x
Breaking News
More () »

City Foundry to add apartments, office and retail space in $115M second phase

The multifamily development will feature 282 market-rate apartments, co-working space, outdoor pool and a private rooftop park and will be delivered in spring 2023
Credit: Lawrence Group

ST. LOUIS — The second phase of City Foundry will kick off next year with a $115 million plan to add apartments and more office and retail space.

The multifamily development will feature 282 market-rate apartments, co-working space, outdoor pool and a private rooftop park and will be delivered in spring 2023, said Steve Smith, whose firm, New + Found, is the developer of the Midtown project.

The 14-story apartment building will be built on top of a 490-stall parking structure and constructed simultaneously on the site's western side with 20,000 square feet of retail space and a 60,000-square-foot office building.

No tenants have signed on for either the retail or office build-outs yet. But Smith's confidence in the local office market is buoyed by the activity seen with the first phase's office development, which is now 94% leased.

"Having walkable amenities close by with all of City Foundry at occupants' disposal, we've seen that as a differentiator with our current tenants," he said. "Companies want to be part of the central corridor and greater Cortex innovation community."

READ ALSO: Clayton bakery cites COVID-19 in announcing closure

A public hearing will be held this week as the property needs to be rezoned to include residential development, Smith said. Following approvals, construction is slated to start in mid-2021.

The announcement of the next wave of development at City Foundry comes as its first phase, featuring a food hall and national tenants such as Alamo Drafthouse Cinema and Fresh Thyme Farmers Market, has yet to open due to the COVID-19 pandemic. But plans call for the food hall to be the first element to open in early 2021, officials said.

Read the full story from the St. Louis Business Journal here.

Before You Leave, Check This Out