An Austin-based theater chain plans to open its first St. Louis location next year in the Lawrence Group’s City Foundry development.
Alamo Drafthouse Cinema says it will add a 10-screen, 942-seat theater in the development planned at 3700 Forest Park Parkway on the site of the former Century Electric factory complex.
The announcement marks the first major tenant to confirm plans to lease space in the St. Louis-based Lawrence Group’s $230 million-plus development.
Alamo Drafthouse will feature recliners with footrests and in-theater food and drink service. The complex will also include a full service bar and restaurant with almost 50 beers on tap.
“We’re excited to become a part of the St. Louis film community at large as well as a part of the vibrant City Foundry STL project,” Alamo Drafthouse founder and CEO Tim League said in an announcement about the location.
Alamo Drafthouse was founded in 1997 and has since grown to 29 locations. The company said it expects to hire about 175 people to staff its St. Louis location.
Lawrence Group representatives have said construction should start on the $134 million first phase of City Foundry this quarter. That phase will center around turning much of the main factory building into a food hall with about 20 different food stalls.
Planned to start shortly after is the $97 million second phase of the City Foundry complex, just west of the main factory building. Plans for that section include 45,000 square feet of space for the theater and a restaurant. Lawrence Group also plans two office buildings totaling about 130,000 square feet and a 400-car parking garage.
Lawrence Group had requested that a St. Louis economic development agency sign off Tuesday on an agreement with the St. Louis Midtown Redevelopment Corp. to provide 15 years of property tax breaks to the City Foundry development’s first phase (95 percent abatement for 10 years and 50 percent for the next five years). The St. Louis University-sponsored redevelopment arm can provide tax abatement to help guide development around its campus, but the city wanted a say on the City Foundry incentives.
St. Louis already approved $19 million in tax increment financing for the first phase. About $17 million in TIF assistance would supplement financing for the second phase.