base of the city, and demonstrates exceptional leadership in advancing the STL 2030 Jobs Plan." - Jason Hall, CEO of Greater St. Louis, Inc.
City Foundry's second phase will begin construction in January and wrap up in 2024. The Lawrence Group is the lead architect on the project and will be the builder off the office building. ARCO/Murray will be the builder of the apartment building.
The City Foundry opened to the public this past August with the Food Hall. Since then, a few retailers have been announced, and have opened, as well as additional build out work for entertainment focused tenants.