ST. LOUIS (KMOX) — President of the Cardinals, Bill DeWitt III said Monday he feels confident enough to say that eighty percent of Ballpark Village has been leased. He told KMOX there will be no announcement of who the tenants are until early July so that they have time to make their own announcements.
DeWitt also announced that the Cardinals and its development partner Cordish have agreed to purchase all the tax increment financing (TIF) bonds to remove any financial risk in the bond market and allow the infrastructure work on BallPark Village to proceed.
“We need to get started on a retail entertainment project that includes infrastructure work surrounding it so that the future pad-ready sites surrounding this first phase will be in a much better position to attract a big office tenant or residential tower or what have you” said DeWitt.
That retail-entertainment project DeWitt refers to is the Cardinal Nation project that had been announced earlier. It would include restaurants, a hall of fame museum, balcony seating that will look into the ballpark and a public events area that would be used even on non-baseball days.
DeWitt did tell us although the tenants would not be announced until July 5th, there are currently no major companies ready to join ballpark village. He called that a “good thing,” allowing the Cardinals to begin the infrastructure work.
“July 5th we will go into more detail on the exact plan, some of the tenants and more detail on financing.” said DeWitt. “With a break or two we may get started in the fall.”
(TM and © Copyright 2012 CBS Radio Inc. and its relevant subsidiaries. CBS RADIO and EYE Logo TM and Copyright 2012 CBS Broadcasting Inc. Used under license. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.)