The Missouri Development Finance Board recently approved $17 million in borrowing that will help pave the way for construction to begin next month on the long-planned, but stalled, Ballpark Village project adjacent to the St. Louis Cardinals’ Busch Stadium.
The aid is earmarked for the first $90 million phase of the project. The mixed use retail, office and residential development is proposed for a seven-block site on land that formerly housed the previous Busch Stadium.
It could eventually receive up to $183 million but it must meet certain benchmarks to receive the assistance.
The total price tag is set at $700 million.
Current plans call for construction of a Cardinals Hall of Fame, an Anheuser-Busch-themed restaurant and an plaza with a retractable roof for concerts, and parking.
Later phases call for construction of residential and office space buildings. The old stadium was demolished seven years ago after the Major League Baseball team’s new facility opened.
The St. Louis Board of Alderman over the summer approved the plan and city subsidies for the project that includes revenue sharing of sales taxes generated within the development.
Cordish Co. is the developer.