Happening in STL

Investing in St. Louis: BPV Phase 2, Cortex Phase 3 & City Foundry.

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A 29-story luxury apartment building rising into the St. Louis skyline alongside the historic courthouse and Gateway Arch will be the featured part of Phase II for the Cardinals’ Ballpark Village.

This morning the Cardinals revealed a $220-million project that will significantly expand the existing Ballpark Village and move the club closer to the imagined downtown micro-city based around Busch Stadium III. “The second phase of Ballpark Village is more than five times the scale of the first phase of Ballpark Village,” said 7th Ward Alderman Jack Coatar. “This bill will enable one of our city’s most successful companies to expand their investment in downtown St. Louis and build on the incredibly strong momentum established with the new ballpark and the first phase of Ballpark Village.” The Downtown area hasn’t seen a new office building in decades, so this will be a much needed addition.

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The forthcoming construction will include more than 500,000 square feet of residential, office, retail, restaurant, entertainment, and a park added to the Ballpark Village along Clark Street. The construction is expected to start in late 2017, with a target date for completion in 2019. In terms of funding, the Cardinals intend to approach the City of St. Louis to alter their existing agreement, the one that led to the current Ballpark Village (which has been a great asset towards increasing the flow of people downtown).

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The proposed amendment will add a sales tax specifically within Ballpark Village and will issue bonds for the revenue generated by the project. According to STLToday, (in a description of the project) the Cardinals asserted that “only taxes generated by the project itself ($16 million — combined city and state), as well as private equity and debt investments by the development team, will be used to support the project.”

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In addition to the 29 story apartment building with at least 300 residential units and an unobstructed view of Busch Stadium will be an office building at the corner of Clark and Eighth street. The building will feature street-level retail, a contemporary designed office. If this makes you worry about parking – fear not. The plan also includes more than 800 additional parking spots.

This development comes at an interesting time, as just a short time ago St. Louis-based Koman Group said it has a tenant lined up for a 100,000-square-foot office building. It plans to construct it on what is currently a parking lot just west of Busch Stadium.

Between the two, we are looking at $263.5M just in the area directly surrounding Busch Stadium. The city has seen a spur in development lately, with  phase 3 of Cortex ($170M – adding Aloft Hotel, 200 Apts, Retail, and Lab Space) and the City Foundry ($340M- Adding retail, Apartments, Office Space and Restaurants) or the countless others.

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