ST. LOUIS — Construction on the second phase of the $300 million City Foundry redevelopment, featuring the region's first mass timber structure, will start in January, adding new layers of functionality to a Midtown project that has already become a popular St. Louis destination.
New + Found, the developer of City Foundry STL, has completed financing for the $125 million second phase, which will include a 14-story, 272-unit residential tower, an 83,000-square-foot wooden office building, 25,000 square feet of retail space and a 481-car parking garage, according to a news release.
City Foundry is known mostly for the food hall that opened last summer, but was never intended to be limited to that use, said New + Found Principal Steve Smith.
“We have always imagined that City Foundry would include places to live, which would complement all of the commercial activity and jobs that presently exist in Phase 1,” Smith said in a news release.
The City Foundry project is redevelopment of a 15-acre site that for more than a century was home to heavy manufacturers such as Century Electric, which made motors and generators there in the early 20th century.
The first phase of the project included offices, which opened last year, followed by a signature Food Hall at City Foundry STL that opened in August. Retail stores have continued to open this fall ahead of the holiday season, and grocery store Fresh Thyme Market opened in November. Anchor tenants for the first phase, dine-in cinema Alamo Drafthouse and mini-golf restaurant destination Puttshack, are under construction and scheduled to open in 2022.
Smith is partnering on the development with London-based industrialist Lord Swraj Paul, a member of the House of Lords in the United Kingdom. This is the third project in which Smith and Paul are serving as general partners, after the Angad Arts Hotel and the first phase of City Foundry STL.
While the first phase was a redevelopment, the second phase involves all new construction, most notably a five-story building that's slated to become the region's first mass timber structure, constructed entirely out of wood, the developer said. 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.
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