New Rays owners introduced, pledge to build new stadium in Tampa Bay

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New Rays owners introduced, pledge to build new stadium in Tampa Bay

The new ownership group of the Tampa Bay Rays intends to keep the team playing in St. Petersburg, at least for now, while exploring potential sites around Tampa Bay for a permanent stadium.

On Tuesday morning at Steinbrenner Field in Tampa, the team’s new leadership, Managing Partner and Co-Chair Patrick Zalupski, Co-Chair Bill Cosgrove, and Chief Executive Officer Ken Babby, outlined their long-term vision to a room filled with reporters, former team executives, and public officials from both sides of the bay.

“It’s no secret that we need a new, forever home to secure the Rays’ long-term future in Tampa Bay, and delivering upon that objective will be our first priority,” said Zalupski, CEO of Jacksonville-based Dream Finders Homes Inc. “Our goal is to have a new world-class ballpark ready for opening day 2029.”

Under their current lease agreement, the Rays are required to play at Tropicana Field for three more seasons.

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Massive $6.8 billion redevelopment of the Tropicana Field site proposed by group of local leaders

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Massive $6.8 billion redevelopment of the Tropicana Field site proposed by group of local leaders

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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It’s official: The Tampa Bay Rays have been sold to Jacksonville billionaire

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It’s official: The Tampa Bay Rays have been sold to Jacksonville billionaire

It’s official. The Tampa Bay Rays have been sold.

An ownership group led by 44-year-old billionaire Patrick Zalupski, CEO of Jacksonville-based Dream Finders Homes, has finalized the $1.7 billion purchase of the Major League Baseball franchise from longtime owner Stu Sternberg.

The transaction closed Tuesday following unanimous MLB approval last week.

“It’s an incredible honor to become the stewards of the Tampa Bay Rays, a franchise with a proud history and a bright future,” said Zalupski in a statement. “We are especially privileged to have been chosen by Stu Sternberg as his successors, and we’re all energized by the responsibility to serve Rays fans everywhere and this great game.

Commissioner Rob Manfred added, “Major League Baseball is pleased to welcome Patrick and his partners to the ownership ranks. Their collective experience and passion for the game will serve the Rays well as they enter this exciting new chapter."

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St. Pete pushes forward on $59 million Tropicana Field repairs as roof installation begins

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St. Pete pushes forward on $59 million Tropicana Field repairs as roof installation begins

Blue netting now surrounds the steel framework of what’s left of Tropicana Field’s roof in downtown St. Petersburg as crews prepare to install the first set of roof panels.

Last October, winds of up to 110 miles per hour from Hurricane Milton shredded the stadium’s fabric roof, causing extensive interior damage.

Now, the City of St. Pete is on the hook for the repairs.

General contractors Hennessy Construction Services and AECOM Hunt are leading the $59 million repair project, with the new roof accounting for more than $23 million of that total.

“Repair progress is well underway at Tropicana Field,” Mayor Ken Welch wrote in a Facebook post Friday, sharing photos of the work.

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St. Pete officially ends Rays redevelopment deal, approve Tropicana Field repairs

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St. Pete officially ends Rays redevelopment deal, approve Tropicana Field repairs

One year after entering into a $6.5 billion redevelopment deal with the Tampa Bay Rays and national developer Hines, St. Pete City Council unanimously voted on Thursday to terminate the agreement.

The deal would have allowed the 86-acre Historic Gas Plant District be to redeveloped into a new mixed-use neighborhood with nearly 8 million square feet of space, including a $1.3 billion baseball stadium.

City Council’s vote was largely procedural, as the Rays and Hines had announced in March that they were withdrawing from the deal after missing key project milestones.

Mayor Ken Welch, who was a strong supporter of the project, addressed the termination in a statement following the vote.

“While the Rays’ decision is terribly disappointing, our mission was to adapt and refocus on our primary objective – the progress of our city,” said Welch. “And part of that mission is accomplished by today’s City Council vote.”

