The Rays issued a press release today outlining plans for a redevelopment of the Gas Plant District, where Tropicana Field is located. The Rays’ proposed plan, which is in conjunction with real estate development firm Hines, is one of four proposed projects submitted to the office of St. Petersburg mayor Ken Welch for review, according to Colleen Wright and Rebecca Liebson of the Tampa Bay Times.
According to the release, the proposed project will feature “more than 5,700 multifamily units, 1.4 million square feet of office, 300,000 square feet of retail, 700 hotel rooms, 600 senior living residences, a 2,500 person entertainment venue, and various civic uses.” It goes on to say this will include “more than 850 affordable and workforce housing units on-site” as well as other features.
To be clear, the proposal does not represent any agreement with the city. Wright and Liebson write that the mayor’s office is expected to make a decision after reviewing all four proposals by the end of January. Marc Topkin of the Tampa Bay Times writes that the Rays’ proposed project would likely come with a price tag in excess of $1 billion. Once the mayor’s office chooses a target developer, a term sheet would need to be drawn up for presentation to the City Council for approval. Wright and Liebson suggest that process could carry into next September or October, illustrating there’s plenty more work to be done before embarking on any of these projects.
The Rays’ stadium saga has been going on for many years, with various different plans considered for the future home of the franchise. For a long time, they were considering splitting their home games between Florida and Montreal, though the league eventually stepped in to put a stop to that. There have also been other locations considered for a new stadium, such as Ybor City in Tampa or the land occupied by Albert Whitted Airport in St. Petersburg.
The franchise’s current lease agreement at Tropicana Field runs through the end of the 2027 season.
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