(ST PETERSBURG) - The Tampa Bay Rays will build an intimate new ballpark in downtown St. Petersburg that will be the centerpiece of the largest mixed-use development in the Southeast, to be developed by Hines, securing the franchise’s future in the city where it began play in 1998.
The Pinellas County Commission approved the project Tuesday, the final votes needed for the plan to move forward. The St. Petersburg City Council approved plans for the ballpark and the accompanying Historic Gas Plant District Development on July 18. Construction on the ballpark, which will be located just east of the Rays current home, Tropicana Field, will begin in January 2025 and be completed in time for Opening Day 2028.
“This is quite a momentous day for our franchise, our fans and the entire Tampa Bay region - the Rays are here to stay in St. Petersburg,’’ said Tampa Bay Rays Principal Owner Stuart Sternberg. ‘’We look forward to building the best neighborhood ballpark in Major League Baseball, which will blend in beautifully with a world-class, mixed-use real estate project that honors the past and looks toward the future. We thank St. Petersburg Mayor Ken Welch, the St. Petersburg City Council and the Pinellas County Commission for their hard work. We look forward to working together with our partners for years to come on our shared vision for this transformative project.’’
The Rays will pay $700 million toward the $1.3 billion ballpark, with St. Petersburg contributing $287.5 million and Pinellas County contributing $312.5 million. The team will pay for any construction cost overruns, and it will be responsible for the management, operation and maintenance of the ballpark. The facility will be owned by Pinellas County, and the Rays have committed to a 30-year lease, with two five-year renewals. There also is a separate non-relocation agreement that commits the Rays to remaining in St. Petersburg for the duration of the lease.
The neighborhood ballpark will have a capacity of 30,000 for baseball, with at least 25,000 fixed seats in a variety of options over three levels. The unique pavilion-style design includes a fixed roof that peaks over the playing field and slopes toward the street. There also will be plenty of windows and a welcoming porch -- evoking the front porches that serve as gathering places for friends and neighbors in many St. Petersburg neighborhoods.
The ballpark will host events year-round and blend into the Historic Gas Plant District, the mixed-use, planned development that is a joint venture between the Rays and Hines, its global development partner. The development’s targets include 5,400 residential units, 750 hotel rooms, 1.4 million square feet of Class A office and medical space, 750,000 square feet of retail space, a new Woodson African American Museum of Florida, a concert/entertainment venue of 4,000 to 6,000 seats and 14 acres of green space.
St. Petersburg will contribute a maximum of $130 million toward infrastructure such as roads, drainage and sewers for the Historic Gas Plant District Development. The Hines/Rays team will contribute more than $51 million toward infrastructure and cover any additional infrastructure costs.
“Hines is thrilled to join the Rays in this model public-private partnership to create the largest mixed-use development in the southeast United States,’’ Hines Senior Managing Director Michael Harrison said. ‘’This is a unique opportunity to create an exciting and inclusive destination that honors the Historic Gas Plant neighborhood, offers well-paying jobs and new spaces for locally owned businesses, and attracts visitors from throughout the Tampa Bay region and beyond. It’s an honor to partner with the Rays, the City, the County, and the entire community to create this landmark project that reflects the vibrancy and values of St. Petersburg.”
The ballpark and the development will be built on the 86-acre Tropicana Field site that was once home to St. Petersburg’s Historic Gas Plant neighborhood. That neighborhood was home to hundreds of Black residents and dozens of businesses before it was razed roughly 45 years ago. Promises of jobs and better housing made to displaced residents at the time went unmet, and in 1986 plans were approved to build a baseball stadium in hopes of attracting a Major League Baseball franchise. The dome opened in 1990, Tampa Bay eventually was awarded an expansion franchise in 1995, and the Rays began play in 1998.
The Historic Gas Plant District Development will have significant features that honor the neighborhood’s history and its descendants. The Hines/Rays team also has committed to ambitious goals for hiring disadvantaged and minority workers, and to put a particular emphasis on attracting locally-owned small businesses and local residents to the district. The project includes 1,250 workforce/affordable housing units, including at least 600 units on the site. The Hines/Rays team is also contributing an unprecedented $50 million in community benefits, including money for job training, educational programs and support for local entrepreneurs and small businesses.
“This is a historic day for St. Petersburg,” said St. Petersburg Mayor Ken Welch. “We have ensured that our Major League Baseball franchise will remain ours for generations, and the new ballpark will be a tremendous community asset that will be a hub of activity year-round. The Historic Gas Plant District will be a welcoming neighborhood that will offer unprecedented opportunities for jobs and local businesses, a neighborhood that will help us meet pressing needs for workforce/affordable housing and new office space. Most importantly, this visionary development will honor descendants of the Historic Gas Plant neighborhood and deliver on unmet promises of housing, jobs, and opportunity. I thank the St. Petersburg City Council and the Pinellas County Commission for their bipartisan support, and I look forward to working closely with our Hines/Rays partners to transform our exciting vision into reality.’’
Overall, the ballpark and the development are expected to generate more than $6 billion in private investment. The development is projected to produce more than $1.4 billion in local property tax revenue over 30 years on land that now generates no property taxes.
“This is anticipated to be the largest economic development project in our County's history, cementing our position as an international tourism destination,” said Pinellas County Commission Chair Kathleen Peters. “The economic growth stemming from this partnership with the City of St. Petersburg and the Tampa Bay Rays will help fuel the Board’s future ability to fund key services in areas like law enforcement, housing, emergency response and more. It honors what was voted on by residents decades ago - keeping baseball in St. Petersburg for all Pinellas residents to enjoy.”
For more details on the ballpark and the Historic Gas Plant District Development, visit Raysbaseball.com/HeretoStay
About Hines
Hines is a leading global real estate investment manager. We own and operate $93.2 billion1 of assets across property types and on behalf of a diverse group of institutional and private wealth clients. Every day, our 5,000 employees in 30 countries draw on our 65-year history to build the world forward by investing in, developing, and managing some of the world’s best real estate. To learn more, visit www.hines.com and follow @Hines on social media.
¹Includes both the global Hines organization as well as RIA AUM as of December 31, 2023.
