The Cordish Cos. prepares for second phase of St. Louis development
The Cordish Cos. is preparing to move forward on the second phase of construction near the baseball stadium in St. Louis, after the city’s Board of Aldermen narrowly approved a tax deal to support the project.
The St. Louis Cardinals opened the stadium in downtown St. Louis in 2006, with plans to transform the site of their former home nearby into offices, residences, shopping and restaurants.
The team, which is privately owned and controlled by the DeWitt family, selected Baltimore-based Cordish in 2005 as developer for the joint venture. The family-owned firm is known locally for Power Plant Live and the Maryland Live Casino. It has worked on several sports-anchored districts elsewhere, including with the Texas Rangers and the Atlanta Braves.
The first Ballpark Village buildings in St. Louis opened in 2014 after a slow start. That $100 million phase included a Cardinals Hall of Fame and Museum, bars and other entertainment venues.
The $220 million second phase would add 550,000 square feet of development, including a new office building, a 29-story tower with 300 apartments and additional shopping and restaurants.
The development team was seeking $65 million in public subsidy for the project, including $42 million from new city tax revenue expected to be generated by the development. Some criticized the request as unnecessary for a successful sports team and real estate company, in an echo of debates in Baltimore about similar developer requests for public subsidy.
The St. Louis Board of Aldermen, which includes representatives from 28 wards and a president, gave a green light Friday, voting 16-7 for the financing. It needed 15 votes to pass.
Cordish expects to break ground next year, and aims to finish by 2019. The timeline for the remaining sites has not been set, but Chase Martin, Cordish’s development director, said the firm wants to move quickly.
He declined to say if the company has lined up a tenant for the office building — which would be the first in downtown St. Louis since 1989 — but described interest as “overwhelming.”