The St. Louis Cardinals anticipate breaking ground on Ballpark Village, long delayed by the economic downturn, in mid-November.
The $100 million first phase of the development is scheduled for completion by opening day in 2014. The announcement Tuesday followed approval by the Missouri Development Finance Board, one of the final steps in the approval process.
Team president William DeWitt III called it a "significant milestone in a long journey to make Ballpark Village a reality." The project has hit several snags since the new Busch Stadium opened in 2006 and the space is now a concrete parking lot.
The first phase will feature 100,000 square feet of retail and entertainment space along Clark Street next to Busch Stadium. The price tag for the seven-block $700 million mixed use project.