News Archives

Steve Smith (PP)

April 26, 2019

Steve Smith, past parent, was featured in the 04.26.19 edition of the St. Louis Business Journal, in a story about real estate in St. Louis: "Lawrence Group CEO Steve Smith launched an 'opportunity zone' fund to raise capital for his $210 million City Foundry STL development. So far, a majority of the fund's investors are not local. "It's a whole new source of capital that didn't exist previously," Smith said of the federal opportunity zone program. 'Right now, investment flows to the coasts, and places like St. Louis struggle to attract investor capital. This program could see that change,' said Lawrence Group CEO Steve Smith, who launched an opportunity zone fund for his City Foundry STL development, whose $210 million first phase includes 122,000 square feet of restaurant and entertainment space, 105,000 square feet of retail and 107,000 square feet of office space in Midtown. The majority of the City Foundry fund’s investors are not in St. Louis, he said. And the results are already encouraging enough that he’s considering speeding up plans to add residential development to City Foundry, and in the Grand Center Arts District, a neighborhood he’s worked in and also includes an opportunity zone. 'It’s a whole new source of capital that didn’t exist previously,' Smith said." Read the article here (requires subscription access).