Ballpark Village to be Stifel headquarters?
No other active real estate development project in the St. Louis area has received as much attention as Ballpark Village. The planned $800 million project is the product of the St. Louis Cardinals and Baltimore-based Cordish Company, but has faced hurdle after hurdle. “On again, off again” since the completion of Busch Stadium III, the developers say financing is in place and will be presenting a revised “Phase 1” plan on Wednesday.
Of the 100,000 square foot of space in the $146 million first phase of the project, a good chunk of it will be used to house the new corporate headquarters for St. Louis’ Stifel Financial Corp upon the projects completion in 2013. With Stifel behind them, representatives from the Cardinals and Cordish will be on Wednesday, January 19, begin the process of seeking $35 million in local and state funds to help get the project off the ground. Although the project had originally been OKed for $188 million in local and state subsidies in early 2009, the previously approved subsidies were pulled from the table when the project timetable and scale was revised.
The developers are claiming these funds are essential to getting the project off the ground, and considering the history of local officials backing such expenditures, the money will likely in place soon. Further phases of the project could top $550 million. We’ll likely have a better idea of where things stand within the next couple of months. That said, considering the already extended history of this planning process, one can never tell what will happen next.