Monday, July 12, 2010
The Future of Ballpark Village Residential?
DeWitt also mentioned that he is hopeful that future phases of Ballpark Village will include a residential tower. Obviously, attaining financing for new residential construction is extremely challenging at the moment, but based on past comments from both the Cardinals and Cordish, I think both groups grossly underestimate the demand for condos in a new residential building overlooking the ballpark.
In my opinion the uniqueness of such a project in baseball-crazed St. Louis would make demand virtually inelastic - popular regardless of the state of the real estate market. If the tower were to be configured in such a way that each unit has a view of the stadium/playing field, it could very easily become popular as second homes for wealthy executives, and could even be popular with companies for use in entertaining clients.