This morning, the Tampa Bay Rays announced that a deal has finally been reached with local leaders to keep the team in St. Petersburg and build a new $1.3 billion stadium, coupled with a massive development project.
The new stadium deal, which still needs to be approved by city council and the county commission, would be part of a larger $6.5 million, 20-year development plan for the Historic Gas Plant District, which would feature over 8 million-square-feet of mixed use space and be led by the Hines Co.
The new 30,000-seat stadium could also expand to 35,000 seats for larger events.
“This will be a transformative project for the Rays, St. Petersburg, and Pinellas County. We have proudly served as Tampa Bay’s Major League team for 25 years, and we are thrilled to be in position to do so for decades and generations to come,” said Rays principal owner Stu Sternberg in a statement.
As of now, it’s unclear exactly where the new stadium will be placed, and if it will be located near or where the current Tropicana Field currently calls home.
If approved, the stadium is expected to be completed by 2028 and would be coupled with a 30-year lease.
According to the team, once completed the project would include:
- 4,800 residential units
- 1,200 affordable/workforce residential units (on and off-site)
- 600 senior living units
- 1.4 million square feet of office, medical and commercial space
- 750,000 square feet of retail
- 750 hotel rooms
- 100,000 square feet of entertainment space, including a concert venue to seat up to 4,000
- 50,000 square feet of civic space, namely a new home for the Carter G. Woodson African American Museum
- 90,000 – 100,000 square feet of conference, ballroom and meeting space
- 14 acres of public open space
- 14,000 parking spaces
Overall, the project is considered to be the “largest mixed use development in Tampa Bay history,” says the press release.
As for financing, the city and county would split roughly $600 million in public tax dollars, with the Rays covering the remaining $700 million and any additional costs.
“Our transformational development of 86 acres in the heart of St. Petersburg will benefit St. Pete and Tampa Bay residents for generations to come,” said Mayor Ken Welch. “The Rays are here to stay, and it’s also critical to underscore that this impactful work is much bigger than baseball and extends far beyond the 17-acre ballpark.”
This is a developing story
