Investor Offers $260M To Buy St. Petersburg’s Gas Plant District
Thompson Whitney Blake has offered a massive $260 million bid for St. Petersburg’s 86-acre Gas Plant District. The determined investor wants to invest $500 million into transforming the site after 2027.
The proposal comes in two phases, $60 million upfront for Tropicana Field improvements with another $200 million following the lease expiration. Once the Rays move out, Blake’s team will begin their redevelopment plans.
In their presentation to city officials, Blake Investment Partners kept their proposal strictly focused on real estate development, avoiding any baseball-related discussions. They’re willing to wait out the Rays’ tenure while planning the area’s future.
The plans emphasize open spaces and heritage preservation. A large 15-acre park and a 2-acre space for the Woodson African American Museum are included. A 5-star hotel was also included in the plans. Additionally, Pinellas County might get 15 acres for a new convention center.
To execute the vision, Blake’s team plans to partner with experienced developers. Each will handle specific portions of the property, creating distinct but connected spaces.
The timing works well since the Rays abandoned their stadium plans for the site. Blake’s team wants to divide the project, bringing in various developers to handle different sections.
This new approach marks a significant shift. Instead of baseball facilities, picture a mix of residential units, retail spaces, and modern offices. Work could begin right after the Rays leave in 2027.
The decision now rests with city leaders. Both the mayor and council members need to approve before the project can proceed.
