Developers, St. Louis Close To Revised Ballpark Village Plan
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Developers Close To Revised
Plan For Ballpark Village |
A revised plan for the MLB Cardinals' Ballpark Village that "would give developers greater flexibility in deciding its size could be announced as early as next week," according to Riddhi Trivedi-St. Clair of the ST. LOUIS POST-DISPATCH. St. Louis Mayor Francis Slay's Chief of Staff Jeff Rainford said that a "deal between the city and the developers is close." The "eight-acre mixed-use development covering seven blocks originally was to include office, retail and entertainment space as well as a possible residential component." That mix "likely will change, but specific details have not been released." Rainford said that under the new arrangement, the developers -- the Cardinals and Baltimore-based Cordish Co. -- "would not be tied to specific development targets and could take market conditions into account in deciding the scope of the project." Public subsidies "would change with the size of the development." The proposed deal allows the Cardinals and Cordish to "build between 100,000 square feet and 750,000 square feet of office space." Rainford "did not provide details on the retail portion," but the residential portion "would remain optional." Rainford added that the new deal "would have to be approved by the Board of Aldermen as well as the state in a process that could take eight to 10 months." However, if approved, "ground-breaking could come in early 2009." Any subsidy for Ballpark Village "will be funded by bonds issued by the city," and the bonds "would be paid from tax revenue generated by the development." Rainford said that the city "refused to guarantee the debt from the bonds" (ST. LOUIS POST-DISPATCH, 7/19).
REACHING A COMPROMISE: The BALTIMORE BUSINESS JOURNAL's Lisa Brown writes, "Everyone gave up something in the deal. Cordish did not get the city-guaranteed financing on the project. City officials have always pushed for new residential untis to be a part of the deal, but relented. The Cardinals unquestionably want to polish the image of the organization, which has taken a P.R. beating as no progress has been made on the site." Meanwhile, St. Louis-based Stifel is "eyeing a move to Ballpark Village but has not yet made a decision on its office space needs" (BIZJOURNALS.com, 7/18). Cordish Co.'s Chase Martin, who is the director for the project, said the interest in the retail/entertainment and office portions of the project is "overwhelming" (BIZJOURNALS.com, 7/18).
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