Tampa Bay Rays’ Game-Changing Redevelopment: A Win for Commercial Real Estate
The Rays are staying in St. Petersburg, and its not all about sports. The Stadium revamp sparks real estate redevelopment.
The Tampa Bay Rays have unveiled an ambitious plan that not only secures their future in the region, but also promises to revitalize downtown St. Petersburg. This redevelopment project, the largest in Tampa Bay’s history, carries significant implications for commercial real estate:
1. Sweeping Mixed-Use Redevelopment: The Rays will build a new stadium, accompanied by apartments, offices, and commercial spaces, highlighting the trend of mixed-use development.
2. Staying Put: The team’s commitment to staying in St. Petersburg ensures stability and long-term prospects for local contiguous commercial properties.
3. Community-Centric Approach: The project includes affordable housing, equity initiatives, and support for minority and women-owned businesses, potentially fostering new commercial ventures in the area.
4. Hines Partnership: Collaborating with Hines, a renowned international real estate firm, for this massive development underscores the strategic importance of commercial real estate in the project.
This transformative project encompasses residential, commercial, medical, and cultural spaces, creating a dynamic hub that promises to raise the level of downtown St. Petersburg beyond its current strong position.
More specifically: the development will add:
4,800 residential units
1,200 affordable/workforce residential units
600 senior living units
1,400,000 square feet of office, medical, and commercial space
750,000 square feet of retail
750 hotel rooms
100,000 square feet of entertainment space
50,000 square feet of civic space
90,000 – 100,000 square feet of conference and meeting space
14 acres of public open space
14,000 parking spaces
The new 30,000-seat stadium, with the ability to accommodate 35,000 for other events, is set to open in 2028, solidifying the Rays’ presence in the city.
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