ST. LOUIS - Cardinals CEO Bill DeWitt III announced a $220 million second phase of Ballpark Village early Tuesday morning.
The announcement came in a video message from DeWitt and written details of the proposed development posted on the team's website.
The proposed plans call for 550,000-square-feet of new construction along Clark Street, including a 29-story apartment tower, retail shops, entertainment space, and the first new "Class A" office building in downtown since the 1980's.
Renderings: Phase two of Ballpark Village downtown
"Our vision of a mixed-use neighborhood where people live, work and play will become a reality. This is a real game-changer for the city of St. Louis and the state of Missouri," DeWitt is quoted saying on the team site.
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St. Louis Alderman Jack Cotar will introduce legislation to amend an existing development agreement that enabled the first phase of Ballpark Village on Tuesday.
"The second phase of Ballpark Village is more than five times the scale of the first phase of Ballpark Village," Coatar said. "This bill will enable one of our city's most successful companies to expand their investment in downtown St. Louis and build on the incredibly strong momentum established with the new ballpark and the first phase of Ballpark Village."
According to the announcement, the "development team is proposing to use a portion of the new tax revenue generated solely within the Ballpark Village project area, including an additional self-imposed 1 percent TDD sales tax, to underwrite the bonds issued to support project infrastructure costs. Only taxes generated by the Ballpark Village project itself, as well as private equity and debt investments by the development team, will be used to finance Ballpark Village."
"It puts more people on the street, it gives for opportunities for shopping, gives more opportunities for people to live in the neighborhood," said, Jared Opsal Executive Director of Downtown Neighborhood association.
The Cardinals expect the second phase of Ballpark Village will create around 1,500 construction jobs and more than 1,000 permanent new jobs. The proposed project is expected to generate millions in additional tax revenue for the city of St. Louis, the St. Louis Public School District, and the state of Missouri.
"Big projects like this are about more than just creating jobs, they are about providing an opportunity to develop a career in a highly skilled trade, and they strengthen our community thanks to a strong focus on construction workforce inclusion," Jeff Aboussie, the former Secretary Treasurer of the St. Louis Building Trades Council said.
Plans say construction could start in the second half of 2017, with Phase II completed by 2019.
This story will be updated as more information is available throughout the day Tuesday.