### $1.3 Billion Rays Stadium Deal Falls Through
The Tampa Bay Rays’ ambitious plan to build a new stadium and mixed-use entertainment district in downtown St. Petersburg has officially fallen through. The development, originally set to be led by Hines, was estimated to cost $1.3 billion.
The Tampa Bay Business Journal reports that the team faced a March 31 deadline to decide whether to proceed with the redevelopment deal—one that had been nearly 20 years in the making.
While the St. Pete City Council had approved agreements to guide the redevelopment of the land surrounding the proposed stadium, unforeseen setbacks derailed the project. In October 2024, Hurricane Milton caused significant damage by ripping the roof off Tropicana Field. Additionally, county officials delayed a vote on the bonds intended to finance the ballpark’s construction. In response, the Rays determined that the deal was no longer financially viable.
Tropicana Field’s 86 acres remain prime urban real estate, considered some of the most valuable in the Southeastern United States. However, with this deal collapsing, the future of the site—and the Rays’ long-term home—remains uncertain.
