According to KMOV 4, Bill Dewitt the Third, addressed the Media during the winter warm up event, he called the first phase of the project a success and game changer for the downtown region. Bill Dewitt then spoke about Phase briefly saying 'that it is still very much in the works, plans are still under development". Phase 2 could include a Hotel, Offices, and a Residential building and more parking. This is all supposed to take the experience to the next level. "The next phase is supposed to put the "Village" into Ballpark Village, Phase 1 is the epicenter or the hub of the whole development with Fox Sports Midwest Live, Cardinals Nation, in future phases though we will complete that neighborhood we promised." The second Phase will be huge and could span 2 or 3 blocks of the development of the available 5 blocks. But plans are preliminary and there is no timeline yet on what to expect or when the completion will be. According to Bill Dewitt, Village fans can expect as decade wait per phase for planning purposes.
This story was from a video from KMOV's website.
So I am guessing around 2020 or 2023, Phase 2 will break ground or possibly before in the last 4 years of the second decade of the 2000's. I guess we will have to wait and see.