NY Times article said they would cancel a planned new theatre in Orlando. Didn’t mention StL, but that can’t be a good sign.
Alamo Drafthouse signals interest in City Foundry despite bankruptcy filing, developer says
https://www.bizjournals.com/stlouis/new ... 0#cxrecs_s
https://www.bizjournals.com/stlouis/new ... 0#cxrecs_s
Smith told the Business Journal that he and Alamo have had "regular and detailed" weekly meetings for the past four weeks about how to move forward in the wake of Covid-19, which has delayed the opening of Smith's City Foundry due to restrictions on public gatherings and its impact on retailers. A spokesperson for Alamo did not immediately respond to a request for comment.
"We’re excited to work with our partners at Altamont Capital Partners and Fortress Investment Group to continue on that path of growth on the other side of the pandemic, and we want to ensure the public that we expect no disruption to our business and no impact on franchise operations, employees and customers in our locations that are currently operating," Alamo Drafthouse CEO Shelli Taylor said in a statement.
Alamo still has a lease with Smith's New + Found development firm, which is behind City Foundry, and that even as recently as today, after the Chapter 11 announcement, company officials have "continued to express desire both verbally and in writing" to open at City Foundry, he said.
"I wouldn’t give up on them by any means," Smith said. "They love the location and love what we can create there."
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Smith said there should be a better indication of Punch Bowl's status after next week's auction of the brand. Regardless, he added, Smith said three other parties have approached New + Found to either open in Punch Bowl's space or to offer a similar concept. Smith did not share who the parties were.
Late last year, New + Found announced the $115 million second phase of City Foundry. Construction on that — which will include apartments and more office space — is expected to kick off later this year, Smith said.
Will Smith - "We have a lot of free parking. You won't have to worry about that."
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Not sure if this is all humor or if there's actual confusion - but Will Smith is Steve Smith's son and is the Managing Director of New + Found, the real estate investment and development firm that's actually behind City Foundry. It's integrated with the Lawrence Group but they technically are two separate entities.
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confusion is hilarious. everything is humor. except cars. cars f*cking suck.
He was on KMOX this morning
https://www.radio.com/kmox/podcasts/cha ... -358530308
Glad SLPS kids could chip in to insure the parking was complementary.
https://www.radio.com/kmox/podcasts/cha ... -358530308
Glad SLPS kids could chip in to insure the parking was complementary.
Photos from Facebook. Looks like the concerts will be held inside at the anchor retail space on the west side of the project.
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Looks like some more changes coming for Foundry Phase II if I understand the TIF change request made as per biz journals article. But also gives impression that Foundry gained invesment to move next phase forward
https://www.bizjournals.com/stlouis/new ... 5#cxrecs_s
The developer, New + Found, is asking the city of St. Louis' TIF Commission to update the plan to allow for a residential component, 92 additional parking spots and less office space. The current TIF plan calls for a 100,000-square-foot office building that New + Found wants to replace with a 282-unit apartment development. The update would not change the TIF amount of $17.25 million.
The estimated project phase cost is expected to grow from $97.1 million to $138.5 million. But under the current agreement, the percentage of total project costs to be paid by the TIF would decrease from the original 17.7% to 12.5%, Steve Smith, CEO of New + Found, told the TIF Commission on Wednesday.
City Foundry is moving forward with a residential component thanks in part to new investment from an opportunity zone fund, a federal program meant to spur investment in low-income areas through breaks on capital gains for investors.
https://www.bizjournals.com/stlouis/new ... 5#cxrecs_s
The developer, New + Found, is asking the city of St. Louis' TIF Commission to update the plan to allow for a residential component, 92 additional parking spots and less office space. The current TIF plan calls for a 100,000-square-foot office building that New + Found wants to replace with a 282-unit apartment development. The update would not change the TIF amount of $17.25 million.
The estimated project phase cost is expected to grow from $97.1 million to $138.5 million. But under the current agreement, the percentage of total project costs to be paid by the TIF would decrease from the original 17.7% to 12.5%, Steve Smith, CEO of New + Found, told the TIF Commission on Wednesday.
City Foundry is moving forward with a residential component thanks in part to new investment from an opportunity zone fund, a federal program meant to spur investment in low-income areas through breaks on capital gains for investors.
Nice to see things advancing.
