On July 16, Steve Smith, principal owner of City Foundry STL, executed a master construction agreement with S. M. Wilson for Phase 1 of the project. The agreement includes current and future contracts, which will consist of the construction and renovation of six buildings, improvements to the 10-acre site, as well as construction of over 60 tenant spaces. The agreement is expected to exceed $100 million when all packages are released.
Smith, along with London-based Caparo, are the principals in the City Foundry STL development. Phase 1 of the project includes 338,000 square feet of office, retail, entertainment and food tenants. Lawrence Group, a leader in the design of historic and mixed-use developments, is the architect.
“We are very excited to be a part of the City Foundry STL team and to see all the hard work that the design and construction professionals from Lawrence Group and S. M. Wilson have put in over the last 18 months come to fruition. Steve Smith’s vision will be transformational for the City of St. Louis and the region. We are very proud to be a part of this unique and game changing project,” stated Amy Berg, president of S. M. Wilson & Co.
In order to provide the best opportunities to spread the construction work to a broad group of sub-contractors, including agreed upon goals for MBE and WBE participation, the overall project is being sub-divided into many smaller bid packages.
“We have worked very closely with S. M. Wilson to come up with some innovative ways to provide the greatest opportunity for MBE and WBE firms to be a part of City Foundry STL. While some construction is moving forward on early critical work for the project, there are many construction packages still to be released, including those for the new buildings and many of the tenant buildouts,” according to Todd Rogan, development project manager for City Foundry STL.
Work will begin immediately at the site including, infrastructure; site work; and construction in the original foundry building. With more than 60 tenants expected in the development, there will be multiple opening dates, with some tenants opening in mid-2019 and others in early 2020.
City Foundry STL previously released the names of its initial tenant mix. They include Austin-based Alamo Drafthouse Theaters, Denver-based Punch Bowl Social and Tulsa based McNellies Group. City Foundry STL also has multiple office tenants and food hall operators signed up as well.
“Between signed leases and other commitments, we have more than 60% of the project committed. This allows us to move forward with this first package of construction work,” Smith confirmed.