Missouri finance board hears revised Ballpark Village plan
Plans for Ballpark Village
JEFFERSON CITY — Ballpark Village is back, and to hear its promoters tell it, it’s going to be bigger and better than before.
The public subsidy is also going up: State and local incentives could total as much as $188 million, up from $115 million in the 2007 version of the plan.
The project, covering 10.5 acres next to Busch Stadium, would be developed in phases with an office tower, parking, retail, entertainment and restaurant space and possibly, up to 250 apartments or condos.
Representatives of the St. Louis mayor’s office and Baltimore-based Cordish Co. detailed the changes this morning for the Missouri Development Finance Board.
“What we want to do is draw people in January, February and off-season and give people a reason to stay downtown,” said W. Chase Martin, development director for Cordish.
The state board will consider the revamped project next month. The St. Louis Board of Aldermen signed off on it in January.
Under the deal, backers would have three years to sell bonds to finance the project. They say it would create 2,580 construction jobs and 4,468 permanent jobs.
This is insane. If there is a market for retail space in that neighborhood, then there should be no need to offer public subsidies to induce developers to build the retail space. If there is no market for retail space in that neighborhood, then why are we trying to build it in the first place? In other words, either way there is no reason to subsidize the building of retail space in that neighborhood. The best possible outcome of this plan is that the taxpayers end up footing the bill for no good reason, and that is the best outcome. It is entirely possible that the taxpayers could end up footing the bill to build a bunch of buildings that no one wants to occupy, which would be even worse.
Let’s just let this idea die a dignified death. Why spend more of our money for unneeded construction. As GrzeszDel says, if there was a market for this space, it would get built.
Remember St Louis Center on Manchester as a clear record of the real estate skills of the St Louis city government.
Among the many wisdoms imparted by Bill McClellan is his oft-made remark (to the effect) that he could not understand why the City would call for public subsidies for out-of-town, chain-type, restaurants to be located in the development to the detriment of locally-owned restaurants, both in Downtown and in the immediate ‘hood. This would also remove profits from the StL area.
His remark makes sense to me.
4,500 permanent jobs from this so-called project? In this economy? Who’s going to shop there, the people who shopped at St. Louis Centre over the years? There’s a reason why downtown retail and some shopping malls struggle - there’s too much of it.
Of those 4,468 “permanent jobs” how many of them are for those guys selling pretzel sticks outside before the game?
Can we say outdoor St. Louis Centre?
The city had their chance with Centene and Cordish blew it. The city needs to send Cordish and their stupid outdoor mall flying, put streets and utilities back in Ballpark Village and sell each new block to the highest bidder. Let the market take care of the rest when things pick up again.
Maybe the land could be used as a ‘blimp’ mooring site.
Tours could be given, and air shuttle service offered to ‘the bottle district’ site. (that one is still private funds, right?)
Every moment that the blimp is on the ground is one less televised image of our illustrious City, during the All Star Game.