$220 Million Ballpark Village Expansion Set In St. Louis
26 October 2016
The $220 million second phase of Ballpark Village next to Busch Stadium in downtown St. Louis will feature a 29-story luxury apartment building with views of the playing field, along with office, retail, restaurants and entertainment space, the St. Louis Cardinals said Tuesday.
Construction is expected to start late next year on the project that will further transform the south side of downtown. It is expected to be completed in 2019.
''Our vision of a mixed-use neighborhood where people live, work and play will become a reality,'' Cardinals President Bill DeWitt III said. ''This is a real game-changer for the city of St. Louis and the state of Missouri.''
The first phase opened in 2014 and includes restaurants, bars and the Cardinals Hall of Fame. The project has been so popular, especially after home games, that some downtown bars and restaurants have shut down, blaming competition from Ballpark Village. Phase II is 500,000 square feet - five times larger than Phase I.
The team is asking the city to amend its current development agreement to add a sales tax within Ballpark Village. The Cardinals said that only taxes generated by the project itself will be used to finance the project, along with private equity and debt investments by the development team.
Mayor Francis Slay said in a statement that the second phase ''marks another strong investment by the Cardinals and demonstrates their commitment to the city of St. Louis,'' which lost the NFL's Rams to Los Angeles in the offseason.
Plans call for the apartment tower and an office building to sit on both ends of Clark Street, with additional retail and entertainment businesses in between. The apartment complex will offer views of the Gateway Arch, Mississippi River and an unobstructed view directly into Busch Stadium. At least 300 housing units are planned.
The office building will be the first new construction office complex built downtown since 1989.
The Cardinals said the project will create at least 1,000 permanent jobs and at least 1,500 construction jobs for the two-year construction period.
Busch Stadium opened in 2006. The Ballpark Village project was delayed for years, partly due to the recession that began in 2008.
Source : yahoo.com