Barring any last-minute snag in the negotiations, I expect to join The Cordish Company and the St. Louis Cardinals later today to announce an agreement in principle for Cordish to build the first phase of Ballpark Village.
This will be a preliminary announcement, because we still have to negotiate a development agreement and go through a very public approval process. But, having reached an agreement in principle, it is possible that construction in that giant hole next to the new ballpark could begin in the Spring with Ballpark Village ready two years later.
This is a very different better and bigger project than the one we all talked about during the ballpark construction. I credit Cordish with bringing a vision for big things to the table. The project they propose includes shops, restaurants, retail stores, office space and a condo tower. If it goes as Cordish plans, Ballpark Village will be like nothing else in the City of St. Louis or in the region. It will create thousands of permanent jobs and generate millions of new tax dollars for the City and for the public schools.
Every project this big tends to generate some misinformation, so let me make one point as clearly as I can: No existing tax dollars or general revenue will be put at risk to build this project. Everything for the project will come from the project. (Said another way, not one dime of your tax dollars will be used to build Phase I of Ballpark Village unless you buy something at the Village shops, restaurants, or retail stores; or are a resident of the Village’s office space or condos.)
I look forward to sharing more of the details of the agreement with you over the weekend.