Since I was in the middle of transferring my blog last week when the big story broke that Centene was backing out of the Ballpark Village project in Downtown St. Louis, I figured I’d post a few thoughts on the situation. Everyone seems to have their own spin on what this means for the project, but it is pretty clear that it is going to have a pretty significant affect on the overall development. Representatives from the Cardinals and Cordish are acting like everything is going to go ahead as planned, but we shall see. Rather than ramble on for 1,000 words further on the my own opinion of the situation, here are a few stories published in the last week that should fill you in on whats been going on:
- Centene deal falls apart – Post Dispatch
- DeWitt: Centene deal was close, but ‘we never got to the finish line’ – Post Dispatch
- Optimism, doubt about the future of Ballpark Village – Post Dispatch
- Centene pulls out of Ballpark Village development – Business Journal
- Let’s go back to the future at Ballpark Village site – Post Dispatch satirical
I know many of you have to wonder why I have been harping on this project so much, seeing as it doesn’t have a whole lot to do with most investment real estate. But I think this is a really important topic that we really need to keep tabs on. The profitability of your investments are greatly influenced by the fate of high profile projects such as this, and that makes it very relevant. Anything that is bad for the image or the economy of the City is bad for the local investor.
That being said, I don’t fall into the gloom and doom camp on this situation. We’re going to see this project come together in some form or another within the next fews years, and that is the important thing. We can deal with a few delays. Eventhough development north of the park has been slow to come together , we need to keep in mind that to the south things are looking bright. Since the new ballpark opened two years ago, the area south of the stadium dubbed Chouteau’s Landing, has seen a ton of improvements that are really exciting. Brian over at the Downtown St. Louis Business blog reminded me of the growing success of this “lowkey” development in a post the other day and I think its a really important aspect to keep in mind. I plan on doing a spotlight on the area in the near future, but in the meantime, check out the Chouteau’s Landing website and the Urban St. Louis thread if you want to look at the bright side of things.