City Foundry STL Secures $50 Million in Opportunity Zone Funding With the Help of CLA
St. Louis — CliftonLarsonAllen Wealth Advisors, LLC, is pleased to announce that it has secured $50 million in opportunity zone funding for the development of the City Foundry STL Public Market, one of the first Opportunity Zone projects in the Midwest. The City Foundry STL will transform an unused industrial location in Midtown St. Louis into a mixed-use development featuring local tenants.
Steve Smith, principal owner of City Foundry STL and CEO of Lawrence Group, worked together with local and state governments to develop the brownfield location into a food hall, offices, grocery, entertainment, dining, theatre, and space for nonprofit entities. With a total project cost of $225 million, the 15 acre development is set to open in the spring of 2020 and create 800 jobs.
“I’m proud of this development and what it will bring to St. Louis, and very much value the guidance CLA has provided along the way. The CLA team has played a key part in the project’s success from the beginning,” said Smith.
In addition to the capital raise, CliftonLarsonAllen LLP (CLA) provided support throughout the project, advising on available tax credits and incentives, consulting on structure, deal modeling, and providing direction relating to Opportunity Zones. “It's been exciting to see a project like this come together—what an incredible transformation from what was a vacant space for so long,” said Tony Hallada, managing principal with CLA Wealth Advisors, who oversaw the capital raise for the fund. “We're thrilled to have played a part in this highly-anticipated addition to St. Louis."
A national leader in the Opportunity Zone space, CLA combines deep experience in the real estate industry, tax, and investment management services to offer a broad spectrum of stakeholders insight into the full benefits of the Opportunity Zone program.
More information on City Foundry STL is available at cityfoundrystl.com.
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