Rays Confident Of Closing Deal For $1.3 Billion Stadium In Downtown St. Petersburg

ST. PETERSBURG – The Rays have played this game several times over the past 16 years, sharing beautiful images and colorful words about the prospects of building a new stadium in the Tampa Bay area.

When they announced an agreement with St. Petersburg and Pinellas County on Tuesday morning for a new baseball stadium in downtown St. Petersburg near the Tropicana Field site, they said they were much more confident of closing that deal and starting in 2028 New $1.3 billion home available with 30 year lease.

“I think we’re in the seventh inning, if not warming up (closer Pete) Fairbanks,” team president Brian Auld said. “We’ve already had stadium announcements, so that’s a very valid question.

“But there is a financing plan attached to this. One that both the mayor and the district manager have agreed to. So we’re many, many innings further along than we were before.”

The stadium, part of a comprehensive, $6.5 billion, 20-year redevelopment of the 86-acre Historic Gas Plant District led by the global Hines Co., would seat about 30,000 under a pavilion-like fixed roof. It would feature an artificial turf field, air conditioning, some windows and “operable walls to bring the outside in,” as well as state-of-the-art amenities for fans and players, the team said.

The financing plan calls for the city and county to split a public contribution of about $600 million, with the Rays covering the remaining $700 million, plus any cost overruns.

These agreements with St. Petersburg Mayor Ken Welch and Pinellas County Administrator Barry Burton require approval from the City Council and County Commission. Auld said they are confident of preserving it, with the goal of breaking ground this time next year.

A rendering of the Rays’ News Stadium and Historic Gas Plant District development project. [ Courtesy of Hines ]

Auld said Major League Baseball also agreed with the plan, as Commissioner Rob Manfred recently met with city and county leaders earlier this month.

“He expressed his excitement and appreciation for their enthusiasm and they were very thoughtful about how important the Rays and Major League Baseball are to this community in this region,” Auld said. “So we move forward with a lot of smiles.”

The biggest question is why the Rays would build a new stadium in essentially the same location when attendance has lagged for much of the first 26 seasons.

Team officials expressed these concerns repeatedly as they made several attempts to build a new stadium in Tampa, even pursuing the radical plan of splitting home games between Montreal and Tampa.

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Auld said the recent construction boom and influx of new residents in downtown St. Petersburg — with forecasts for more, including 6,000 units as part of its redevelopment project — have changed the calculus.

“One of the things I’ve said several times is that we’re in the same place we were five years ago, but I really feel like we’re in a different city,” Auld said.

“There are so many (new condos and apartment buildings) throughout the city and throughout the region that I believe it has transformed the ability of this region and this city to support our team.”

Auld also cited other factors, from the generational growth of her fan base (including a 30% increase in attendance this season) to the overall improving economy to Sternberg’s life in St. Petersburg and the “beginning, St. Petersburg really.” love”. Benefit from seeing and learning from what has worked in other markets, such as battery development around the Atlanta Braves stadium.

“The opportunity to utilize this unique, contiguous 86-acre property in the heart of downtown with an outstanding partner and a mayor who is fully focused on retaining Major League Baseball really made the difference for us… said Auld.

“It all starts and builds on itself. And that’s enough to give us the confidence to move forward… to say, “Hey, we’re willing to take this risk.” And it’s not like a county and a city won’t follow us. We can do it together, our successes are combined. And it’s exciting.

“But yes, I’ll be the first to tell you that even five years ago it was hard to imagine that this would be a great idea.”

A rendering of the Rays’ News Stadium and Historic Gas Plant District development project. [ Courtesy of Hines ]

The Pinellas County Commission’s vote is expected to be the first, possibly before the end of this year. The city, which is also involved in the complicated redevelopment agreement, would likely do so in early 2024.

“We’re counting on our partners in the county and counting on the mayor to cast those votes,” Auld said. “We’re pretty confident that we’ll see this through, get the votes we need and hopefully break ground before the end of 2024.”

The Rays have explored various options to secure their stake, which could include financing or selling shares of the team to investors. A process that, according to Sternberg of the Tampa Bay Times on September 8, has also led to inquiries and offers to buy the team. potentially at a premium price of nearly $2 billion.

“There are numerous options available and we have no concerns about meeting that obligation when the time comes,” Auld said.

The overall renovation plan includes 14,000 parking spaces; 4,800 market-rate housing units, plus 600 at affordable workforce rates and 600 for seniors; 1.4 million square feet of office and medical space; 750 hotel rooms; 750,000 square meters of retail space; a concert hall with a capacity of 3,000 to 4,000 people; and a new home for the Woodson African American Museum of Florida.

One change from the original plan was to increase the number of affordable housing units by nearly 50%, from 859 to 1,200, which was a priority for Welch. Currently, there will be 600 on-site units — including 100 for seniors, allowing for the possibility that residents displaced by the construction of Tropicana Field can return — and 600 off-site units at a location to be determined.

Michael Harrison, senior managing partner of Hines, said that when the stadium opens, about 20% of the redevelopment work should be complete, including ground-level retail, food and beverage outlets on the properties east of Booker Creek, some marketplaces and full-scale affordable housing units. Service hotel with conference rooms and the first office building.

Harrison said this will be the largest current project Hines has undertaken in the United States.

“We are thrilled,” he said. “I can’t imagine a better partner for Hines…the partnership we’ve built with (the Rays) and the friendships we’ve made with them, you can’t replicate that. …

“Having the opportunity to be involved in a city-defining project like this, a multi-generational project, is both a thrill and a privilege. We couldn’t be more excited to work on this project.”

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