T.U.T — The Unwritten Teachings
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 [twitter.com/ItsRajTut] LinkedIn: https://www.linkedin.com/in/rajtut/ [https://www.linkedin.com/in/rajtut/] Instagram: instagram.com/ItsRajTut [instagram.com/ItsRajTut] TikTok: https://www.tiktok.com/@itsrajtut [https://www.tiktok.com/@itsrajtut] Connect with our guest LinkedIn: https://www.linkedin.com/in/steve-smith-faia [https://www.linkedin.com/in/steve-smith-faia?utm_source=chatgpt.com] Lawrence Group: https://thelawrencegroup.com [https://thelawrencegroup.com] New + Found: https://newandfound.com [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/ [https://storyboardliving.com/] LinkedIn profile: https://www.linkedin.com/company/storyboard-living/ [https://www.linkedin.com/company/storyboard-living/]
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