Aug 29, 2017
Progress continues on redevelopment of the City Foundry though the scope of the massive project may have just gotten a bit smaller.
According to reporting in the St. Louis Post-Dispatch, Lawrence Group, which is spearheading the effort, has abandoned its plans to erect a residential apartment building near the site along Interstate 64. Rising two dozen stories above the Midtown landscape, the proposal was dropped because it would have scuttled the developer’s hopes to acquire millions of dollars in historic tax credits.
The remaining project is still plenty big however. A $134-million investment will revamp the mass of disused industrial space into an area for dining and office opportunities. Set for completion in late 2019, an equally ambitious second phase would invest tens of millions more, giving birth to a movie theater and restaurant along with a parking garage and 130,000 square feet of offices. More than $19 million in TIF funds have already been greenlit for the initiative and cleanup of the area, which may be supported by “brownfield” tax credits, has gotten underway. Developers told the Post that a trio of anchor tenants are already in discussions regarding retail slots at the site.
Tax incentives are an important key to the financial picture for the facility and they are expected to allow for free parking in the new garage, a feature which developers contend is vital to maintain the project’s commercial viability by generating consumer traffic for its retail component.
Shuttered since 2007, the City Foundry sits only blocks from St. Louis University and Grand Center to the north with the city’s emerging technology district set off to the west.