It all seems like a procedural move since the TIF originally encompassed the original Phase 2 plans (two office buildings and a parking garage). So this seems normal considering we're getting apartments now and reduced amounts of office space.
There's really no new information in that story than what we already knew in December. Foundry Phase 2 would have to go before the TIF Commission due to the change in scope. The only valuable bit of information in that article is the fact that they're beginning that process. At least we know now that April 28th will be a public hearing day for this. The TIF Commission packet still specifies that the developer (Lawrence Group/New + Found) intend on starting this year. Previous reports have said mid-2021 to Fall 2021 as the start for Phase 2.
It all seems like a procedural move since the TIF originally encompassed the original Phase 2 plans (two office buildings and a parking garage). So this seems normal considering we're getting apartments now and reduced amounts of office space.
There's really no new information in that story than what we already knew in December. Foundry Phase 2 would have to go before the TIF Commission due to the change in scope. The only valuable bit of information in that article is the fact that they're beginning that process. At least we know now that April 28th will be a public hearing day for this. The TIF Commission packet still specifies that the developer (Lawrence Group/New + Found) intend on starting this year. Previous reports have said mid-2021 to Fall 2021 as the start for Phase 2.
^^^That concert space must be what the City Foundry permits keep referring to as "Rev Bar".
New Foundry Permit Application. Not sure what this is about:
| Owner Name | Permit Type | Application Date | Completion Date | Issued Date | New Use | Estimated Costs | Description |
| FOPA PARTNERS LLC | Building | 03/23/2021 | OFFICE | $400,000.00 | INSTALL FOUNDATIONS FOR PEDESTRIAN WALKWAY PER PLANS |
^ Could be for the Greenway trail that goes through the site. Not all the piers are there for for the elevated walkway.
The piers are gone, but the foundations should still be there, except for the short section that turns north to connect to the new buildings.chriss752 wrote: ↑Mar 25, 2021^ Could be for the Greenway trail that goes through the site. Not all the piers are there for for the elevated walkway.
But anyway, that work would be right in the middle of their brand new outdoor patio/event space next to the concert venue, innit?
FSR Mag: Inside the Bankruptcy Saga of Punch Bowl Social, a Chain Derailed by COVID
This blurb might be relevant to the Foundry:
"The court approved Punch Bowl’s sale to CrowdOut, but one item that remained unresolved was how the $261,500 loan from Sortis would be treated. The issue was significant because if Sortis was successful in asserting its lien, it’s possible that some proceeds that were to be allocated to unsecured creditors would be given to Sortis instead.
The solution was to sell Sortis some assets that were not associated with the bankruptcy case. These assets were future Punch Bowl locations that were part of the brand’s overall expansion strategy. Sortis’ plan is to utilize PPP financing and use the sites to open new concepts with Thompson.
The plan has been approved by the court and is out to creditors for voting. If no objections, the plan will be confirmed on April 28. Punch Bowl is currently operating two stores in Atlanta and Austin, and will reopen 12 more throughout 2021."
"Thompson" is Robert Thompson, the founder of Punch Bowl Social
This blurb might be relevant to the Foundry:
"The court approved Punch Bowl’s sale to CrowdOut, but one item that remained unresolved was how the $261,500 loan from Sortis would be treated. The issue was significant because if Sortis was successful in asserting its lien, it’s possible that some proceeds that were to be allocated to unsecured creditors would be given to Sortis instead.
The solution was to sell Sortis some assets that were not associated with the bankruptcy case. These assets were future Punch Bowl locations that were part of the brand’s overall expansion strategy. Sortis’ plan is to utilize PPP financing and use the sites to open new concepts with Thompson.
The plan has been approved by the court and is out to creditors for voting. If no objections, the plan will be confirmed on April 28. Punch Bowl is currently operating two stores in Atlanta and Austin, and will reopen 12 more throughout 2021."
"Thompson" is Robert Thompson, the founder of Punch Bowl Social
New, clear renderings should be made available next week, but we have to deal with what we have for now.
Phase 2 heads back to the TIF Commission on April 28th. It's required due to the change in usages from the original phase 2 plans, as was previously known.
The TIF Commission packet includes some additional information that is of interest...
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Phase 2 heads back to the TIF Commission on April 28th. It's required due to the change in usages from the original phase 2 plans, as was previously known.
The TIF Commission packet includes some additional information that is of interest...
- Project cost has grown from $115 Million (December 2020) to $138.6 Million.
