The St. Louis Cardinals announced today that they anticipate breaking ground on Ballpark Village in mid-November.
The team and their development partner the Cordish Companies plan to have the $100 million first phase of the project completed by Opening Day 2014. The announcement came shortly after the Missouri Development Finance Board approved the project this morning, one of the final steps in the public approval process.
“Today is a significant milestone in a long journey to make Ballpark Village a reality,” said William DeWitt III, President of the Cardinals. “We are very excited to finally get started.”
Chase Martin, Development Director of the Cordish Companies said “we are grateful for the consistent support we have received from city and state leaders. Ballpark Village will be worth the wait as it will be one of the premiere entertainment developments in the United States.”
With the public approval process largely complete, the financing and final design work is expected to take approximately two months. The aggressive timetable is made possible by the development team’s additional financial commitments to the project, including the commitment to purchase the bonds at the beginning rather than sell them in an open market. While the development team can’t pinpoint the exact date of closing, they anticipate beginning construction before the holidays.
The $100 million first phase of Ballpark Village will include the construction of 100,000 sq. feet of retail and entertainment space along Clark Street next to Busch Stadium, as well as all of the streets, parking and site infrastructure to support the future phases of the seven-block $700 million mixed use project.
The initial phase will be anchored by a first-of-its kind Cardinals venue called Cardinals Nation. Totaling over 30,000 square feet on three levels, Cardinals Nation includes a two story restaurant, a Cardinals Hall of Fame and Museum, and a 300-plus seat seating deck with views into Busch Stadium. A second building will house a 20,000 square foot two-story Anheuser-Busch venue with a festive rooftop party deck offering views into Busch Stadium. The two signature structures will be joined by a retractable glass canopy covering the Live at Ballpark Village! event space designed to be a vibrant gathering space throughout the year.
The construction of the first phase of the project is anticipated to create more than 750 construction jobs and more than 430 permanent jobs. The Cardinals and the Cordish Companies will announce the names of additional tenants, as well as provide details regarding the groundbreaking and construction at a later time.
The construction of Ballpark Village represents the next step in the Cardinals vision for their investment in downtown St. Louis that began with the opening of the privately financed, $411 Busch Stadium in 2006. Ballpark Village is an approximately $550 million mixed-use retail, entertainment, office, and residential district being developed in partnership by the St. Louis Cardinals and the Cordish Companies. Spanning seven city blocks on the 10-acre site just north of Busch Stadium, Ballpark Village will be the country’s first fully integrated mixed-use development designed to deliver the excitement and energy of the game day experience to a new neighborhood outside the stadium walls.
The Cordish Companies
For generations, the Cordish family has grown The Cordish Companies into one of the world’s leading real estate development companies and a diverse group of successful entertainment-operating businesses. Cordish Companies’ entertainment and mixed use projects include the Kansas City Power & Light District, Louisville Fourth Street Live, and The Power Plant & Pier IV in Baltimore.