Florida Construction News staff writer
The Pinellas County Board of County Commissioners has approved a partnership with the City of St. Petersburg and the Tampa Bay Rays to build a multipurpose ballpark that will anchor the city’s transformative Historic Gas Plant District redevelopment project. The Commission voted 5-2 to contribute $312.5 million of bed tax revenues toward the stadium design and construction.
“This is anticipated to be the largest economic development project in our County’s history, cementing our position as an international tourism destination,” Commission Chair Kathleen Peters said in a statement. “The economic growth stemming from this partnership with the City of St. Petersburg and the Rays will help fuel the Board’s future ability to fund key services in areas like law enforcement, housing, emergency response and more. It honors what was voted on by residents decades ago — keeping baseball in St. Petersburg for all Pinellas residents to enjoy.”
In a related vote, the County Commission approved changes to its interlocal agreement with the city regarding the use of Tax Increment Financing in the City’s Intown Community Redevelopment Area (CRA).
The largest economic development project in county history, this initiative is projected to generate a $1.04 billion in tax revenue over the next 30 years and more than $465 million in economic output annually, adding more than 15,200 annual jobs. Combined with previously approved CRA funds, the agreement will allow private investment to inject more than $6.4 billion into the local economy.
The 30,000-plus seat ballpark will replace Tropicana Field and serve as a home for the Tampa Bay Rays, as well as a venue for year-round local, state and national events, festivals, concerts, graduations and more.
The stadium will be the anchor to the Historic Gas Plant Redevelopment project, which will include Class A office space, hotel, cultural, retail and medical space; and residential and affordable housing. Stadium construction could begin as early as next year.
