Done Deals is a weekly column by St. Pete Rising spotlighting recent real estate market insight and significant deals happening in the Sunshine City and beyond. The following information is sourced from public records and trusted intel.
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Read MoreDespite uncertainty surrounding the future of Major League Baseball in St. Petersburg, the City Council has voted to move forward with plans for a new $1.3 billion stadium for the Tampa Bay Rays and the redevelopment of the adjacent 86-acre Historic Gas Plant District.
During a meeting on Thursday, the City Council narrowly approved the issuance of $287.5 million in tax-exempt bonds with a 4-3 vote. These bonds will contribute to the $600 million in public funding for the stadium, along with $142 million allocated for infrastructure improvements in the reimagined district.
Council members Sandra Figgs-Sanders, Copley Gerdes, Brandi Gabbard, and Gina Driscoll voted in favor of the bond issuance, while Richie Floyd, Lisset Hanewicz, and John Muhammad opposed it.
Read MoreA plan years in the making to build a modern $1.3 billion ballpark for the Tampa Bay Rays in the heart of downtown St. Pete may be completely dead.
On Thursday, St. Petersburg City Council voted to delay a vote that would approve two bonds totaling $287.5 million in tax-exempt funding for the new stadium, following suit with the Pinellas County Commission which voted to delay their bond funding for a second time earlier this week.
The county commissioners and city councilmembers were hesitant to grant the bond resolution due to the Rays’ lack of communication.
Read MoreIt's official - The Tampa Bay Rays have secured local government funding for a new $1.37 billion baseball stadium in a deal that will keep the team in St. Petersburg for decades to come.
In a 5-2 vote on Tuesday afternoon, Pinellas County Commissioners approved contributing $312.5 million of tourism tax revenue towards the construction of the stadium.
The tourism tax revenue is generated by a bed tax restricted to funding tourist-related development such as hotel expansions and other projects driving economic prosperity.
Read MoreIn a historic vote, St. Petersburg City Council voted 5-3 to approve an agreement to build a new 30,000-seat stadium for the Tampa Bay Rays and redevelop the 86-acre Historic Gas Plant District site in downtown St. Pete.
The vote caps off decades of discussion surrounding the team’s future. Council members Deborah Figgs-Sanders, Copley Gerdes, Brandi Gabbard, Ed Montanari, and Gina Driscoll voted in favor of the agreement while Council members Lisset Hanewicz, John Muhammad, and Richie Floyd voted against it.
In total, the project will include nearly 8 million square feet of mixed-use development anchored by a new baseball stadium and cost north of $6.5 billion over 20 years.
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