urbanSTL

PD reporting incentives passed next round with 17-6 aldermen vote and possible final decision coming as early as next week

http://www.stltoday.com/news/local/govt ... 625e5.html

The $16 million the companies are asking for is on top of the $49 million in tax incentives the city granted the Cardinals in 2012 as part of Ballpark Village’s first phase.

A final vote could come as soon as next week. If it passes, the Cardinals would have access to $65 million in tax incentives over the next two decades.

joelo wrote:Really shows that deed restriction for Shannon's property is really useless with all the development that's going to occur here. No reason why they should be enforced now

per BizJournal, Shannon and the Cards have come to an agreement that will lift the height restriction. But no ferris wheels. Various state/local agencies will have to sign off but I suspect that should be no problem.

I'm glad they got that worked out. I think the Cardinals realized it was bad PR to fight him on it and really just no reason to have it

^ Agree, seems like a win win situation for both parties if done right.

I'm assuming city will sign off on new incentive package soon and hopefully a groundbreaking date set by end of year. Maybe wishful thinking on the date considering its DeWitt/Cordish.... But it would be a nice Xmas announcement for downtown to have a ground breaking date announced on new class A office space/hotel & a residential high rise coming whether you agree with the incentives or not.

BoA approved incentives by a whisker...

http://www.bizjournals.com/stlouis/news ... lpark.html

So we'll see if they can begin construction second half of next as targeted.

^ Yeah, I'm not sure what all goes into city building permit review but crazy how some big projects are approved almost immediately after submission and others take forever.

STLrainbow wrote:^ Yeah, I'm not sure what all goes into city building permit review but crazy how some big projects are approved almost immediately after submission and others take forever.

Well the smart ones bring plans to zoning/building division months before applying for the actual permit for a preview. so the officially submission may happen on a monday and a permit issued Friday, but in reality the city has had the plans for 2 months to look over.

^ that makes sense... what typically is going on when it takes like 6 months or so like some projects?

I would guess that the Cards still have lots of work to do to complete their financing. That's what takes so long. Banks don't lend millions without knowing that every T is crossed.

I can't get over how the Cardinals updated all of their websites to include Phase 2 but Cordish's website still does not include the project. I can only think of 2 reasons why they don't have it up on their site yet...
1- They are waiting for construction to start.
2- They are working with the Cardinals to plan out Phase 3 and release those details via renderings of the project on their website like they did for The Kansas City Power and Light District.

chaifetz10 wrote:You're forgetting the third and most logical reason... Cordish is just REALLY bad at updating their corporate website. Up until recently (like the last 6 months or so) it was an outdated shell of a website that looked like it was built in 2003.

This.

chaifetz10 wrote:Cordish is just REALLY bad.

This.

From a Press Release form the Cardinals.
"Hundreds of fans have signed up for information about the residential units within the signature BPV² high rise building that will offer views into the ballpark."
So I am thinking that if all those people suck up all the Apartments before Construction ends on the building, Tower two or Phase 3 will be announced sometime in Mid to Late 2018 when Construction is going on. Its the only logical guess I can think of. Plus, this sounds familiar to when One Light ion Kansas City was going up and about 3/4 f the way through construction, they announced Two Light which started directly after One Light Opened.

chriss752 wrote:From a Press Release form the Cardinals.
"Hundreds of fans have signed up for information about the residential units within the signature BPV² high rise building that will offer views into the ballpark."
So I am thinking that if all those people suck up all the Apartments before Construction ends on the building, Tower two or Phase 3 will be announced sometime in Mid to Late 2018 when Construction is going on. Its the only logical guess I can think of. Plus, this sounds familiar to when One Light ion Kansas City was going up and about 3/4 f the way through construction, they announced Two Light which started directly after One Light Opened.

Office demand in downtown is weak, but residential is strong. I would not be surprised if this development ends up having 3 residential towers, 1 hotel tower, and the 1 commercial tower being built in phases II.

Agreed, some will dream living with a view of the stadium (I would) and then see the price and balk. I do expect those units to rent out easily though even at a premium

I think they're missing out not haveing a condo component. Renting is wasting money where condos can be viewed as an investment. I have family that said they'd purchase but not rent at BPV.

^ I wonder if we might see something like that with a hotel/residential condo tower in Phase 3.

^^Include the corporate component as well. I would imagine there would be interest in buying a space to entertain while there may be less interest in renting apartments. Could be wrong there, though.

moorlander wrote:I think they're missing out not haveing a condo component. Renting is wasting money where condos can be viewed as an investment. I have family that said they'd purchase but not rent at BPV.

Agreed. I know a family that had the same view. Would sell their condo in CWE and buy at BPV because they already have season tickets to blues/cards

Maybe Cordish just wants to test the waters first. The building can always be converted to condos later.