St. Pete approves bonds to fund new Tampa Bay Rays stadium and Gas Plant District development
/Despite uncertainty surrounding the future of Major League Baseball in St. Petersburg, the City Council has voted to move forward with plans for a new $1.3 billion stadium for the Tampa Bay Rays and the redevelopment of the adjacent 86-acre Historic Gas Plant District.
During a meeting on Thursday, the City Council narrowly approved the issuance of $287.5 million in tax-exempt bonds with a 4-3 vote. These bonds will contribute to the $600 million in public funding for the stadium, along with $142 million allocated for infrastructure improvements in the reimagined district.
Council members Sandra Figgs-Sanders, Copley Gerdes, Brandi Gabbard, and Gina Driscoll voted in favor of the bond issuance, while Richie Floyd, Lisset Hanewicz, and John Muhammad opposed it.
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Construction is underway on Azalea Cay, a planned 1,000-unit apartment community on the former Raytheon property in west St. Pete.
Tampa-based Metro Development Group, St. Pete-based Porter Development, and local elected officials broke ground Monday morning on the first phase of the project at 1501 72nd Street North, near Azalea Park and Tyrone Square Mall.
The $109.8 million first phase will bring 341 apartments, including 102 income-restricted homes.
Fifty-one apartments will be reserved for households earning up to 80% of the area median income (AMI), while another 51 will be available to households earning up to 120% of AMI.
“I look around and I envision someday teachers, nurses, first responders coming home from a tough day at work and calling Azalea Cay home,” Les Porter, president of Porter Development, said during the ceremony. “Maybe one of the big reasons why they’re still able to live in St. Pete is because of the rent associated with their apartment.”
The remaining 239 apartments will rent at market rate. The income-restricted units must remain affordable for at least 50 years.