By. Chris Stritzel
Today, the Post-Dispatch reports that the City Foundry Development in Midtown has lost a component that many of us were looking forward to, the 24 Floor Apartment Building. The tower would have been built at Vandeventer and Forest Park. It was expected to have roughly 300 housing units for those who would want to live in Midtown and shop at the Foundry. The 15 Floor Office Tower that would have rose near Interstate 64 was also scrapped today. But, not all hope is lost.
With the scrapping of these two buildings, Lawrence Group, The developer, laid out plans to build two 5 Floor Office Buildings on the Property as well as a 400 Car parking garage. The new plans also call for the construction of Midtown’s first movie theater since the closure of the Movie Palaces on Grand (which have been turned into the region’s most prestigious theaters for Broadway and Orchestra shows). Furthermore; the development will also gain additional retail space in the second phase.
The orimary reason behind why the two towers were scrapped is simple, the state would not provide the developer with historic tax credits to build them because of how they were not “historic”. Because of the changes, the state may still not offer any tax credits but Lawrence Group is asking the city to give them $17 Million in TIF funding to build the now $97 Million Phase 2.
In a quote in the Post-Dispatch article, the author outlines the plans stating, “The second phase would include a 45,000-square-foot space for a movie theater and restaurant, two five-story office buildings with about 130,000 square feet of space and a 400-car parking garage. Construction is expected to begin in the spring and conclude in the fall of 2019.”
It is a change but could end up being a good one depending on who the tenants of the office building would be and who the operator of the Movie Theater may be. In my opinion, I think the owner of MX movies Downtown should be the operator of the movie theater here. It could help add a flare to to the rapidly changing Midtown-The Grove Corridor. Until construction starts in the Spring, it is likely we will see more adjustments and changes to the development that some will like while some will hate them. But if it benefits the Central Corridor, who cares.
When all said and done, Lawrence Group will have invested over $200 Million in this corner of the City.
Click the button below to be taken to the City Foundry Website.