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.