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City, Cordish near Ballpark Village deal; The Fudgery comes to BPV!

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  • City, Cordish near Ballpark Village deal; The Fudgery comes to BPV!

    http://www.bizjournals.com/stlouis/s...14/story2.html

    Friday, July 11, 2008


    City, Cordish near Ballpark Village deal

    After more than a year of delays, Ballpark Village developers and St. Louis city officials said they expect to finalize a development agreement for the vacant site next to Busch Stadium within the next couple weeks.
    "We're at the point where we're either going to get it done or not going to get it done," said Jeff Rainford, Mayor Francis Slay's chief of staff.

    Plans still call for a $650 million multi-phased, mixed-use development similar to that proposed before Centene Corp. announced last September it would purchase a portion of the site and build a new headquarters there, according to Rainford and Cardinals President Bill DeWitt III.

    That deal fell through in March when Centene opted to build instead in Clayton. Earlier plans for the first phase of Ballpark Village included at least 100,000 square feet of office space and 270,000 square feet of entertainment and retail space.
    -RBB

  • #2
    "We're at the point where we're either going to get it done or not going to get it done," said Jeff Rainford, Mayor Francis Slay's chief of staff.
    No shit?

    Comment


    • #3
      http://stlouis.bizjournals.com/stlou...612800^1669963

      Ballpark Village: It's in the cards

      All-Star team delivers in extra innings
      St. Louis Business Journal - by Lisa R. Brown
      Photo Illustration: Michael Behrens

      View Larger



      Related NewsEight years after Ballpark Village was initially conceptualized, a deal has been reached between city officials and developers for the $650 million project to finally break ground.

      According to those close to the negotiations, the city of St. Louis held firm to its position to not guarantee the bonds for the project -- a key point developer Cordish Co. sought -- or use general revenue funds for the project. Cordish has received guarantees on bonds for many of its mixed-use projects across the country, including its Power and Light District in Kansas City. No one involved in the local negotiations would talk on the record for this story.

      Negotiations between St. Louis city officials, the St. Louis Cardinals and Baltimore-based developer Cordish Co. have spanned the past two months. The heavy lifting was handled by Mayor Francis Slay, Cordish Vice President Blake Cordish, Stifel Financial CEO Ron Kruszewski and Cardinals President Bill DeWitt III.

      Those talks have now ended with a deal in place and a development agreement in the works for state and local officials to affirm in the coming weeks. A press conference announcing the agreement in principle is expected to come early next week. Pre-construction site work for the mixed-use development is expected to begin on the footprint of the former Busch Stadium later this summer.

      Everyone gave up something in the deal. Cordish did not get the city-guaranteed financing on the project. City officials have always pushed for new residential units to be a part of the deal, but relented. The Cardinals unquestionably want to polish the image of the organization, which has taken a P.R. beating as no progress has been made on the site.

      Construction won't be completed as previously planned by next year's All-Star Game in St. Louis. But work will be under way on a massive development that will give fans and visitors something to look at besides a vacant lot.

      Ballpark Village will progress in phases, with a mix of office, retail and entertainment space planned for the initial build-out. The city of St. Louis has agreed to prorate its subsidy package to give Cordish more flexibility to build based on market demand. A nine-page term sheet for the deal stipulates that public subsidies will cover between 100,000 and 750,000 square feet of office space in the project and between 225,000 and 260,000 square feet of retail and entertainment space. Residential units could be added in a later phase, but there is no obligation to go forward with condominiums or apartments. Cordish would only qualify for incentives on a residential component if it develops 100 housing units or more, according to the term sheet.

      The previously awarded city and state subsidy package totaled $115 million, based on the original scope of the project. An addition to the modified plan allows Cordish and the Cardinals to recoup up to $7.9 million to pay for infrastructure costs if it includes a hotel in the project.
      The contentious battle over terms for the project has dragged on between the city and Cordish for nearly a year and a half since the city approved tax increment financing for the project in February 2007. Talks stalled earlier this year after Centene Corp. pulled out of its plans to build a $210 million headquarters building at Ballpark Village. Centene instead is pursuing plans to build its headquarters on property it owns near its current headquarters in Clayton.

