The $1.3 billion stadium deal for the Tampa Bay Rays in St. Petersburg expired at midnight without any last-minute actions from the team. St. Petersburg’s communications director, Alizza Punzalan-Randle, confirmed the Rays didn’t submit the necessary paperwork by the deadline, effectively canceling the $6.5 billion development agreement just eight months after it was approved. Rays owner Stuart Sternberg announced on March 13 that the team would not move forward with the project, as they failed to meet conditions requiring them to secure $700 million in funding and make progress on permits for public funding.
St. Petersburg spokesperson Samantha Bequer confirmed that with these unmet conditions, the new stadium agreement automatically terminated. The city now plans to focus on repairs to Tropicana Field, as per the original 1995 agreement with the Rays, which requires the city to address damage caused by Hurricane Milton. The City Council will vote on spending $22.7 million for the roof replacement.
Additionally, the cancellation of the deal means the Rays are no longer entitled to any profits from the redevelopment of the Tropicana Field site. Mayor Ken Welch emphasized that his vision for redeveloping the Historic Gas Plant District will continue, regardless of the Rays’ involvement, with plans for condos, affordable housing, entertainment venues, and office space.
In terms of financial planning, the City Council extended the downtown community redevelopment area for another 10 years through 2042. Council member Richie Floyd suggested phasing out the redevelopment area so taxes raised could support the city’s general fund instead. However, other council members opted to delay any changes, emphasizing the ongoing projects benefiting from the redevelopment district, which could also support Welch’s Gas Plant vision.
Leave a Reply