**$1.3 Billion Tampa Bay Rays Stadium Deal Falls Through**
The Tampa Bay Rays’ ambitious plan to build a stadium and mixed-use entertainment district in downtown St. Petersburg has officially collapsed. In September 2023, Hines was selected to develop the $1.3 billion ballpark, a long-awaited project for the region.
According to the *Tampa Bay Business Journal*, the team faced a critical March 31 deadline to finalize its decision on whether to proceed with the stadium and redevelopment deal—a process that had taken nearly 20 years to materialize.
The St. Petersburg City Council had approved several agreements providing a framework for redeveloping the area surrounding the proposed stadium. However, the project encountered significant setbacks, including the destruction of Tropicana Field’s roof during Hurricane Milton in October 2024. Additionally, county officials delayed a key vote on issuing bonds necessary to finance stadium construction. As a result, the Rays determined that the deal was no longer financially viable.
The 86-acre Tropicana Field site is widely regarded as one of the most valuable pieces of urban real estate in the Southeastern United States. Despite the setback, future development opportunities for the area remain.
