March 19, 2025

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

March 19, 2025/ Veronica Brezina

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.

March 14, 2025

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

March 14, 2025/ Veronica Brezina

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.

December 18, 2024

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

December 18, 2024/ Veronica Brezina

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.

December 13, 2024

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

December 13, 2024/ Veronica Brezina

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.

December 06, 2024

St. Pete approves bonds to fund new Tampa Bay Rays stadium and Gas Plant District development

December 06, 2024/ Veronica Brezina

Despite uncertainty surrounding the future of Major League Baseball in St. Petersburg, the City Council has voted to move forward with plans for a new $1.3 billion stadium for the Tampa Bay Rays and the redevelopment of the adjacent 86-acre Historic Gas Plant District.

During a meeting on Thursday, the City Council narrowly approved the issuance of $287.5 million in tax-exempt bonds with a 4-3 vote. These bonds will contribute to the $600 million in public funding for the stadium, along with $142 million allocated for infrastructure improvements in the reimagined district.

Council members Sandra Figgs-Sanders, Copley Gerdes, Brandi Gabbard, and Gina Driscoll voted in favor of the bond issuance, while Richie Floyd, Lisset Hanewicz, and John Muhammad opposed it.