SBD/Jan. 17, 2011/Facilities

MLB Cardinals Set To Unveil Scaled-Back Ballpark Village Plans

The MLB Cardinals on Wednesday will unveil a "scaled-back version" of their Ballpark Village complex that "includes 100,000 square feet of stores and restaurants and a new corporate headquarters for St. Louis-based Stifel Financial Corp., ready to open by the summer of 2013," according to Tim Logan of the ST. LOUIS POST-DISPATCH. The details were found in a development proposal the Cardinals and partner Cordish Co. "filed with a city agency" last week that is the "strongest confirmation yet of new plans for the high-profile downtown site." The $146M first phase of Ballpark Village is "decidedly more modest than earlier versions," but if the first phase "succeeds, more than $550 million worth of offices, condos and retail space could be built across the 10-acre site over the next decade." However, Ballpark Village "will need the blessing of city and state officials to use an estimated" $35M in tax proceeds from the site to help fund its construction. The approval process is "set to begin Wednesday morning, when representatives from the Cardinals and Cordish are scheduled to make their first public airing of the plan to a city development authority" that, along with the St. Louis Board of Aldermen, "OK'd earlier, more costly, versions of Ballpark Village." Logan noted Stifel said that it "had agreed to underwrite bonds for Ballpark Village, selling them on investment markets to raise money" (ST. LOUIS POST-DISPATCH, 1/15).
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