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St. Pete approves $22.5 million to repair Tropicana Field roof

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St. Pete approves $22.5 million to repair Tropicana Field roof

The City of St. Petersburg is moving forward with extensive renovations and repairs to make Tropicana Field playable for the Tampa Bay Rays in 2026.

In October 2024, Hurricane Milton's powerful winds shredded the stadium's fabric roof, allowing rain to pour into the venue. As a result, the stadium sustained significant water and wind damage, rendering it unusable.

In addition to damaging the roof, the storm also compromised critical infrastructure, audiovisual equipment, and the turf field.

Due to the extent of the damage, the Tampa Bay Rays will play their 2025 season at George M. Steinbrenner Field in Tampa.

City officials are hoping to have Tropicana Field ready for baseball in time for the 2026 season. In the meantime, due to the extent of the damage to the Trop, the Tampa Bay Rays will play their 2025 season at George M. Steinbrenner Field in Tampa.

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Inside Blake Investment Group's $260 million cash offer for the Tropicana Field site

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Inside Blake Investment Group's $260 million cash offer for the Tropicana Field site

After decades of debate and negotiations for the redevelopment of the Gas Plant District and securing the future home of the Rays, the deal with the team is no longer on the table, but one local developer is ready to sign a big check to make the long-awaited grand vision a reality.

Investor Thompson Whitney Blake, CEO of private equity firm Blake Investment Partners, is offering the City of St. Petersburg $260 million in an all-cash deal to buy the Gas Plant District following the Tampa Bay Rays' abrupt announcement of abandoning the $1.3 billion stadium agreement.

"My entire strategy is to get public support for a sale of the property and let the private market fix this 86-acre parking lot problem. I don't want to wait any longer," Blake said in a conversation with St. Pete Rising.

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St. Pete investor offers $260 million to buy 86-acre Tropicana Field site

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St. Pete investor offers $260 million to buy 86-acre Tropicana Field site

Prominent Tampa Bay investor Thompson Whitney Blake is offering the City of St. Petersburg $260 million in an all-cash deal to buy the Gas Plant District following the Tampa Bay Rays' abrupt announcement of abandoning the stadium agreement.

"We, along with all of the other residents in town, have listened to a decade of dialogues, debates, pundits, and prognosticators, lawyers, and talking heads... In our opinion, this project needs someone to do what my mom has always said, 'put your money where your mouth is.' So, here we go," Blake, CEO of private equity firm Blake Investment Partners, wrote in a letter to Mayor Ken Welch and the St. Petersburg City Council.

The offer letter was sent on Thursday, March 13, shortly after the Tampa Bay Rays announced on social media that they were withdrawing from the $1.37 billion deal to build a new stadium in downtown St. Petersburg. The team cited unforeseen challenges from back-to-back hurricanes and prolonged negotiations as reasons for their decision.

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Pinellas County Commission approves $312.5M in bonds for new Rays stadium in St. Petersburg

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Pinellas County Commission approves $312.5M in bonds for new Rays stadium in St. Petersburg

After a two-month delay, the Pinellas County Commission has voted to honor its commitment to financially support the development of a new $1.3 billion Tampa Bay Rays stadium.

At a Tuesday meeting, county commissioners voted 5-2 to allocate $312.5 million toward the construction of the 30,000-seat ballpark. The county’s share will be funded through existing tourist taxes collected on hotel stays and short-term rentals.

Newly elected commissioners Vince Nowicki and Chris Scherer voted against the proposal, while Commissioners Chris Latvala, Kathleen Peters, Dave Eggers, Rene Flowers, and Brian Scott voted in favor of approving the bonds.

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Done Deals: City approves funding for Trop roof repairs, TV personality sells Snell Isle home, Sweetgreen opens in downtown

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Done Deals: City approves funding for Trop roof repairs, TV personality sells Snell Isle home, Sweetgreen opens in downtown

Done Deals is a weekly column by St. Pete Rising spotlighting recent real estate market insight and significant deals happening in the Sunshine City and beyond. The following information is sourced from public records and trusted intel.

Have real estate news to share? Send us an email at hello@stpeterising.com.

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