Florida Construction News staff writer
The Tampa Bay Rays have released definitive documents outlining a proposed agreement with the city of Tampa and Hillsborough County to build a new $2.3 billion ballpark and mixed-use district at Hillsborough College’s Dale Mabry campus.
The agreement needs approval from both the Tampa City Council and Hillsborough County commissioners before the project can move forward.Tampa City Council is scheduled to vote on the agreement today, with Hillsborough County commissioners expected to consider the deal on Friday if the City Council approves it.
The proposal would establish a 35-year initial term and a non-relocation commitment for the Rays, whose agreement to play at Tropicana Field in St. Petersburg expires after the 2028 season.
The team is aiming to open the new ballpark by Opening Day 2029. Under the proposed timeline, work at the site would need to begin next month and be completed by March 31, 2029.The Rays would contribute approximately $1.37 billion toward the project and assume responsibility for cost overruns. Hillsborough County would provide $796 million, while the city of Tampa’s contribution would total $80 million.
The financing structure differs from a nonbinding memorandum of understanding announced in May. Under the earlier proposal, the city was expected to contribute $100 million through its Community Redevelopment Agency.
The definitive documents instead call for the creation of a Community Development District that would be privately financed by the Rays.
According to the team, a portion of tax revenue generated by the proposed mixed-use development would be directed to the district to help pay for public infrastructure, capital improvements in public-use areas and debt service. Property tax revenue would also be shared with the city and county.
The proposed development would include the ballpark, a reimagined Hillsborough College campus and a mixed-use district with office, retail, entertainment, dining, hotel and residential space, along with public areas.
The Rays said the agreement would include no new taxes and would protect public safety funding.
“Together with Hillsborough County and the City of Tampa, we’ve taken some big steps this year to make a Forever Home for the Rays in our region a reality,” Rays CEO Ken Babby said in a statement.
The proposed ballpark is the latest effort to secure a long-term home for the Major League Baseball team in the Tampa Bay region. The new ownership group, led by managing partner Patrick Zalupski, co-chair Bill Cosgrove and Babby, began pursuing the Tampa development after purchasing the team late last year.
