The St. Louis Cardinals have 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 forthcoming construction will include more than 500,000 square feet of residential, office, retail, restaurant and entertainment space added to the Ballpark Village along Clark Street.
The construction will start in late 2017, according to the team.
To fund the construction, the Cardinals intend to approach the City of St. Louis to alter their existing development agreement, the one that led to the current Ballpark Village. The amendment will add a sales tax within Ballpark Village and issue bonds for the revenue generated by the project. In a description of the project, the Cardinals assert 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.”
The target date for completion is 2019.