ST. LOUIS (KMOV) -- “Location, location, location” goes the old axiom about real estate.

The owners of the St. Louis Cardinals believe “timing, timing, timing” may be just as important and will keep their Ballpark Village development on track.

A spokesman for team owners told me they’re lucky the bond offering for the development wasn’t scheduled for this week when Wall Street and financial markets around the world appear to be on the ropes. (The St. Louis Metropolitan Sewer District recently postponed a bond sale because the jittery market would have pushed up the interest bill by about $10 million.)

Instead, the sale of bonds to fund phase one of the office/entertainment/residential complex next to Busch Stadium is scheduled to take place in March.

Team president Bill DeWitt III was in budget meetings Thursday and was unavailable Friday, according to a spokesman.

But the spokesman says DeWitt believes that over the next five months the financial system and the credit markets should stabilize, allowing the sale to go forward.

In July, the Cardinals and partner Cordish Co. announced the cost of the much delayed phase one would jump from $280 million to over $320 million.

Ground breaking is still scheduled to take place immediately after the March bond sale.

For now, the next step in the process is a public hearing on the latest development agreement early next month.