Tampa Bay Rays have bond-financed clearance for new St. Petersburg ballpark

The Tampa Bay Rays have received final approval from local governments for their proposal to build a new government-subsidized ballpark in St. Petersburg, Florida, capping a years-long process that had clouded the future of the Major League Baseball team. 

The Pinellas County Commission voted 5-to-2 July 31 in favor of committing $312.5 million from its tourist tax fund toward the $1.37 billion stadium project. Tuesday’s vote paves the way for the franchise and its development partners to begin construction early next year, with the goal of having a ballpark ready for Opening Day 2028.

This vote came about two weeks after St. Petersburg City Council members approved a $6.7 billion redevelopment proposal in the city’s Historic Gas Plant District that would be anchored by the new stadium. 

St. Petersburg is contributing $287.5 million to the stadium and millions more for surrounding infrastructure, and the city is selling roughly 65 acres of public land below its assessed value to facilitate the deal. 

The city plans to issue bonds to finance its contribution.

The Rays would contribute $700 million for the stadium and they’d be on the hook for all cost overruns, including in the surrounding redevelopment. Designs for the new ballpark include a pavilion-style roof and walls that can open when the weather calls for it. 

The Rays currently play at Tropicana Field, where their lease runs through the 2027 season.

The deal to stay in St. Petersburg dashed the hopes of some that the Rays would move to Tampa, on the other side of the bay, where many fans live. Despite on-field success — the Rays have been perennial playoff contenders in recent years, reaching the World Series in 2008 and 2020 — the team is averaging a mere 16,871 fans a game this season at its current home Tropicana Field. That’s the third-worst attendance in the league, better than only the Miami Marlins and Oakland Athletics.

The Rays’ lease at Tropicana Field runs through the 2027 season. 

The team has been lobbying to get a new stadium built for over a decade. In 2019, the Rays received permission from Major League Baseball’s executive council to explore a plan that called for them to split their seasons between Florida and Montreal. However, that proposal was rejected by the league in 2022, forcing the Rays to double down in its efforts in the Tampa Bay region.