ST. LOUIS 鈥 A Florida investor announced Tuesday it had acquired a $40 million stake in Midtown鈥檚 City Foundry development, a $210 million renovation of the former Federal Mogul industrial site into a food hall, theater and offices.
The announcement from investor CapStone Holdings comes as the project, spearheaded by the Lawrence Group鈥檚 Steve Smith, approaches an anticipated summer opening after more than four years of planning and construction.
鈥溩钚滦影稍 is ready for this unique kind of experience and we are extremely pleased to have CapStone as a key funding partner in assisting us realize our vision,鈥 Smith, principal owner of City Foundry, said in a statement.
CapStone is headed by Keith J. Stone and focuses on investing in real estate and high-growth opportunity technology firms and financial tech startups.
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鈥淭he significant buzz that is building among the business community, the excitement among residents and the national attention this and other projects are generating for 最新杏吧原创 all confirm the factors leading to our partnership in City Foundry,鈥 Stone said in a statement.
City Foundry, long an abandoned factory visible from Highway 40 (Interstate 64) is located in an Opportunity Zone, a designation created by the 2017 federal tax law that offers tax benefits to real estate investors. City Foundry was able to use the zone to raise capital for the project. 最新杏吧原创 has also approved $19.4 million in tax increment financing assistance for the huge redevelopment.
