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Ballpark Village Phase 2 will cost $260 million

St Louis, architecture, Ballpark Village Missouri,USA

The St. Louis Cardinals recently announced plans for the second phase of Ballpark Village’s $260 million, 550,000 square-foot project, which includes the construction of a 29-story luxury high-rise residential tower, the first Class-A office development in downtown St. Louis in over three decades. The building will also feature space for retail, dining, and entertainment venues.

Ballpark Village’s Phase 2 will be the finishing touch of a complete build-out of Clark Street. The 29-story residential tower will be situated on the east end while the Class-A office building will be located on the west end, with the shops, restaurants, and entertainment venues placed in between.

Once complete, the new additions are poised to elevate Clark Street into one of the most vibrant city streets focused on a major league sport.

Two landmark structures

The 29-story luxury residential tower will stand at approximately 230 feet and will be located at the corner of Clark and Broadway. Future residents will be able to enjoy panoramic views of the St. Louis skyline, the iconic Gateway Arch, and the Mississippi River, along with a direct vantage point right into Busch Stadium.

The Class-A office development will rise at the corner of Clark and 8th Street, which is directly across from Busch Stadium’s bronze statues. The building will feature street level retail venues and restaurants, as well as structured parking. As mentioned earlier, the office building will be the first “new construction” in downtown St. Louis in over 30 years. The last Class-A development constructed in the downtown area was Metropolitan Square, which opened back in 1989.

Also part of Phase 2 is a signature two-story entertainment hub and retail venue, which will overlook Busch II Field, Ballpark Village’s open space area. The destination will include a variety of dining options and amenities designed to enhance the lifestyle of the tenants within the new office and residential towers.

Generating revenue for the expansion

To complete the sprawling downtown project, part of the development team’s proposal is to make use of a percentage of the new tax revenue generated exclusively within Ballpark Village, including a self-imposed 1% TDD sales tax in order to underwrite the bonds and support infrastructure costs. Only taxes generated by the project, private equity, and debt investments by the development team will go towards the financing of Ballpark Village.

In addition to generating revenue to support the new developments, Phase 2 of Ballpark Village is also expected to produce millions in additional tax revenue for the state of Missouri, the city of St. Louis, and the St. Louis Public School District.

Enhancing downtown St. Louis

According to Missy Kelley, Chief Executive Officer of Downtown STL, the expansion of Ballpark Village will have a very positive impact on the downtown area and will enhance the effects of the first phase. “It is particularly exciting to see both high-end, luxury residential and the Class-A office space coming downtown as we need more of both of these types of investments to continue to strengthen the heart of our region,” she states.

Some sections of the expansion are scheduled to open this year, and the entire second phase is scheduled for completion by 2019.

Looking to invest in St. Louis Metro commercial real estate? Get in touch with us anytime at Cardinal Realty Group by calling (636) 225-0385 or sending an email to hal(at)cardinalrealtygroup(dotted)com