St. Louis is about to break its 27-year downtown construction drought as two developers unveiled their plans for two significant projects near Busch Stadium:
The experience left downtown with an overhang of vacant space that suppressed interest in new construction for 27 years. In the past three weeks, two developers have unveiled plans to break the long drought.
Koman Group wants to build Cupples X just west of Busch Stadium, and has a tenant ready to fill much of the building’s 100,000 square feet. A week after Koman’s announcement, the Cardinals and Cordish Cos. showed plans for an office building of about 10 stories in Ballpark Village.
The start of new construction signals optimism in the downtown St. Louis real estate market according to some experts:
Still, some experts think the market may be stronger than it looks. “This is a reflection of some optimism in the marketplace,” says Tony Kennedy, a Colliers senior vice president. “There are some growing companies out there that can be the catalysts for the cranes going up.”
Construction after a 27-year drought will bring new jobs, as well as further economic development and opportunity in the downtown area.