In this episode, I sit down with Steve Smith, co-founder of Lawrence Group and founder of New + Found. Steve started Lawrence Group in 1983 in the attic of his home with just a few hundred dollars and a vision of building what he once called the “super firm” — a company that designs, builds, develops, and owns real estate. Over four decades, that vision has grown into a vertically integrated organization operating across architecture, development, construction, and hospitality.

We talk about the mindset behind transformative real estate, including how Steve nearly went bankrupt on his first development, why he believes developers should lead change instead of chasing trends, and how the idea for City Foundry STL was born during a visit to Krog Street Market. We also break down the financing behind one of the most complex real estate deals in the country, how historic tax credits helped unlock massive redevelopment, and why investing in downtown St. Louis remains a mission larger than profit.

Connect with our guest:

Twitter: ⁠twitter.com/ItsRajTut

⁠⁠LinkedIn: ⁠⁠https://www.linkedin.com/in/rajtut/

⁠⁠Instagram: ⁠instagram.com/ItsRajTut⁠

TikTok: ⁠⁠https://www.tiktok.com/@itsrajtut

Connect with our guest

LinkedIn: https://www.linkedin.com/in/steve-smith-faia

Lawrence Group: https://thelawrencegroup.com

New + Found: https://newandfound.com

Timestamps for Key Segments

00:00 The moment City Foundry was conceived

02:15 Introducing Steve Smith and Lawrence Group

04:19 Growing up in an entrepreneurial household

05:07 Deciding to become an architect at age 10

06:07 Starting Lawrence Group with $7,500

09:01 The failed development that nearly ended everything

13:00 Rebuilding the architecture firm and delaying development

16:06 The motorcycle museum that sparked new development

21:00 Learning historic tax credits and adaptive reuse

24:34 Creating markets instead of following comps

27:54 Studying other cities to inspire developments

29:27 The origin story of City Foundry STL

35:04 Environmental cleanup and the brownfield strategy

44:05 Financing one of the most complex deals in the country

48:54 Measuring success beyond financial return

52:16 Why Steve keeps investing in downtown St. Louis

55:02 Staying calm during crises and downturns

This podcast is brought to you by Storyboard Living.If you're looking to sell us a 40+ unit multifamily property in the St. Louis region, or another part of MO/IL, please email deals@storyboardliving.comConnect with us at our Website: https://storyboardliving.com/

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