Monday, May 21, 2012

Ballpark Village Returns! Bet You Didn't See That One Coming

Posted By on Mon, May 21, 2012 at 4:44 PM

click to enlarge Ballpark Village returns, with a new look.
  • Ballpark Village returns, with a new look.
Stop me if you've heard this one before. The St. Louis Cardinals today released plans for the development of Ballpark Village. The open lot adjacent to Busch Stadium will become a mixed-use retail, business, entertainment and residential district with an estimated final budget of $700 million.

But not all at once, mind you.

The Cardinals and development partners the Cordish Companies plan to begin the project a little more modestly this time around. Two blocks will be developed first, housing the Cardinals Hall of Fame (which currently exists only online) and a combo retail-entertainment district. Projected cost for this phase is $100 million, which will be funded by bonds.

Interestingly, the Post-Dispatch's Tim Logan reports that those bonds will be purchased by the Cardinals and Cordish Companies. You may recall that previous attempts to sell bonds to investors didn't work out so well; the initial completion date for Ballpark Village was 2011. And yet here we are still talking about building it.

Following the successful completion of the first phase of this brand-new plan, Ballpark Village will blossom to its full, $700 million development. But for the near future, only these two blocks will be constructed and the remaining acreage will remain vacant -- just like it is now.

A public hearing on this plan is scheduled for July 5. This should give Cordish time to update the Ballpark Village webite, which still lists the Cardinals as having won "a league-record 10 World Series championships."

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