The momentum downtown continues with the recently announced plans for 300 S. Broadway. With the occupancy and leasing at the new One Cardinal Way building inching closer to capacity, it appears the market for more residential units in the heart of downtown is strong, particularly near Ballpark Village.
Chris Strizel and CitySceneSTL first broke the news this week, revealing a historically conscious renovation with 80 new apartments, an extra floor added, and ground-floor retail space that will capitalize on the added commercial activity in the newest BPV phase. The apartments are tentatively called “Ballpark Flats”. It seems that rooftops are all the rage in recent city developments, from The Last Hotel to Form Skybar, and now this rooftop amenity space for residents. Tenants at the new One Cardinal Way will not have a monopoly on views of the game, with the 300 S. Broadway developers including a bleacher setup facing the stadium.
For those who have been following 300 S. Broadway, this development, courtesy of Bamboo Equity Partners and Pier Property Group, should come as a relief. As I covered earlier this month, the location has seen its ups and downs over the past few years. From grandiose skyscraper renderings to potential demolition, this property with so much potential has waited for far to long to see its revival.
St. Louis will now consider what incentives are necessary to help the project prevail, although CitySceneSTL reports a requested 10 year 90% tax abatement. While tax abatements are certainly controversial in a city with sometimes troubled finances, this appears to be a solid, long-term addition to the city poised to contribute to the tax base with increased sales tax activity in the area and the promise of substantial property tax revenue in the future. This, no doubt, is much better than the abandoned building standing today.
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