Developers Put Forward $6.8 Billion Plan for Tropicana Field Site With Stadium Option

A team has drafted a $6.8 billion blueprint to transform the Tropicana Field site in St. Petersburg. Their vision would turn 95.5 acres into a mix of buildings and spaces, while keeping room for a possible baseball venue. The Rays might stay or go: this plan works either way.

Three firms — ARK Investment Management, Ellison Development and Horus Construction — say their work would bring $28 billion in value over three decades. They've mapped out four steps, with space set aside for baseball through 2033 as construction moves forward.

"It's got an option that if the city wanted to move forward with its relationship with the Rays, and the Rays wanted to do that with the city, there is space that they've left," Council Chair Copley Gerdes said, according to St. Pete Catalyst. "It's approximately 13 or 14 acres to put a stadium on while the full-scale development continues."

Step one starts in 2026. At $343 million, it brings the Woodson African American Museum of Florida, adds 446 homes for working families, and fixes streets. The second part runs from 2027 to 2034, costing $2.42 billion.

The plan calls for big things: a school hub spanning 750,000 square feet, an innovation center more than twice that size, places for music both inside and out, plus a hotel with 1,543 rooms. They've figured out how to build while keeping parking open at the current stadium.

This fits with questions about what's next for the Rays. While they'll play at Tropicana Field until 2028, they might need it until 2033. New owners are still deciding their next steps.

Mayor Ken Welch studies these plans after an earlier deal with Stuart Sternberg didn't work out. Tomorrow at Tampa's Steinbrenner Field —where the team played during stadium fixes in 2025 — new owners will speak to the press for the first time.

The builders stress their plan stands strong with or without baseball. "St. Petersburg has a bright future, with or without the Rays," the proposal stated. "This proposal delivers exactly that."

The city council still needs to give final approval. The builders point out their idea would add $8 billion more in value than past plans that focused just on baseball.

Right now, the Rays use Tropicana Field, which is getting $75 million in fixes. Mayor Welch seems open to talks about keeping the team longer and building them a new home with the incoming owners.