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St. Pete developer touts offer to fix the Trop, buy Gas Plant land after Rays back out of stadium deal

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Published  March 19, 2025 5:00pm EDT
St. Petersburg
FOX 13 News

Investor offers to purchase Gas Plant District

FOX 13's Evan Axelbank reports on a St. Petersburg developer who has offered to buy the land around Tropicana Field and says he can have developers begin construction at no cost to the public when the Rays lease expires.

The Brief

    • Blake Investment Partners made an offer for $260 million to fix the Trop and to buy the 86 acres the city is desperate to develop.
    • It would not require any public investment, because the developer says $100 million would be tacked on to build the infrastructure.
    • Until the Rays send their official termination letter, no official steps can be taken to make plans for the Trop site.

ST. PETERSBURG, Fla. - A St. Petersburg developer who has offered to buy the land around Tropicana Field says he can have developers begin construction the moment the lease to Tropicana Field is up, and that it will not cost any public dollars.

By the numbers:

Blake Investment Partners made an offer for $260 million to fix the Trop and to buy the 86 acres the city is desperate to develop.

It wouldn't necessarily include a new Rays stadium, but developer Thompson Blake says it would still bring the city into a new era.

RELATED: Tampa Bay Rays nix stadium deal

If the offer were to be accepted, $60 million would be given up front to fix the Trop, and $200 million would be given to the city the day the Rays lease ends.

It would not require any public investment, because he says $100 million would be tacked on to build the infrastructure.

What would the development look like?

Local perspective:

Blake promises at least one five-star hotel, restaurants and entertainment venues. 

The infrastructure upgrades would connect streets that intersect with 1st Ave. South with 5th Ave. South.

The land would be divided into one-acre blocks.

RELATED: Rays fans react to team backing out of stadium deal: ‘I’m hurt by what’s going on’

"I think there are 5,000 people that would want to buy one acre, right?" said Thompson Blake. "So, if you put this grid back in, that's how are you going to get the best of the best to come here?"

Will there be a new stadium? 

Dig deeper:

As far as the Rays go, a stadium wouldn't necessarily be involved, but he says he'd be open to it if they come to him. 

His offer was made to the city the day the stadium deal fell apart, with the mayor saying their requirements for affordable housing and jobs are still at the top.

"There'll be a lot of interest," Mayor Welch said last week. "I haven't seen that particular (offer). But we're going to have options going forward."

RELATED: St. Pete receives offer for Tropicana Field as activists rally for Gas Plant renewal

Blake says if the city chooses, it could retain land for a 15-acre park and more for a museum. 

Will there be affordable housing? 

What they're saying:

He says he'd prefer to sprinkle affordable housing around the city, as opposed to concentrating it in one place. 

But he does acknowledge that the pain of the descendants of the Gas Plant families, who were moved off the land to build the Trop, must be eased.

He has done 200 developments around the southeast, but because St. Pete is home for him, this would be the most important.

"I think the city council will support this because it's simple. It's open. It's transparent," said Blake. "And this administration gets something done."

The $3M an acre proposal is less than the city's appraisal of 3.8M, but he says their appraisal didn't take into account that the project would have to be built over a long period.

Until the Rays send their official termination letter, no official steps can be taken to make plans for the Trop site.

The Source: This story was written with information gathered by FOX 13's Evan Axelbank. 

St. PetersburgRays Stadium Plans