The Tampa Bay Rays are eager to secure swift approval for financing a new 30,000-seat ballpark as part of an extensive $6 billion redevelopment project. The proposed plan encompasses the construction of affordable housing, a hotel, a Black history museum, and various other amenities. The St. Petersburg City Council recently received a comprehensive presentation of the financing proposal, which involves multiple entities, including the city, Pinellas County, the Rays, and their partner, Hines company. This article delves into the details of the project and its potential implications for the region.
Brian Auld, co-president of the Rays, emphasized the urgency of obtaining government approvals by March to ensure the project’s timeline stays on track for the 2028 season’s opening day. Auld emphasizes the importance of meeting this deadline, as any delay would jeopardize the entire endeavor. The estimated $1.3 billion ballpark is planned to replace the current Tropicana Field, which has been the Rays’ home since 1998 and will subsequently be demolished.
The financing agreement, announced last month, secures the Rays’ commitment to their new home for at least 30 years, dispelling earlier speculations about the team’s potential relocation to Tampa or another city. By forging ahead with this plan, the city aims to fulfill promises made to the Gas Plant District, a predominantly Black neighborhood displaced by the construction of the existing Rays stadium and an interstate highway. Mayor Ken Welch affirms that the project encompasses the realization of economic opportunities for the affected residents, which were promised but never materialized in the past.
Under the proposed financing plan, the city would allocate $417.5 million to the project, including $287.5 million for the ballpark and $130 million for infrastructure improvements related to the broader redevelopment initiative. The city intends to finance its share through bonds without the need for additional taxes or increased tax rates. Pinellas County would contribute approximately $312.5 million towards the ballpark costs, drawing from a bed tax predominantly funded by visitors and exclusively dedicated to tourist-related and economic development expenses. The Rays themselves would be responsible for the remaining stadium costs, amounting to around $600 million, and any potential construction overruns. Additionally, the team would acquire naming rights to the ballpark, which could yield annual revenues exceeding $10 million.
The redevelopment of the Gas Plant District is an ambitious project that is expected to span up to 20 years. The comprehensive plan includes the addition of 1,200 affordable housing units, a 750-bed hotel, retail and office spaces, a Black history museum, and a performing arts center. By transforming the district into a vibrant and multipurpose area, local officials envision fostering economic growth and providing a fulfilling environment for residents and visitors alike.
The Tampa Bay Rays’ pursuit of approval for the financing deal demonstrates their commitment to both their sport and the wider community. The proposed redevelopment project not only promises a new ballpark but also strives to rectify past broken promises to the Gas Plant District. With the potential for economic growth, affordable housing, and cultural institutions, this endeavor holds great promise for the city of St. Petersburg and its residents. As the approval process unfolds, it remains to be seen whether the Rays will secure the necessary support to propel this ambitious project into reality.
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