Featured image credit: Tampa Bay Rays
More details have emerged on the deal to build a new ballpark for Major League Baseball’s Tampa Bay Rays in St. Petersburg.
The Rays last month reached an agreement with the City of St. Petersburg and Pinellas County to move forward on a new $1.3bn (£1.1bn/€1.2bn) ballpark scheme. The stadium will have a capacity of around 30,000 for baseball, with the ability to accommodate up to 35,000 for other events.
The Rays have partnered with real estate developer and manager Hines on the project, with the stadium and an associated mixed-used development to sit within the 86-acre site where the team’s current home, Tropicana Field, is located.
The announcement came after Rays principal owner, Stuart Sternberg, confirmed earlier in the month that the team was willing to contribute more than half of the cost towards the ballpark.
The Rays will indeed pay more than half of the $1.3bn ballpark and be responsible for any cost overruns. Pinellas County and the City of St. Petersburg will combine to contribute approximately $600m in equal amounts.
The City of St. Petersburg has now released details of an outline agreement for public financing of the project. The Tampa Bay Times newspaper reports that the outline will see St. Petersburg provide €287.5m, with Pinellas County contributing $312.5m.
The deal also includes agreements for future projects that would require approval by St. Petersburg and Pinellas County, such as a non-relocation agreement, a use agreement, and a development and funding agreement.
Construction on the development is expected to begin in late 2024 in the first of two phases. The team will continue to play in the existing ballpark on the site until the end of its current lease with the City of St. Petersburg in 2027. Phase One of the development and the new ballpark is projected to be ready by MLB Opening Day 2028.
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