- Jun 9
- 4 min read
The three development teams competing to reimagine the Historic Gas Plant District, currently home to Tropicana Field, are willing to accommodate the Tampa Bay Rays remaining in St. Petersburg after their lease terminates in 2028.
Rays officials hope to open a new stadium in Tampa in time for the 2029 baseball season. However, ongoing funding concerns and the state’s recent push to eliminate most property taxes could jeopardize a deal that requires nearly $1 billion in public financing by forcing officials to further tighten their fiscal belts.
Many stakeholders believe the team’s timeline was already overly optimistic, and Mayor Ken Welch has expressed his willingness to extend their lease in St. Petersburg. He also plans to select a Trop site redevelopment proposal this month.
On May 18, Welch asked potential development groups a series of questions, including how they would adjust without delaying construction if the Rays request an extension. Their responses, due on May 29 and subsequently obtained through a records request, detail potential accommodations.
Welch subsequently noted that, to ensure flexibility, the city’s invitation for proposals allowed developers to bid on one or more parcels or the entire 86 acres. “It’s really nothing new,” he said of the recent questions.
“My offer to discuss a reasonable extension is still on the table,” Welch told Power Broker Magazine. “I know there are a lot of moving parts now, but a one or two-year extension is something we’d consider if it makes sense for the city of St. Pete. But we have to move on with the development of that property.”
The Rays declined to comment.
Developer responses
The latest effort to redevelop 86 acres of prime real estate - once home to the largest enclave of Black residents in St. Petersburg - began in October 2025 with an unsolicited proposal from Ark Investment Management, Ellison Development, and Horus Construction. The development team’s $6.8 billion pitch led Welch to launch a state-mandated land disposition process.
ARK Ellison Horus will not commence site work until 2030, according to its response letter to Welch. That construction phase will focus on surface parking lots east of the stadium’s primary footprint, and the Trop will “remain entirely untouched” throughout the 2029 baseball season under the current plan.
The development group doesn’t plan to demolish the Trop until 2037. ARK Ellison Horus said its construction sequencing provides a “meaningful buffer,” and the stadium can “remain operational well into the mid-2030s if needed, without holding the broader district hostage”.
“We have been in active discussions with the Rays organization and are confident we can accommodate game-day parking for the full duration of their tenancy at Tropicana Field,” added the developers. “That coordination is already part of our planning assumptions, not an afterthought.”
St. Petersburg native Thompson Whitney Blake, founder of Blake Investment Partners (BIP), has partnered with the Related Group, a Miami-based development firm, and several local organizations to form The Burg Bid. His $8.1 billion vision is the only other shortlisted proposal with a predetermined master plan for the entire Gas Plant.
The development group, in their response letter, acknowledged that extending the Rays’ lease beyond 2028 would “require adjustments to construction phasing, site logistics, and parking operations.” However, The Burg Bid has intentionally incorporated flexibility into its proposal to accommodate “changing conditions, allowing redevelopment to continue while responding to evolving site requirements.”
BIP has maintained a decade-long relationship with the current owners of the Rays, states the response. The firm advocated for a collaborative process that includes the city, team, and development group to address “any extension scenario.”
“Similar to how the plan can adapt to future program elements or evolving community priorities, the development framework can be adjusted to support continued Rays operations while advancing the long-term vision for the Historic Gas Plant District,” wrote the developers.
Foundation Vision Partners (FVP), led by Will Conroy, founder of Backstreets Capital, proposed a unique master planning and infrastructure-first approach to redeveloping the Gas Plant. The city would retain control of the land, and the group, which includes two members of the previous Rays and Hines development team, would act as an owner’s representative and advisor.
FVP’s response letter does not mention the Rays. However, a resident posed the same question as the mayor during a community forum on May 28.
Conroy said extending the lease would benefit local businesses. He also believes that a “strong and forceful negotiation by our city administration with a baseball team that has overstayed its welcome could yield a lot of money to help us pay for future infrastructure improvements.”
“Frankly, I think we have a huge advantage over the other groups, because if you’re trying to capitalize and plan a full 86 acres, well, the baseball stadium presents a real problem,” Conroy continued. “If you’re taking a sequential approach to the dirt moving like we are … I think baseball could be there for 5,6,7 years, and not have an adverse impact on the cadence of development.”
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