- The office building has been redesigned to include a 6th floor terrace and a different eastern facade.
- The Alamo Drafthouse Cinema should be completed and open by the end of the year.
- The office building, parking garage, and retail components of Phase 2 should be complete by the end of 2024.
- The apartment tower and additional office space should be completed by the end of 2025.
The Wrap: Alamo Drafthouse Ownership Deal Proceeds as Bankruptcy Auction Is Canceled
"As part of the restructuring, two Texas theater locations and one in Kansas City, Missouri are set to be closed. Development on another in Orlando, Florida, will be “permanently ceased.” Altamont and Fortress, which have bought the majority of Alamo’s long-term debt from other lenders, will also provide $20 million in financing to allow the remaining locations to operate as Alamo hopes that a summer slate led by “Black Widow” and “In The Heights” will bring audiences back to their auditoriums."
Still nothing definitive from Alamo on their Foundry location. FWIW, it doesn't look like construction on the Orlando location was as far along.
"As part of the restructuring, two Texas theater locations and one in Kansas City, Missouri are set to be closed. Development on another in Orlando, Florida, will be “permanently ceased.” Altamont and Fortress, which have bought the majority of Alamo’s long-term debt from other lenders, will also provide $20 million in financing to allow the remaining locations to operate as Alamo hopes that a summer slate led by “Black Widow” and “In The Heights” will bring audiences back to their auditoriums."
Still nothing definitive from Alamo on their Foundry location. FWIW, it doesn't look like construction on the Orlando location was as far along.
It looks like they are going full bore on the Fresh Thyme and Deli-Star from a passing glance, and by looking through issued permits. There is a lot of recent Food Hall stall permit activity as well, so just maybe they'll get some actual retail besides tents and food trucks opened up here yet, or at least before summer is out.
Punchbowl Social will be moving forward under new ownership, they are looking to open by end of the year.
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STL Biz Journal: Planned movie theater at City Foundry gives opening timeline under new franchise ownership
Alamo Drafthouse says they're going to open at City Foundry in Spring 2022.
Alamo Drafthouse says they're going to open at City Foundry in Spring 2022.
Good times y'all"As we enter the final stages of closing on the sale of the company and concluding the Chapter 11b bankruptcy filing we made the choice to switch the Alamo at City Foundry to a franchise unit, dramatically accelerating the timetable for St. Louis to experience a whole new level of big screen entertainment."
- Chris Drazba, Alamo's vice president of franchise development
^A few more bits of tid from the article:
"The Austin, Texas, company said it restructured its deal at the Midtown mixed-use development, making it a franchise operation. St. Louis Alamo Movies LLC, led by John Martin and Marc Evans, also Alamo franchise owners in Springfield, Missouri, will operate the St. Louis location."
"The first phase, including offices space and a food hall, is complete, with opening of the food hall expected in mid-2021...."
"The Austin, Texas, company said it restructured its deal at the Midtown mixed-use development, making it a franchise operation. St. Louis Alamo Movies LLC, led by John Martin and Marc Evans, also Alamo franchise owners in Springfield, Missouri, will operate the St. Louis location."
"The first phase, including offices space and a food hall, is complete, with opening of the food hall expected in mid-2021...."
It's certainly better than the alternative news, but you have to wonder if City Foundry can open and survive without it's primary anchor tenant for another whole year, and no other anchors probably until winter.c2city wrote: ↑Apr 30, 2021I am so glad it is still going to open!
^ I would assume that the Food Hall itself is more dependent on a reasonable CWE/CORTEX/Wash U/Barnes crowd partaking in the food vendors to keep it form going barren. Also of note and if not mistaken the initial office space is mostly leased up along with an incoming grocery store. Phase II certainly adds a different mix of leases with a significant residential component and more office. My take is City Foundry is fine in the near term with healthy mix of paying tenants and will get better if they break ground on phase II with the residential tower and get an anchor tenant/committment for more office space.
Hopefully the greenway/trestle extension can funded sooner than later as well some semblence of formalizing the plan/preliminary engineering to get greenway over I64 & connect with Armory. To me that would be the developers next big push once phase II is underway.
Hopefully the greenway/trestle extension can funded sooner than later as well some semblence of formalizing the plan/preliminary engineering to get greenway over I64 & connect with Armory. To me that would be the developers next big push once phase II is underway.