urbanSTL

MattnSTL wrote:So I caught the story as well. The whole thing is still planned to be built, and it is still over $600 million. The first phase will be over $300 million and include one of the towers. The two eastern most towers will be built in the second phase. I would assume they are doing this so they don't overbuild their demand. This will also give them time to do pre-sales and even scale up if more demand is there (of course the opposite could also happen, and this would also help Cordish not lose money). I really don't think it's a big deal. They just need to find $15 million more and they can get started. While I typically like Jaco, i think he did sensationalize it just a bit.

Hey, babe, I'm with you. I want to see the renderings come to life. I'm just saying that the FACTS reported by the NEWS suggest that it may not proceed as planned.

. Louis, MO -- (KTVI) - After ten months of sometimes heated negotiations, an agreement to build the long-delay Ballpark Village on the site of the old Busch Stadium downtown has finally been reached.



Fox 2 News has learned the details of the agreement, which will be formally announced at a news conference Friday afternoon.



The agreement among the city, the Cardinals, and the Cordish Company developers of Baltimore, calls for a $387 million dollar project, including a 22 to 25 story condominium tower overlooking the new ballpark. Two more condo towers arer scheduled to be constructed in later phases.

The condomimium project will feature 250 units, and prices will start at around $300 thousand dollars for the smallest unit of 1,100 square feet.

Todd Swanstrom, urbanologist and professor of Urban Studies at St. Louis University, says the condos are the key to the entire development.



"Upscale housing will probably pull from suburban areas, not from the city and from the viewpoint of the city that would be a winner," said Swanstrom. "It would bring new residents into the city and we need new upscale housing in the city."



.....continued

The city is providing $56 million in tax increment financing, or tif. That $56 million will come from sales and other city taxes generated inside Ballpark Village. The same holds true for $29 million in state of Missouri tax financing. City officials emphasized that the only taxpayers who will be helping pay for Ballpark Village are those whom actually go there to shop, work, or purchase homes.

St.Louis UAB alumni wrote:

. Louis, MO -- (KTVI) - After ten months of sometimes heated negotiations, an agreement to build the long-delay Ballpark Village on the site of the old Busch Stadium downtown has finally been reached.



Fox 2 News has learned the details of the agreement, which will be formally announced at a news conference Friday afternoon.



The agreement among the city, the Cardinals, and the Cordish Company developers of Baltimore, calls for a $387 million dollar project, including a 22 to 25 story condominium tower overlooking the new ballpark. Two more condo towers arer scheduled to be constructed in later phases.

The condomimium project will feature 250 units, and prices will start at around $300 thousand dollars for the smallest unit of 1,100 square feet.

Todd Swanstrom, urbanologist and professor of Urban Studies at St. Louis University, says the condos are the key to the entire development.



"Upscale housing will probably pull from suburban areas, not from the city and from the viewpoint of the city that would be a winner," said Swanstrom. "It would bring new residents into the city and we need new upscale housing in the city."



.....continued

-22-25 story condo tower w/ 250 units

-Minimum 1,100 sq ft and $300,000 start price

-Two more condo towers in later phases

-275,000 sq feet of enterainment & restaurant space

-90,000 retail sq ft

-100,000 office sq ft

-1,200 space parking garage

-Cordish: $271 million

-City: $56 TIF (from sales & taxes generated from Busch)

-MO: $29 TIF

-Construction start: April or May 2007



Please tell me that we will get a REAL sports bar in this thing (HINT, HINT...Rawlings.)



http://www.myfoxstl.com/myfox/pages/New ... geId=3.2.1

STL_Rising wrote:Unfortunately he didn't go into details about the future phases of the project. I'm assuming it would top 600 million if in fact they build the 2 other towers. I watched the story last night and I "think" he said that there would be 3 towers, with one coming in the first phase but I'm not 100% sure. Can anyone confirm this? Like someone said earlier, hopefully the demand for the first condo building will be off the charts, bringing the other two in later phases. I have a good feeling that will happen. New construction downtown . . . I see this working out nicely in the long run. Good night for the Cards and St. Louis.

The first phase will include all of the ground-level retail and entertainment venues, plus 250 condos and 100,000 square feet of office space.

metzgda wrote:

a pair of "celebrity chef" restaurants

Any guesses for this before the announcement comes out this afternoon? I bet there will be a Wolfgang Puck restaurant and an Emeril restaurant. I'm not particularly excited about both, but that should draw a lot of suburban interests, which is what this project needs to succeed.

metzgda wrote:

a pair of "celebrity chef" restaurants

Any guesses for this before the announcement comes out this afternoon? I bet there will be a Wolfgang Puck restaurant and an Emeril restaurant. I'm not particularly excited about both, but that should draw a lot of suburban interests, which is what this project needs to succeed.

The first phase will include all of the ground-level retail and entertainment venues, plus 250 condos and 100,000 square feet of office space. The next two phases would add a pair of office and residential towers atop first-phase buildings. When those are built will depend on demand in the market.