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.

4 comments:

Jason M. Stokes said...

I've repeated many times, my wife and I would easily pay >$300 per square foot for a condo overlooking Busch Stadium,

Anonymous said...

Tell that to the bankers. Lets face it, financing on conn dos comes down to the lenders. You can scream Cardinals until your red in the face but if lenders don't want to even lend oBallpark Lofts which rehab at a considerable less square foot rate they are not going to finance new construction at a much higher rate.

I think residential has a lot better chance if Stifel Nichols could bring in another lesee to the into the initial office tower. Maybe a big committment by Peabody, that would show big time confidence in St. Louis then simply renaming the Opera House.

Anonymous said...

Despite what they said publicly, Cordish had little to no interest in a significant residential component to Ballpark Village even when the market remained strong. Their business model is entertainment districts.

Chelsea said...

What about instead of condos/restaurants/ etc in that area putting up a driving range. Would be a nice market downtown to get business people, some would come to the game extra early to drive balls. Less expensive to build than ritzy condos!