Although I suspect most buyers won’t be “second home” buyers, in the big scheme of things, they will be taxpayers (hint, hint) and likely visible people on the streets even if only part-time. Personally, I feel that if they are “second home” buyers – it’s no big deal – let them buy – it’s their money.
In important, high commerce cities all over the country and the world, people, who are able to afford it, have second homes in core cities.
Interestingly however, what people fail to consider is that there was no residential around the old cookie cutter Busch Stadium for 40 years. Absolutely nothing. There was NO residential. Little to no retail. Now that there is a significant chance for a housing and retail component to be developed around the stadium, people seem to want to nitpick about who should be the tenants. I can understand the arguments about street connectivity, however, as far as I am concerned the tenants should be…………BUYERS!! That should be the only resident people should be concerned about. I am sure that is all Cordish and the bigwigs at City Hall are concerned about too. Buyers! Everything else will fall into place.
Also, I don’t recall reading any pro-BPV posts (or Bottle District, Pinnacle, or Ice House District posts for that matter) here which claim such projects are going to be “saviors” for downtown. I certainly didn’t. However, these projects, I think, will add more vibrancy to downtown St. Louis. This cannot be denied. You can’t visit other cities where Cordish has projects - Houston (Bayou Place), Louisville (4th Street Live), or Baltimore (Power Plant Live) - and not see the how the end results of these projects have added to the vibrancy of those downtown’s.
Hmm a few points:
1. If the BPV is full of second home buyers (heck lets make it a simple majority) I think it might fail. It is year round home owners who walk the streets, shop at the stores, and pay the taxes that will determine whether all the retail and resturan space proposed will make the BPV another STL Center or something much better (and long lasting). I would not so quickly dismiss the negative impact of second home buyers.
2. Clearly downtow's new development has included mostly residential rehabing old commerical space followed by some retail and a small amount of office space. That much is pretty clear to me. Sure a hand full of office firms have opened up (though I am likely under counting lets say 2 dozen) but none have been heavy hitter. In fact, if anything downtown has lost some of its former heavy hitters over the period (some out of their control like May Co and some more in their control like Union Pacific). I, and I think most others, would call this downtown revival a residential one, vs. the office one of the 80's.






