ST. LOUIS — A Florida investor announced Tuesday it had acquired a $40 million stake in Midtown’s City Foundry development, a $210 million renovation of the former Federal Mogul industrial site into a food hall, theater and offices.

The announcement from investor CapStone Holdings comes as the project, spearheaded by the Lawrence Group’s Steve Smith, approaches an anticipated summer opening after more than four years of planning and construction.

“St. Louis is ready for this unique kind of experience and we are extremely pleased to have CapStone as a key funding partner in assisting us realize our vision,” Smith, principal owner of City Foundry, said in a statement.

CapStone is headed by Keith J. Stone and focuses on investing in real estate and high-growth opportunity technology firms and financial tech startups.

“The significant buzz that is building among the business community, the excitement among residents and the national attention this and other projects are generating for St. Louis all confirm the factors leading to our partnership in City Foundry,” Stone said in a statement.

City Foundry, long an abandoned factory visible from Highway 40 (Interstate 64) is located in an Opportunity Zone, a designation created by the 2017 federal tax law that offers tax benefits to real estate investors. City Foundry was able to use the zone to raise capital for the project. St. Louis has also approved $19.4 million in tax increment financing assistance for the huge redevelopment.

A message from David Nicklaus Want to stay smart about what's happening in St. Louis? Make a modest investment in a Post-Dispatch subscription and I'll tell you how developments around the world affect local businesses big and small. Subscribe today: Just $1 a month

Daily updates on the latest news in the St. Louis business community. Sign up! * I understand and agree that registration on or use of this site constitutes agreement to its user agreement and privacy policy.