Ballpark Village to Have $610 Million One-Time Construction Benefit, $475 Million Annual Recurring Economic Benefit for St. Louis Region

July 23, 2008

For more information:
Gary Broome at (314) 444-1171

Ballpark Village to Have $610 Million One-Time Construction Benefit,
$475 Million Annual Recurring Economic Benefit for St. Louis 

ST. LOUIS, July 23,2008 - The St. Louis region will realize a one-time economic benefit of $610 million and a subsequent annual economic benefit of approximately $475 million from the world-class entertainment and lifestyle development in downtown St. Louis announced today by the St. Louis Cardinals. 

Adjacent to Busch Stadium, the development will be one of the single largest private real estate investments in the City of St. Louis in the last 50 years. 

According to RCGA Chief Economist Ruth Sergenian's economic impact analysis, construction of the retail, office, and hotel operations of Phase 1 at Ballpark Village will generate a one-time economic benefit - direct and indirect - of approximately $610 million for the region. 

Upon completion of Phase 1 construction and full leasing of the space, the St. Louis region will realize an additional annual economic benefit of approximately $476 million. 

Regarding jobs, the construction process of Phase 1 is estimated to employ some 2,900 area workers, and those jobs will indirectly support approximately 2,300 other jobs throughout the region. The RCGA also projects that the project when fully leased will employ more than 2,000 people on an ongoing basis. 

"We are delighted that this long anticipated deal has come together. It is certainly a very important step forward for the continuing revitalization of downtown St. Louis and for the region overall," said Richard C.D. Fleming, President and Chief Executive Officer, St. Louis Regional Chamber and Growth Association (RCGA). "We certainly commend Mayor Slay and his team, the Cordish Company, and the civic community that has worked with both parties to arrive at this agreement." 

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