Phase Two of construction will move forward thanks to New + Found, the developer of City Foundry STL, who recently completed financing on the next stages of the $125 million development.
The mixed-use project includes a 14-story, 272-unit residential tower, an 83,000-SF office building, 25,000 SF of retail space and a 481-car parking garage.
“We have always imagined that City Foundry would include places to live, which would complement all of the commercial activity and jobs that presently exists in Phase One” said Steve Smith, principal of New + Found.
One of several unique aspects of Phase Two is the five-story office building. The building will be St. Louis’ first mass timber building, constructed entirely out of wood.
“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,” said Tim Rowbottom, principal at Lawrence Group, the lead architect and interior design firm for the project.
Timber building technology has been used in other parts of the U.S., primarily in the Pacific Northwest, with only a handful of similar projects in the Midwest.
Additionally, New + Found worked closely with Tina “Sweet-T” Pihl, 17th Ward Alderwoman, to establish an Equitable Development Contribution with the intent to help other parts of the city benefit from the energy and investment that is occurring in the central corridor.
"I am really thrilled to have created the Equitable Development Contribution and to have worked with Steve Smith and the Mayor's office to make this happen,” said Alderwoman Pihl. “It is the first development contribution of its kind in the City of St. Louis. It is a game-changer to maintain and build affordable housing and mitigate displacement of residents in revitalizing neighborhoods in this city."
As part of its development, City Foundry STL will contribute $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 disinvestment in many other parts of our city,” said Smith. 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 become stronger.”
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 STL Phase One.
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,” said Jason Hall, CEO of Greater St. Louis, Inc. “This development supports inclusive entrepreneurship, strengthening the tax base of the city, and demonstrates exceptional leadership in advancing the STL 2030 Jobs Plan.”
Construction for City Foundry STL Phase Two will begin in January 2022 and is scheduled to be complete in early 2024. Lawrence Group is the lead architect for the project. ARCO/Murray will construct the apartment building while Lawrence Group’s construction team will build the wood office building.
Photo credit: Lawrence Group