ST. LOUIS (KMOX) – A big development in midtown is planning for phase two, even though construction’s barely begun on phase one. It’s ‘City Foundry’, in the old, rusted-out factory across from Ikea at Forest Park Avenue and Vandeventer.
But there’s some criticism of the project’s use of TIF and other incentives. Developer Steve Smith of the Lawrence Group.
“We can’t attract these national companies to St. Louis. People are not lining up to come to St. Louis right, I’m sorry to say, so to attract these companies to St. Louis we have to have a financial package that is attractive to them,” he says.
And it’s seems to be attractive so far. Smith says two-thirds of the first phase is leased and he has commitments from two national prospects for phase two. He expects major construction on City Foundry to be underway by the start of the next year.