(The Center Square) — The Tampa Bay Rays moved closer to getting a new stadium after the Pinellas County Commission approved the deal on July 30. County commissioners approved the redevelopment project by a 5-2 vote.
The project will be a collaboration between the city of St. Petersburg and the Tampa Bay Rays, which will include a multi-purpose stadium in the heart of the city’s Historic Gas Plant District.
The domed stadium will replace the existing 30,000-seat Tropicana Field and will be accompanied by a neighborhood revamp, new infrastructure and affordable housing. The district will also include restaurants, hotels, retail shops and medical space.
A total of $312.5 million in hotel taxes are being contributed to kick off construction — $287.5 million will start construction, while another $142 million will be spent on infrastructure.
“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,” Commission Chair Kathleen Peters said.
The collaboration between the county and Rays-Hines is set to be one of the biggest development projects in county history. It will cost approximately $1.6 billion for the city and over $2 billion in total.
Construction could break ground as early as next year. It is expected to generate more than $1.04 billion in tax revenue over the next 30 years, create more than 15,000 jobs and produce more than $400 million in economic output annually.
However, the project has been met with some pushback since it was announced. In April, a report from Florida TaxWatch raised concerns about the redevelopment project going over budget and urged officials to consider the risks closely before making a decision.
According to Florida TaxWatch, the city would invest $1.6 billion — this includes not only the stadium and supporting infrastructure but also $411 in lost property taxes and another $545 million in lost city revenue after the city sold 64 acres to Rays-Hines.
Pinellas County alone would lose $222 million in property taxes and there is no way to recover those funds, according to the report.
Published August 14, 2024
