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Saint Louis, Jan. 13, 2022 (GLOBE NEWSWIRE) — CLA (CliftonLarsonAllen LLP), one of the leading professional services firms in the United States, has secured $49.7 million in joint venture equity financing for a company mixed-use development located in the Midtown area of St. Louis.
A national leader in the Opportunity Zone space, CLA combines in-depth experience in the real estate sector, tax, and investment management services to provide stakeholders with a general overview of all the benefits of the Opportunity Zone program. Since 2019, the company has raised $350 million for Opportunity Zone projects.
The expansion project, known as Vande East or City Foundry STL Phase 2, will feature 272 multi-family apartments and approximately 83,000 square feet of retail space when complete. Located in the mixed-use City Foundry neighborhood, this Qualified Opportunity Zone project has an expected development cost of $125 million. The development will offer smaller, more affordable units and desirable amenities including exposed beams, floor-to-ceiling windows and recreational opportunities. The development is expected to open in early 2022.
STL City Foundry Public Market constituted Phase 1 of the project and was one of the first Opportunity Zone projects in the Midwest. CLA helped raise $50 million in funding for the Opportunity Zone for mixed-use development, which opened in 2020. The current space includes a large food hall, offices, grocery store, entertainment, etc. The second phase of the project provides housing and offices to complement the existing space.
The spearhead of the project is Lawrence Group, an integrated planning, design, architecture and construction firm. Steve Smith, Founder and CEO of Lawrence Group, worked closely with CLA Wealth Advisors to secure funding.
“The first phase of City Foundry offers entertainment, retail and dining options, but there won’t be a true vibrant 24/7 mixed-use community without housing,” Smith said. “When you have innovative and creative job opportunities, it’s a draw. Now we will also have a place to live for this neighborhood to help attract and retain young professionals.
Smith continued, “This is a game-changer for St. Louis, and we appreciate CLA’s guidance and assistance in providing needed capital. We believe this is a special property that can help St. Louis become a destination. We want people to realize how dynamic and innovative the St. Louis market is, to help them look at their city with a fresh perspective.
CLA has played a key role in the increase in capital, and the company also provided Tax advice and compliance services, financial model development support, structural consultation, and advice on areas of opportunity, by deploying its full range of services.
“With its proximity to leading research universities, the St. Louis market is brimming with opportunities for technology companies, creatives and professionals,” said Tony Hallada, managing director of CLA Wealth Advisors, who oversaw the ‘increase in capital. “CLA is delighted to have contributed to this expansion project. An influx of business sales has meant that many former owners have capital gains to invest, so there has been incredible demand for Opportunity Zone funding opportunities.
“This development will bring new, high-quality, multi-family rental housing to an exciting space in the heart of St. Louis’ innovation hub,” said Dan Thieret, Director of CLA St. Louis. “We are grateful for the opportunity to collaborate with Lawrence Group again and contribute to this project.”
More information about City Foundry STL is available at cityfoundrystl.com.
Securities products, merger and acquisition services, and wealth advisory services are provided by CliftonLarsonAllen Wealth Advisors LLC, a federally registered investment adviser and Member of FINRA, SIPC.
CLA exists to create opportunity for our clients, employees and communities through industry-focused wealth management advisory, outsourcing, audit, tax and advisory services. With 7,400 people, over 120 US locations, and a global membership, we promise to know you and help you. For more information, visit CLAconnect.com. Investment advisory services are offered by CliftonLarsonAllen Wealth Advisors, LLC, an SEC-registered investment adviser.
Jackie Kruger CLA (CliftonLarsonAllen LLP) 612-376-4623 [email protected]
Source: CLA (CliftonLarsonAllen LLP)