Massive $6.8 billion redevelopment of the Tropicana Field site proposed by group of local leaders
/a rendering of the gas plant park | baker barrios
A trio of well-known business leaders have submitted a proposal to purchase and redevelop 95.5 acres of downtown St. Petersburg, including the Historic Gas Plant District.
Casey Ellison, CEO of Ellison Companies;Cathie Wood, the founder of global investment firm ARK Invest; and Jonathan Graham, President of Horus Construction are behind the effort. Baker Barrios would serve as the master planner architect.
The group submitted a 98-page unsolicited proposal to the City of St. Petersburg this morning outlining a $6.8 billion vision for a new mixed-use district anchored by innovation, housing, cultural institutions, and world-class event venues.
The project would be built in four phases over the next 17 years and will include flexibility to accommodate the Tampa Bay Rays should the team remain beyond 2028.
an aerial rendering of the 95.5-acre development | baker barrios
“St. Petersburg has a once-in-a-generation opportunity to build an economy powered by innovation,” said Cathie Wood, Founder, CEO, & CIO of ARK Invest. “The Gas Plant District can become a magnet for venture capital, entrepreneurs, and research talent, seeding the next wave of world-changing companies right here.”
As part of the proposal, the group will pay the City of St. Petersburg at least $202 million. Only 53.5 acres of the development’s 95.5 acres will be privately held. The remainder will consist of open spaces, public parks, and cultural attractions.
More than 30% of the site would be dedicated to parks and open space, highlighted by a 6.7-acre elevated park reconnecting Campbell Park to the Historic Gas Plant neighborhood.
The site boundary | baker barrios
The plan also introduces the Booker Creek Cultural Corridor, a restored greenway with public art, historic installations, and year-round programming that links Midtown, the EDGE District, and the Innovation District.
Housing is a central component, with over 1,900 affordable, workforce, and senior units planned across all phases: 863 affordable, 618 senior affordable, and 444 workforce. The proposal also includes 1,543 new hotel rooms.
Cultural and entertainment spaces feature prominently, including a 4,000-seat indoor music hall, a 1,500-seat outdoor amphitheater, a new state-of-the-art performance theater, and dedicated space for the Woodson African American Museum of Florida.
Education and workforce development are also emphasized, with The Superintendent School training future construction leaders and The HORUS Academy offering trade introductions for youth along with advanced training for adults and small businesses.
The multiple phases that would be developed over the next 17 years | baker barrios
Innovation and technology are another major focus. With Cathie Wood’s involvement, the plan envisions a district that unites entrepreneurs, technologists, artists, and policymakers.
It calls for 500,000 square feet of innovation hubs and labs, a 200,000-square-foot Innovation Hall for global conferences, and a Research Center expected to generate up to 900 specialized jobs.
Public infrastructure costs are projected at $239 million, funded through multiple sources. For comparison, the City of St. Petersburg had pledged $142 million in infrastructure support for the previous Rays/Hines proposal.
According to the submission, the project could generate $1.2 billion in annual economic impact and $28 billion over 30 years, along with 19,738 jobs—14,296 ongoing direct and indirect positions and 5,442 construction jobs.
A rendering of an activated booker creek corridor | baker barrios
The city is now reviewing the proposal in detail.
“I appreciate their interest in developing the Historic Gas Plant District—which remains a top priority of my administration—as well as their ongoing commitments to our community,” Ken Welch said in a statement.
“While we review this proposal, our primary focus will remain on pursuing impactful outcomes that reflect the needs and aspirations of our residents, and on honoring the promises of inclusive economic opportunity made to the Historic Gas Plant community. St. Petersburg is a city of opportunity, and we continue to gain positive momentum for progress."
Ellison is currently spearheading The Central, a transformative mixed-use project in the EDGE District. The development will feature a 168-key Autograph Collection hotel by Marriott, an 11-story, 125,000-square-foot Class A office tower, 9,300 square feet of retail, and a 42-unit workforce housing building.
In July, ARK Invest announced plans to move its St. Pete headquarters to the 11th floor of The Central’s office tower, Halcyon. Cathie Wood relocated ARK from New York to St. Pete in 2021.
Hotel and innovation park | Baker Barrios
Their proposal comes at a pivotal moment. Just days ago, the Tampa Bay Rays were sold for $1.7 billion to a new ownership group led by Patrick Zalupski, a Jacksonville-based homebuilding billionaire.
The Rays, under previous owner Stu Sternberg, had partnered with global development firm Hines on a proposed multibillion-dollar redevelopment of the Gas Plant District, which would have included a $1.37 billion stadium for the Rays.
That agreement started to unravel at the end of last year after Tampa Bay experienced back-to-back hurricanes, which caused extensive damage to Tropicana Field. As a result, the Tampa Bay Rays spent the past season playing at Steinbrenner Field in Tampa.
In March, the Rays walked away from the redevelopment deal, despite the City of St. Petersburg pledging $142 million in infrastructure investment.
A rendering showing the proposed development and public park | baker barrios
After the Rays backed out of the deal, local investor Thompson Whitney Blake made headlines after offering the city $260 million in cash to acquire the site, though city officials never moved forward with his unsolicited bid.
The City of St. Petersburg is currently investing $55 million in repairs to the damaged Tropicana Field, which is expected to reopen in time for the 2026 season. The Rays remain under contract to play at Tropicana Field through the 2028 season.
If the city is inclined to seriously consider Ellison and Wood’s proposal, it must follow a legal process requiring the site be advertised publicly for competing offers. That step would open the door for other developers and investors to submit their own bids for the property.
A rendering of the amphitheater and plaza view | baker barrios
