Massive $6.8 billion redevelopment of the Tropicana Field site proposed by group of local leaders
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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.
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A 380-home apartment and townhome community has been proposed for the eastern side of Derby Lane in north St. Pete, while a later phase calls for demolishing the existing casino building and rebuilding it elsewhere on the property.
The planned redevelopment of the 130-acre site at 10490 Gandy Boulevard North includes residential, commercial, and industrial uses, according to a conceptual plan submitted to Pinellas County in early October.
The proposal follows the April 2025 acquisition of Derby Lane through a merger between St. Petersburg Kennel Club Inc. and Connecticut-based Rally Acquisition Co.
At the time, representatives for the new ownership said they intended to develop the property while continuing its gaming operations, but specific plans had not been disclosed.
Greyhound racing ended at Derby Lane in December 2020 after Florida voters approved a constitutional amendment banning commercial greyhound racing statewide. The facility continues to operate as a gaming venue, offering poker, table games, and simulcast wagering.