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."
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.