TIF Approval Fuels $400M St. Louis-Area Mixed-Use Stadium Project
- Feb 01, 2008
With the city of St. Louis spoiling for a major league soccer team to make its home in the area, plans for the development of a mixed-use soccer stadium project have taken a much-needed step forward with the Collinsville City Council’s approval of a tax increment financing plan for the approximately $400 million endeavor. The city of Collinsville and St. Louis Soccer United, a professional soccer investment and development group, are working together to bring the massive project to fruition. A 400-acre site in Collinsville, about 10 miles from downtown St. Louis, has been designated for the project, which will feature an 18,500-seat soccer stadium as its centerpiece.But the site is being designed to attract more than a soccer team and sports fans. Plans call for 1,200 residential units, 300,000 square feet of retail space and more than 200,000 square feet of office accommodations. Designs also are in the works for two hotels with 120 rooms each, and biking and walking trails. Collinsville and SLSU still need to secure investors to sign on for the public-private partnership endeavor, and the Council’s approval of the financing may assist in their pursuit. However, perhaps the most important achievement in moving the project forward will be MLS’s approval of an expansion franchise for St. Louis.