September 30, 2025

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

September 30, 2025/ Veronica Brezina

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."

August 22, 2025

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

August 22, 2025/ Veronica Brezina

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.

July 25, 2025

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

July 25, 2025/ Veronica Brezina

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.”

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.

November 21, 2024

Tampa Bay Rays stadium deal appears dead, city delays vote to fund Trop repairs

November 21, 2024/ Veronica Brezina

A plan years in the making to build a modern $1.3 billion ballpark for the Tampa Bay Rays in the heart of downtown St. Pete may be completely dead.

On Thursday, St. Petersburg City Council voted to delay a vote that would approve two bonds totaling $287.5 million in tax-exempt funding for the new stadium, following suit with the Pinellas County Commission which voted to delay their bond funding for a second time earlier this week.

The county commissioners and city councilmembers were hesitant to grant the bond resolution due to the Rays’ lack of communication.