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.
Read MoreIt's official - The Tampa Bay Rays have secured local government funding for a new $1.37 billion baseball stadium in a deal that will keep the team in St. Petersburg for decades to come.
In a 5-2 vote on Tuesday afternoon, Pinellas County Commissioners approved contributing $312.5 million of tourism tax revenue towards the construction of the stadium.
The tourism tax revenue is generated by a bed tax restricted to funding tourist-related development such as hotel expansions and other projects driving economic prosperity.
Read MoreFlexible language around promises to bring affordable housing to the area and the lack of transparency on the Tampa Bay Rays partnership agreements are at the top of city council members' minds.
St. Petersburg City Council members met as the Committee of the Whole (COW) Tuesday morning to analyze the details and recent tweaks made to agreements for both the proposed Rays stadium and the Historic Gas Plant redevelopment just two days before they cast their final vote.
The $6.5 billion development, which is being spearheaded by The Rays and Hines, would transform 86 acres in the heart of downtown St. Pete into an 8-million-square-foot mixed-use district anchored by a new ballpark - becoming the largest project to ever commence in Tampa Bay.
Read MoreDone 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.
Read MoreWho's picking up the tab for the new Tampa Bay Rays's $1.3 billion ballpark, where’s that funding is coming from, and other lingering questions were answered this week during a seven-hour-long discussion.
On Wednesday morning, St. Pete City Councilmembers, Mayor Ken Welch, and Rays executives hashed out the details of the stadium agreement during a Committee of the Whole workshop meeting.
On Thursday, St. Petersburg City Council preliminarily voted 5-3 to approve a development agreement for the new Rays stadium. The opposing votes came from Councilmembers Hanewicz, Muhammad, and Floyd.
Read MoreSt. Pete Rising is an online urban development publication covering retail, restaurants, and real estate news in St. Petersburg, FL
