One Ballpark, Three Plans

St. Petersburg officials on Tuesday opened three proposals to redevelop Tropicana Field.

The project is one component in the Tampa Bay Rays’ plan to build a new $450 million, 35,000-seat ballpark on the city’s downtown waterfront.

Sale and redevelopment of the city-owned Tropicana Field, where the Rays now play, is an integral part of a financing plan expected to include tax-exempt and taxable bond financing.

St. Petersburg received a proposal from Williams Quarter LLC of Tampa and Nashville, a consortium of DeBartolo Holdings, NRP Group, and RGA Group. Another proposal was submitted by Archstone-Madison of Arlington, Va., a consortium of Tishman Speyer Real Estate Venture VII LP, Lehman Brothers Holdings Inc., and Capital Guidance Corp. Hines Interests LP of Atlanta, which has been working with the Rays on the overall project, also submitted a proposal.

The complex proposals are being evaluated by staff and a recommendation will be made to the City Council by May 1.

The new stadium cannot be built without the approval of city voters in a referendum and various approvals from the Pinellas County Commission. The Rays want a referendum to be held in the November general election.

The City Council sought proposals from developers interested in buying and redeveloping Tropicana Field as a mixed-use development to help determine if the Rays’ plan is feasible. The city has reserved the right to reject all of the proposals.

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