A rendering of Ark Ellison Horus’ proposed $6.8 billion redevelopment of the historic Gas Plant District site in downtown St. Pete | ARK Ellison Horus

ARK Invest and Ellison Development have announced plans to launch two private real estate funds that would invest in innovation-forward projects across the Tampa Bay region, including the proposed redevelopment of the Historic Gas Plant District in downtown St. Pete.

According to a joint announcement, the ARK Ellison Urban Innovation Fund would target accredited investors while the ARK Ellison Community Growth Fund would allow non-accredited investors to participate.

The ARK Ellison Urban Innovation Fund will be partially structured as a Qualified Opportunity Zone Fund, making it eligible to invest in projects located within federally designated Opportunity Zones such as the Historic Gas Plant District.

The fund is described as having a long-term investment horizon with periodic liquidity and a diversified pipeline of approximately $9 billion in mixed-use, innovation-focused projects throughout Tampa Bay.

The ARK Ellison Community Growth Fund, meanwhile, would focus exclusively on the 95-acre redevelopment of the Historic Gas Plant District. The companies say participation would be available through digital platforms that utilize blockchain technology to provide transparency and record-keeping. Minimum investments are expected to start at $500.

ARK Invest, an SEC-registered investment adviser led by CEO Cathie Wood, will serve as investment manager. Ellison Development would oversee project execution and delivery.

The Historic Gas Plant District encompasses 86 acres in downtown St. Pete, currently home to Tropicana Field | st Pete Rising

Together, the funds are part of what the partners describe as a new model for investor participation in large-scale, mixed-use urban redevelopment.

The initiative is anchored by the proposed redevelopment of the 95-acre Historic Gas Plant District, where in October the ARK Ellison Horus development team submitted an unsolicited proposal to the City of St. Petersburg for a $6.8 billion mixed-use district featuring housing, research facilities, green space, and cultural amenities.

Two weeks ago, St. Pete Mayor Ken Welch announced plans to publish a notice in mid-November inviting private developers and other interested parties to submit proposals within 30 days for the redevelopment of the Historic Gas Plant District.

ARK Invest and Ellison Development say the goal is to support real estate developments that align with the region’s growing innovation economy and to explore new ways for residents to have a stake in that growth.

In a statement, Wood said the effort extends ARK’s broader mission of expanding access to innovation.

“For decades, access to wealth creation has been concentrated in the hands of institutions and the very wealthy,” she said. “With the ARK Ellison Community Growth Fund, we are extending that mission from the capital markets to the cities themselves, starting right here in St. Petersburg.”

Ellison Development, led by CEO Casey Ellison, is currently developing a mixed-use project called The Central in the EDGE District of downtown St. Pete.

ARK Invest manages more than $30 billion in assets focused on technologies including artificial intelligence, robotics, and blockchain.

Both companies emphasized that the funds are still in formation and not yet open to investors.

Editor’s note: This article is for informational purposes only and should not be construed as investment advice or a solicitation to invest.