ST. LOUIS (KMOX) – Would you live in a condo that overlooks Busch Stadium? Work in an office across the street from the team store? You may soon have a chance to do both.
The St. Louis Cardinals announced plans for a $220 million, 550,000 square-foot second phase of Ballpark Village on Tuesday. President Bill DeWitt III says it “will create the village in Ballpark Village.
“Our vision of a mixed-use neighborhood where people live, work and play will become a reality. This is a real game-changer for the city of St. Louis and the state of Missouri.”
The plans include a 29-story, glass and steel luxury residential tower on the east side of the village, along Broadway. On the west side, at 8th and Clark across from the Cardinals Team Store, sits the first Class-A office space built downtown since 1989. Just east of that, overlooking the Busch II field, is more retail, restaurant and entertainment space.
“The second phase of Ballpark Village is more than five times the scale of the first phase of Ballpark Village,” said 7th Ward Alderman Jack Coatar, who is sponsoring the legislation. “This bill will enable one of our city’s most successful companies to expand their investment in downtown St. Louis and build on the incredibly strong momentum established with the new ballpark and the first phase of Ballpark Village.”
To make the large downtown project a reality, the development team is proposing to use a portion of the new tax revenue generated solely within the Ballpark Village project area, including an additional self-imposed 1% TDD sales tax, to underwrite the bonds issued to support project infrastructure costs. Only taxes generated by the Ballpark Village project itself, as well as private equity and debt investments by the development team, will be used to finance Ballpark Village.
In a video released on the Cardinals’ website, DeWitt says the goal is “to really create the sense of the village in Ballpark Village. Not just come down and experience something, but be down here, live here and work here.
“I think it’s really going to help downtown get to the next level and compete with other areas that have had a lot of office growth,” DeWitt says. “It’ll help the tax base downtown.”
The Cardinals estimate the project will create 1,500 construction jobs and more than 1,000 new permanent jobs.
Coatar will introduce a bill Tuesday amending the existing development agreement for the village. The Cardinals want to use a portion of the new tax revenue generated by the village to underwrite the bonds issued to support the project’s infrastructure costs.
The Cardinals plan to begin construction on phase two during the second half of 2017. Some areas could open in 2018. The entire project is expected to be completed by 2019.
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