St. Pete Standard

On May 10, 2024, the City of St. Petersburg Administration, Hines and the Tampa Bay Rays presented the proposed Historic Gas Plant Development agreements to St. Petersburg City Council at a Committee of the Whole (COW) meeting. The COW, comprised of all City Council members, is responsible for deliberating various issues relevant to the city. Actions taken at a COW meeting are not an official action of City Council unless and until approved by City Council at a regular meeting.

Mayor Kenneth T. Welch expressed his pride in the agreements brought forward to Council and highlighted the progress made toward creating a vibrant, prosperous and inclusive Historic Gas Plant Neighborhood. He stated, “It addresses affordable and workforce housing, opportunities for existing minority-owned businesses and disadvantaged workers, an investment in developing future business-owners and a skilled workforce and activates an area with Major League Baseball and other events, open spaces, retail, office, and conference/convention spaces."

Mayor Welch further emphasized that this agreement will provide transformational economic and cultural benefits to St. Petersburg while restoring a community that was once erased in the name of progress.

The Mayor thanked the Council for their feedback on the term sheets and looked forward to their discussion on these agreements. He also assured that the City Attorney’s office would conduct another comprehensive legal review of all these agreements before a final vote by City Council.

The meeting provided an overview of development agreements for 67 acres of the Historic Gas Plant - land other than the stadium - including target development requirements, community benefits, infrastructure, land disposition, affordable/workforce housing, and proposed financing plans.

Hines/Rays will pay $105 million for just under 36 developable acres over the term of the agreement. The city will contribute $142 million dollars for infrastructure costs related to development. All other construction costs will be borne by Hines/Rays.

A Committee of Whole meeting regarding stadium operating agreement is scheduled for a later date, with a vote anticipated in Summer 2024. If approved, vertical construction will begin in early 2025; the ballpark and additional Phase A development will open in Spring 2028 and district development will continue through 2054.

On September 19, 2023, a historic agreement was announced - the Tampa Bay Rays are “Here to Stay” in St. Petersburg. The City of St. Petersburg, Pinellas County, Tampa Bay Rays, and Hines Development team agreed to move forward with a new state-of-the-art ballpark and transformational development of the Historic Gas Plant District.

The agreement advances a project that will include 8 million sq. ft. of mixed-use development. If approved by the St. Petersburg City Council and Pinellas County Commission, this development will invest more than $6 billion in St. Petersburg over a 20-year period - making it the largest development project in Tampa Bay history.

The development agreement focuses heavily on equitable, intentional, and restorative delivery of community benefits and economic impacts to honor the legacy of the Historic Gas Plant neighborhood’s residents and businesses.