CapStone Holdings Inc.'s Investment In City Foundry Is A Boost For St. Louis' Food, Retail, And Entertainment Scene

News provided by

Dec 06, 2023, 07:00 ET

City Foundry STL has achieved almost full office and retail leasing capacity and has experienced consistent annual growth.

ST. LOUIS, Dec. 6, 2023 /PRNewswire/ -- CapStone Holdings, Inc. has provided an update on its investment in City Foundry STL, a mixed-use development in Midtown St. Louis, Missouri. CapStone Holdings, a self-funded family office business incubator and investment group, invested $40 million in City Foundry in 2020, making it one of the largest single-entity investors in the $210 million first phase.

City Foundry was developed by New + Found, a Lawrence Group company. It is a dynamic property that combines food, retail, entertainment, and office spaces. The establishment spans 9 acres and is home to over 18 bars and restaurants, as well as local, regional, and national food, retail, and entertainment brands. These include Fresh Thyme Market, Hello Poke, iHeart Radio, Press Waffle Co., Alamo Drafthouse Cinema, City Winery, Puttshack, and TruFusion Fitness.

Although City Foundry originally planned to open to the public in 2020, the COVID-19 pandemic delayed its opening until August 2021. However, the establishment has thrived since then, serving over 75,000 customers per month. During its long-awaited grand opening week, City Foundry welcomed over 10,500 customers into the food hall in the first four days of operations.

CapStone Holdings' senior vice president, Ashley Beal, said, "City Foundry is very well on its way to surpassing financial expectations. Through this profound partnership, we have come to appreciate the efforts of the Lawrence Group and its CEO, Steve Smith. The entire team has been exceptional to work with on several fronts. The future is bright for City Foundry and St. Louis."

Steve Smith recognized CapStone Holdings' support and belief in their vision. "We are pleased to report multiple success stories since opening and aim to maintain that as the partnership persists," he said.

City Foundry is a major midtown redevelopment project and is part of over $8 billion in new investment in St. Louis, including the Cortex Innovation Community District. The Food Hall includes 39% minority- and women-owned businesses and a construction workforce that was 22% minorities and women. City Foundry created an estimated 1,500 jobs during its construction and has produced over 800 more since its opening.

City Foundry's $104 million second phase development is underway. It will feature a 14-story, 272-unit high-rise apartment complex, 25,000 square feet of retail space, and a multi-level 481-car parking structure.

CapStone Holdings has invested $75 million in real estate globally. Other investment categories include automation, transportation and shipping technology, and scientific & staffing advancement in healthcare and alternative medicine. For more information about its investments, please visit capstoneholdingsinc.com/portfolio.

City Foundry STL
City Foundry STL (3730 Foundry Way, St. Louis, MO 63108) is a place for the community with a curated mix of restaurants, entertainment spaces, shops, offices, and more in the heart of St. Louis' Midtown. Transformed from the century-old Federal-Mogul manufacturing foundry, City Foundry STL pays homage to the city's industrial roots while celebrating the future of St. Louis' hospitality leaders in its central Food Hall. For more information about the progress of City Foundry STL, visit here as well as follow on social media on Facebook and Instagram.

About CapStone Holdings, Inc.
CapStone Holdings, Inc. is a family office-structured holding company that keeps a balanced portfolio through investment strategies that maximize innovation and return with minimal risk. CapStone Holdings and its founders have invested across a wide range of industries for over 33 years and engage in focused philanthropic efforts. For more information about CapStone Holdings, visit www.capstoneholdingsinc.com.

SOURCE CapStone Holdings, Inc.