The Mayor of St. Petersburg has chosen Hines and the Tampa Bay Rays as the redeveloper for the Historic Gas Plant District
The Mayor of St. Petersburg has chosen Hines and the Tampa Bay Rays as the redeveloper for the Historic Gas Plant District. This means that Hines and the Rays will be responsible for designing and implementing the redevelopment plan for the district. The goal is transforming it into a new, vibrant, and sustainable area.
The St. Petersburg plan
The Mayor of St. Petersburg, Ken Welch, has chosen Hines and the Tampa Bay Rays as the master developer for the redevelopment of the Historic Gas Plant District and the site of Tropicana Field. Above all, this means that they will be responsible for creating and implementing a comprehensive vision for the area. In addition, this will transform it into a new, thriving, and sustainable community.
Mayor Welch announced in his state of the city speech on Monday that Hines and the Rays will lead the redevelopment of the 86-acre plot of land in downtown St. Petersburg, which includes the home of the Rays. The goal of the redevelopment is to create a new and revitalized area in the heart of the city.
What and Who is Hines?
Hines is a company specializing in global real estate investment, development, and property management. The Rays are the local Major League Baseball team based in the area. The partnership between Hines and the Rays plans to redevelop the site into a 7 million square foot, mixed-use district, including a new, modern stadium for the Rays. The goal of the redevelopment is to create a vibrant and sustainable community.
The new vision for the Historic Gas Plant District, as planned by Hines and the Rays, includes a mix of family entertainment, retail, civic spaces, arts and culture, food, and a new baseball stadium as its centerpiece. The goal is to create a diverse and thriving community with a range of amenities for residents and visitors alike.
What is the cost?
The total cost of the redevelopment is estimated to be over $6 billion over the next 20+ years. That includes an initial investment of $2.5-$3 billion in the construction of a new stadium for the Rays and the initial development of the district.
The city’s website details the full proposal from Hines and the Tampa Bay Rays, including the other three proposals from 50 Plus 1 Sports, Restoration Associates and Sugar Hill Community Partners.
In conclusion, more about this later today on Shemon and Sheppard 2-6pm.