ST. LOUIS - Alamo Drafthouse and Punch Bowl Social will anchor the $185 million first phase of City Foundry, developer Lawrence Group told the Business Journal.
Austin, Texas-based Alamo Drafthouse will open a 10-screen theater with food and drink service, and Denver-based Punch Bowl Social, an "eatertainment" concept that brings together food and gaming, will feature a boutique bowling alley, virtual reality experiences, bocce ball, private karaoke rooms and other games. Oklahoma-based McNellie's Group also signed on as a tenant and will open Fassler Hall, a German-inspired beer hall and rooftop beer garden.
The tenants represent 40 percent of the first phase of City Foundry, with retail and office tenants to be announced at a later date comprising 30 percent. The remaining 30 percent will consist of soft goods and fashion retail. More than 350 people will be hired, and the Lawrence Group said the tenants are expected to generate more than $30 million in retail sales.
The City Foundry development, expected to open in 2019, marks the brands' entrance to the St. Louis market.
"We were looking to bring new businesses to St. Louis," Lawrence Group CEO Steve Smith said. "It's not about repeating what you have, we're not relocating anybody. We sought them out and recruited them."
Punch Bowl Social founder and CEO Robert Thompson told the Business Journal that St. Louis has been on his company's radar for a while, and that he liked the challenge of adapting Punch Bowl to an older building. Punch Bowl will occupy a 26,000-square-foot space.
"Eatertainment and experiential food and beverage is certainly popular, but we're confident we're best in class," Thompson said.
Lawrence Group is redeveloping the former Federal Mogul foundry, at 3700 Forest Park Ave., a Midtown property that has sat vacant for a decade. Restaurant and entertainment space will dominate 122,000 square feet of City Foundry's first phase, with retail shops comprising about 105,000 square feet and 111,000 square feet in office space. A "food hall" with St. Louis-based chefs operated by Brad Beracha's REV Hospitality also is planned for the first phase.
CBRE's Paul Fusz and Andrew Turf represented Lawrence Group in lease negotiations and are marketing the rest of City Foundry's retail space. Colleen O'Neill, the former manager of Taubman Prestige Outlets in Chesterfield, has been tapped as managing director and will oversee the remaining leasing, marketing, operations and management, Lawrence Group officials said.
Lawrence Group will release the retail and office tenants over the next three months, with construction starting after that, Smith said. In addition, Lawrence Group will coordinate with Great Rivers Greenway about Chouteau Greenway, a planned greenway connecting downtown to Forest Park, that is expected to be built adjacent to City Foundry.
Lawrence Group received more than $19 million in TIF subsidies from the city as well as $18.1 million from a Community Improvement District and Transportation Development District that would levy a 1 percent sales taxes to help pay for the project. Smith said the tenants are expected to generate $10 million in revenue for the city of the St. Louis and St. Louis Public Schools over the the terms of their leases, the shortest lease being 10 years.
S.M. Wilson is serving as construction manager for the project and CIBC Bank as construction lender. Bull Moose Industries is Lawrence Group's investment partner. The entire project could cost $340 million.
Alamo Drafthouse, Punch Bowl Social to anchor City Foundry development in St. Louis - St. Louis Business Journal
Alamo Drafthouse and Punch Bowl Social will anchor the $185million first phase of City Foundry, developer Lawrence Group told the Business Journal. Austin, Texas-based Alamo Drafthouse will open a 10-screen theater with food and drink service, and Denver-based Punch Bowl Social, an "eatertainment" concept that brings together food and gaming, will feature a boutique bowling alley, virtual reality experiences, bocce ball, private karaoke rooms and other games.
