Blake Investment Partners and Related Group have secured the winning bid to develop a large-scale mixed-use project on city-owned land in St. Petersburg. The team has agreed to pay the city $275 million for the rights to redevelop 58 acres in the Historic Gas Plant District, positioning the site for a long-term, multi-phase transformation.
The proposed project, known as The Burg Bid, is envisioned as a comprehensive mixed-use district delivered over an estimated 15- to 20-year timeline in three phases. The concept calls for a blend of housing, hotel space, office uses and retail, supported by new public and cultural amenities. Plans also include a park, museums and dedicated facilities for workforce training and small business startups, indicating a broad program that extends beyond traditional commercial and residential components.
If the full vision is ultimately executed as proposed, the development could exceed $8 billion in value at completion. While detailed phasing, vertical program breakdowns and financial structures have not yet been disclosed, the scope signals one of the more ambitious urban redevelopment efforts currently under consideration in the market.
Blake Investment Partners and Related Group are leading the development team, supported by a group of local and national firms engaged on the proposal. Architectural responsibilities are assigned to Wannemacher Jensen Architects and Zyscovich, which now operates under the Stratus name. Construction and development support firms identified in the team include Skanska, Gilbane and KAST Construction, alongside Greystar Real Estate Partners, which is participating in the proposal as part of the broader delivery team.
The future of The Burg Bid plan remains contingent on the municipal approvals process. The proposal still requires final authorization from the St. Petersburg City Council before any redevelopment can proceed. That vote will determine whether the city formalizes the agreement for the $275 million rights payment and allows the multi-decade build-out of the mixed-use district to move forward as outlined.
Key deal terms beyond the headline payment amount, including any public-private partnership structure, project financing arrangements, and more detailed construction timelines, have not been published. However, the selection of a preferred development team and the identification of a long-term vision for the Historic Gas Plant District mark a significant milestone in the city-owned site’s potential repositioning.
