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Street Cars Could Generate $2 Billion in Economic Development to St. Louis

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The proposed streetcar line that would link Downtown to the Central West End with an additional line to the Near North Side could result in $2 billion in economic development over 20 years as reported by the Post-Dispatch. A similar line will be built along the Delmar Loop in University City and St. Louis City.

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Cardinals to break ground on Ballpark Village next week!!

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As we found out last week, a grading permit had been issued for the site of the long delayed Ballpark Village in Downtown St. Louis. Yesterday afternoon, the Cardinals along with development partner Cordish Co., closed on financing for the project. The $100 million first phase will receive $17 million in state and city tax credits and will feature 100,000 square feet of restaurants, retail, and entertainment space. The first phase is slated to be completed by opening day of 2014. Read more at The St. Louis Post-Dispatch or Saint Louis Business Journal.

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What does the future hold for the Edward Jones Dome and Convention Center?

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Last week the arbitrators between the St. Louis Rams and the Regional Convention and Visitors Commission sided in favor of the Rams $700 million proposal to bring the stadium to “First Tier” status per the terms of the lease agreement between the entities. Read more here.

There are 3 other sites in the St. Louis area that have been discussed as possible locations for a new stadium: the former site of Chrysler in Fenton, an area along the new section of highway 141 in Maryland Heights that is now farmland or the Bottle District just north of the dome that is owned by Paul McKee as part of his $8 billion Northside Regeneration project. The theme that all of these have in common is a larger footprint that will allow more parking closer to the stadium and an enhanced game day atmosphere.

While there will be much debate on where the Rams will likely move to after the 2015 season, there could actually be a benefit to Downtown should the Rams select to build a new stadium. The NFL schedules come out a year in advance, while many conventions schedule 3 years in advance. This causes the city to lose out on many conventions because it is unknown as to whether or not there will be a game on a certain weekend. With a 17 week NFL season, plus 4 pre-season games and possibly playoff games that could occur another 3 weeks, the CVC loses almost half a year’s worth of convention possibilities. Coupled with the fact that during the renovations that could take a couple of years, the CVC would lose out on even more.

Conventions bring in tens of thousands of visitors to the city that will fill Downtown restaurants, hotels and visit local stores for several days instead of an afternoon. While retaining the Rams is crucial to the region’s image as a large city, the exact location is not as important to overall economic activity.

Compare that to a typical football game in which fans are only downtown for an afternoon and many tailgate instead of visiting bars and restaurants Downtown. With at most 12 pre-season, regular season and playoff home games the revenue generated from additional conventions could be much greater.

If local leaders, the Rams and the NFL can identify a new site for the stadium and come to terms on the mix of private and public financing to keep the Rams in St. Louis, Downtown could take another giant leap forward.

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Ballpark Village Breaks Ground Today!

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After years of delays and changes, the ground breaking ceremony for Ballpark Village will be held today. The $100 million, first phase of the project is slated to open by opening day of the 2014 baseball season. Read more here.

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McKee to make case for keeping tax credits

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Developer Paul McKee will be pitching his case to Missouri state lawmakers in order to extend the Distressed Areas Land Assemblage tax credits from the Missouri Department of Economic Development. The credit is designed to reimburse land buying and borrowing costs associated with large scale, urban redevelopment. The project area encompasses 1,500 acres from Downtown to Midtown and across a large area of North St. Louis.

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Will construction of Ballpark Village finally begin?

BallparkVillage-A-BtenantPROMO-280As reported by the Saint Louis Business Journal, grading permits were issued on January 24 for the site of the long delayed Ballpark Village project in Downtown Saint Louis. The $100 million first phase of the $700 million mixed-use development will not only benefit the local economy, but will be a catalyst to further the revitalization of Downtown. If you have ever considered living Downtown, there has never been a better time! Contact The Agency STL for more information!

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Roberts Tower moving forward again

imageThe St.Louis Land Clearance Authority has selected UrbanStreet Group of Chicago as the preferred developer for the Roberts Tower. The firm will spend $22 million to finish the long stalled project. The Roberts brothers put over $50 million into the project before putting all of their downtown real estate up for sale. The finished building will add 132 apartments to the Old Post Office District downtown. Read more here.

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Streetcars Could be coming to Downtown and the Central West End

512bdb92199fd.preview-620As reported by the St. Louis Post-Dispatch a public meeting will be held at the Moto Museum to discuss the possibility of building a streetcar line that would run from the Central West End to Downtown St. Louis, with an additional line that would include North St. Louis along Florissant Ave. A feasibility study has already been conducted and leaders are hoping to conduct an environmental impact study soon. The line would run mainly along Olive and would link Downtown, Midtown, and the Central West End and could spur development along the fixed track lines. The line along Florissant could help to rebuild the once vibrant area – along with Paul McKee’s Northside Regeneration plan. Studies in other parts of the country have indicated that property values along trolley lines can increase as a result of the investment.

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Cupples 7 escapes demolition

imageThe Couples 7 Building has once again outlived being demolished. Will this building ever be developed and turned into residential housing downtown? The Agency hopes that this eye sore downtown turns into a beautiful loft building. Click Here

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More on Roberts Tower

510c76ea90ea8.preview-620The Post-Dispatch recently interviewed Bob Burk of UrbanStreet Group which just purchased the entire Robert’s brothers Downtown portfolio of properties for $16.5 million that include the Roberts Tower, Roberts Orpheum Theater, Mayfair Hotel, Roberts Lofts on the Plaza and four additional buildings on Locust Street.

Want to learn more about living in Downtown St. Louis? Contact The Agency STL today!!

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Meeting will Update Public to Progress of City | Arch | River Project

cityarchriver-3bOn Thursday at America’s Center a meeting open to the public will be help to give an update from the City|Arch|River 2015 Foundation and its $550 million project to improve the river front on both the Missouri and Illinois side of the Mississippi River. $380 million of that will go towards improvements on the Missouri side that will include: connecting the Arch grounds with Downtown St. Louis via a “park over the highway”, improving the Old Courthouse, improving the Museum of Westward Expansion and raising Leonor K Sullivan Boulevard to bring it out of the flood plain and add amenities for residents and tourists. For more information check out this article from the STL Beacon.

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