Inside Blake Investment Group's $260 million cash offer for the Tropicana Field site
/the damaged roof at tropicana filed | st. pete rising
After decades of debate and negotiations over redeveloping the Gas Plant District and securing the Rays' future home, the deal with the team is off the table. However, one local developer is prepared to write a big check to finally bring the long-awaited vision to life.
Investor Thompson Whitney Blake, CEO of private equity firm Blake Investment Partners, is offering the City of St. Petersburg $260 million in an all-cash deal to buy the Gas Plant District following the Tampa Bay Rays' abrupt announcement of abandoning the $1.3 billion stadium agreement.
“My entire strategy is to get public support for a sale of the property and let the private market fix this 86-acre parking lot problem. I don't want to wait any longer,” Blake said in a conversation with St. Pete Rising.
He would parcel out the land, partnering with developers who could build hotels, condos, apartments, retail, offices, and other uses that the city has long desired for the massive property.
“The city needs someone who can write a big check, and I have the institutional capital,” continued Blake, who has teamed up with an undisclosed “household” New York investment firm.
Thompson Whitney Blake | blake investment partners
Blake previously tried to acquire and redevelop the site under former Mayor Rick Kriseman’s administration.
His current offer would pay the city $60 million to repair the existing Tropicana Field, which sustained significant damage from Hurricane Milton. An additional $200 million would be paid when the Rays’ lease expires in three years.
He sent the offer letter to Mayor Ken Welch and the City Council on Thursday, March 13th, shortly after the Tampa Bay Rays announced on social media that they would not build a new stadium in downtown St. Petersburg. The team cited unforeseen challenges from back-to-back hurricanes and prolonged negotiations as reasons for their decision.
Despite the Rays announcement on social media, as of the publication of this article, the team has not sent a formal termination letter to the city. Therefore, the deal remains technically in force until March 31st, unless certain requirements are met or a termination letter is received.
“I would give this administration everything they want and not use any public funds. My plan is to do nothing with the Rays,” Blake said, noting how he wouldn’t seek financial incentives from local government or hinge his plans on the future of the Rays as other past proposals have done.
“However, I would be willing to bring in investors to use private funds to keep the team here if they wanted to stay in addition to funding the roof repairs for the Trop.”
Blake stated that he is prepared to secure permits for $500 million in vertical construction and would begin work as soon as the Rays' lease ends in 2028.
The city’s latest appraisal values the 86-acre site at $331 million, or approximately $3.85 million per acre.
While the $260 million offer is $71 million shy of the appraised value, Blake highlighted how he would be financially responsible for covering around $100 million of infrastructure work, including power and roadwork to reconnect the street grid, which the city was on the hook for in past proposals.
an aerial site plan | blake investment partners
His proposal also allows the city to retain 15 acres, including Booker Creek, for a new park and two acres for a new Woodson African American Museum.
Additionally, Pinellas County could enter a 99-year lease agreement for a 15-acre convention center site which would share parking with Tropicana Field. The county would also have the right to issue new bonds to finance the convention center’s construction.
“This would be a private sector solution where the city would get a local partner and want they wanted while also honoring our African American heritage and its future,” Blake said, also mentioning when the news first surfaced of his proposal, it garnered interest from outside companies wanting to work with Blake to establish a presence in the Gas Plant District.
“I've had companies from California, New York, Michigan, and Chicago call me and I have hundreds of emails from groups and large hotel brands wanting to take a block of the district or relocate here,” said Blake.
“I am taking a shot at this, giving it everything I got. I want to go down as someone who made big moves for St. Pete,” added Blake, who is inspired by the city’s founders such as William Straub, known for leading the preservation of the downtown waterfront as public parkland, and Aymer Vinoy Laughner, a wealthy Pennsylvanian oil tycoon who built The Vinoy Resort & Golf Club.
It’s unknown whether the City of St. Petersburg will review the unsolicited offer.
If the city decides to consider the unsolicited offer, it would initiate a process allowing other developers and interested parties to submit competing proposals.
To date, the city has not received any additional offers for the 86-acre Tropicana Field site.
“Our goal is to give St. Petersburg residents a voice in shaping the future of this site,” said Blake. “If you've felt frustrated and unheard in the past, now is your chance to speak up. Contact the mayor, your city council member, and county commissioners to show your support for our grassroots plan to redevelop the Tropicana Field site.”
“Lastly, if you have any questions, feel free to reach out to our office,” concluded Blake.