      Centene's reversal sent the developers of Ballpark Village back to the drawing board for the 12-acre site. When talks broke down, St. Louis officials turned to Kruszewski and Stifel Vice President Peter Czajkowski to hammer out an agreement that wouldn't put taxpayers on the hook to guarantee bonds for the project.

      Stifel, which is based at the One Financial Plaza building at 501 N. Broadway downtown, is eyeing a move to Ballpark Village but has not yet made a decision on its office space needs. It is also expected to help the city sell the bonds to support the project. Stifel is among St. Louis' largest public companies with $793 million in annual revenue in 2007.
      Reporter Christopher Tritto contributed to this story.
      -RBB

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      • #4
        They should break ground Monday & get rolling! No reason to wait till "later this summer."

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        • #5
          Ok....so is this a real development or is like when they said 16 months ago that they were about to start construction.

          I can never tell with this ballpark village crap...
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          • #6
            Originally posted by StlCardz1982 View Post
            Ok....so is this a real development or is like when they said 16 months ago that they were about to start construction.

            I can never tell with this ballpark village crap...
            Just ignore this stuff and wait until construction begins. Sounds encouraging though.

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            • #7
              Originally posted by Box & Won View Post
              Just ignore this stuff and wait until construction begins. Sounds encouraging though.
              I do kinda understand dropping the residential requirement in phase I, but wouldn't you think the success of the Cupples Lofts would temper the reticence? Building 9 sold out in a day earlier this year - I think that'd show a real potential for condo sales in BPV.

              -RBB

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              • #8
                Originally posted by RedBirdBrain View Post
                I do kinda understand dropping the residential requirement in phase I, but wouldn't you think the success of the Cupples Lofts would temper the reticence? Building 9 sold out in a day earlier this year - I think that'd show a real potential for condo sales in BPV.

                -RBB
                I agree - I don't think they realize just how unique and desirable a BPV condo really is. I'm guessing that if they were to build condos, many of them would be used as second homes as opposed to primary residences.

                The unfortunate thing is that the original plan - condos with balconies overlooking the ballpark - would have been unbelievable.

                It must just be a real beyotch to finance a residential high-rise project these days.

                I really wish Centene would have gone through with their plans. That whole thing still pisses me off.

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                • #9
                  So when will they cancel this project?
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                  • #10
                    Now that the residential part has been scrapped (partially), you are basically left with a bar/entertainment district. I have a hard time believing this $650 million project will be successful after the novelty wears off.

                    If it's anything like the other Cordish developments, it will be a mall of chain restaurants/bars. There's plenty of other establishments surrounding the stadium with local flavor that I would patronize before the Maker's Mark Saloon or Famous Dave's Barbecue. But that's just me.

                    I'm sure the buses will be lining up in droves.

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                    • #11
                      Originally posted by BlueBrained View Post
                      So when will they cancel this project?

                      Still working on financing. I doubt it gets cancelled.

                      St. Louis market is shite. They have sold out the building and have 2 major tenants lined up and still nothing.
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                      • #12
                        Originally posted by chs266s View Post
                        If it's anything like the other Cordish developments, it will be a mall of chain restaurants/bars. There's plenty of other establishments surrounding the stadium with local flavor that I would patronize before the Maker's Mark Saloon or Famous Dave's Barbecue. But that's just me.
                        The P&L District in KC doesn't give me much hope for the retail component of BPV. I'd expect it to be not much different than that. Lame shite.

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                        • #13
                          Whatever it ends up being...it will be better than going to only Shannon's, Paddy O's or Hrabosky's.
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                          "When you say 'radical right' today, I think of these moneymaking ventures by fellows like Pat Robertson and others who are trying to take the Republican Party and make a religious organization out of it. If that ever happens, kiss politics goodbye."
                          -Barry Goldwater

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                          • #14
                            Originally posted by El Birdo 1 View Post
                            Whatever it ends up being...it will be better than going to only Shannon's, Paddy O's or Hrabosky's.
                            ++ to that.
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                            • #15
                              Originally posted by El Birdo 1 View Post
                              Whatever it ends up being...it will be better than going to only Shannon's, Paddy O's or Hrabosky's.
                              You know what they need down there? A snow cone stand...I'd hit that place up every game...

                              And you left out Anthony's, my good friend...

                              "Can't buy what I want because it's free...
                              Can't buy what I want because it's free..."
                              -- Pearl Jam, from the single Corduroy

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