ST. LOUIS, MO (KPLR) - The Cardinals have a new plan to build Ballpark Village. They have an attractive detail in this latest offer. The project will be almost completely leased before groundbreaking.
On July 5th, the team and developers from the Cordish Companies meet with the city. For the third time, the team will pitch their plans for the 10-acre site North of Busch Stadium. They plan to tell the St. Louis Downtown Economic Stimulus Authority that there are a few major developments since the last proposal. For instance this time, all the private financing commitments have been secured. The office tower is 80 percent leased. But, if the bonds needed to finance this ambitious project don't sell on the market, the team and Cordish promise to step in.
"In this particular situation the developers and Cardinals Inc have decided to buy the bonds ourselves. That removes a great bit of uncertainty as it relates to the bond market. It would open to selling these things. So that's one of the reasons we're ready to go at this point." said Cardinals President Bill Dewitt III.
The price tag for the first phase is $100 million. The project could bring 1,200 construction jobs to downtown st. Louis. Fans could enjoy a 40 foot led screen with a retractable roof and a state of the art hall of fame museum. The cards want to break ground in the fall. Fans are looking forward to seeing more than just a gravel parking lot across from the stadium.