Ballpark Village: It's in the cards
All-Star team delivers in extra innings
St. Louis Business Journal - by Lisa R. Brown
Eight years after Ballpark Village was initially conceptualized, a deal has been reached between city officials and developers for the $650 million project to finally break ground.
According to those close to the negotiations, the city of St. Louis held firm to its position to not guarantee the bonds for the project -- a key point developer Cordish Co. sought -- or use general revenue funds for the project. Cordish has received guarantees on bonds for many of its mixed-use projects across the country, including its Power and Light District in Kansas City. No one involved in the local negotiations would talk on the record for this story.
Negotiations between St. Louis city officials, the St. Louis Cardinals and Baltimore-based developer Cordish Co. have spanned the past two months. The heavy lifting was handled by Mayor Francis Slay, Cordish Vice President Blake Cordish, Stifel Financial CEO Ron Kruszewski and Cardinals President Bill DeWitt III.
Wednesday, July 23, 2008 - 2:46 PM CDT
Ballpark Village agreement finalized
St. Louis Business Journal - by Lisa R. Brown
The developers of Ballpark Village announced Wednesday afternoon that an agreement on a $600 million development has been reached with St. Louis city officials.
The first phase of the project, which will include a hotel, retail and office space, will cost between $280 million and $320 million. The development will include between 100,000 and 750,000 square feet, including 300,000 square feet of office space in the first phase. The retail component will range between 225,000 and 360,000 square feet of space, with 300,000 square feet in the first phase. Between 100 and 250 condos or apartments may be added in a later phase.
"This is an exciting day for the St. Louis Cardinals organization, our fans, and for the city of St. Louis," Bill DeWitt III, president of the St. Louis Cardinals said in the statement. "We greatly appreciate the efforts of everyone involved in reaching this important milestone. We are absolutely committed to delivering a development of the highest quality for our fans and for the City."
Tuesday, August 5, 2008 - 11:06 AM CDT Site work begins at Ballpark Village St. Louis Business Journal - by Kelsey Volkmann
Site work began Tuesday on the long-vacant 12-acre Ballpark Village site, said the St. Louis Cardinals and the Cordish Co. Instead of waiting for final public approvals, the developer will begin work on the project immediately, a move expected to shave three months off the construction schedule.
The $320 million first phase is slated for completion in the fall of 2010.
"After consulting with Mayor [Francis] Slay and his staff, we feel confident that the final public approvals will be obtained soon. As a result, we have decided to get the ball rolling," said Blake Cordish, vice president of Baltimore-based Cordish, in a statement.
The project requires approval from the Board of Estimate & Apportionment, the St. Louis Board of Aldermen and the state. The first phase includes a hotel, between 225,000 and 360,000 square feet of retail space, and between 100,000 and 750,000 square feet of office space. Between 100 and 250 condos or apartments may be added in a later phase. The project's total price tag is estimated at $600 million.
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