Hines' Historic Gas Plant Project Moves Forward

A $6.5B, 8-million-square-foot mega-project in St. Petersburg has taken a big step forward as the City Council approved a 30-year development agreement with the Tampa Bay Rays for a new MLB ballpark.

The preliminary approval of the development agreement sets the stage for what the council hopes will be a formal approval next month of the overall project, a partnership between the city, Pinellas County, the Rays and Houston-based Hines that would build the largest mixed-use development in St. Petersburg’s history, the Tampa Bay Times reported.

In September, the partnership unveiled its plans for the development, which would be built on the 86-acre site of Tropicana Field. The Trop, the quirky domed stadium that has been home to the Rays since 1998, is famous for low-hanging light fixtures that sometimes redirect fly balls in fair territory.

The project, originally submitted by Hines in response to a 2022 RFP issued by the city, is known as the Historic Gas Plant District for two immense natural gas storage cylinders that towered over the neighborhood until they were torn down to make way for the Rays’ stadium.

The Gas Plant District development envisions 4,800 residential units, 1.4M SF of office, medical and commercial space, 750K SF of retail, 100K SF of event space and 100K SF of entertainment space, including a concert venue that will seat up to 4,000 people.

The redo will surround a new $1.3B, 30,000-seat MLB ballpark with parking for 14,000 vehicles. According to the development agreement announced in September, the Rays will pay for more than half of the cost of the new stadium and be responsible for any cost overruns.

The Gas Plant District will be built in phases, with phase one and the new ballpark aiming for delivery in time for MLB’s Opening Day in 2028. The Rays will continue to play at the Trop until their current lease with the city expires in 2027.

St. Petersburg’s City Council approved in a 5-3 vote a regulatory document establishing the geographic area of the district and a 30-year development agreement. The council also approved the rezoning of seven parcels encompassing 24 acres of public land, currently used for parking at the Trop, for mixed-use development.

Council members who voted no on the regulatory document said it was a draft and should not have been approved until it is finalized, the report said.

The council also voted to extend the lifespan of the Intown Redevelopment Area, where the land is located—a step that allows the city to use tax increment financing, a tool designed to pay off projects with future tax gains on property values.