Developer Offers $260 Million for Tropicana Field

A developer’s $260 million cash offer for the hurricane-beaten Tropicana Field is about $70 million less than what the city of St. Petersburg says it’s worth.

Blake Investment Partners, a prominent local private equity firm, has teamed up with an unnamed “household” New York investment firm for the offer, setting the stage for a potential redevelopment of the Rays’ stadium, the Tampa Bay Business Journal reported.

The unsolicited offer comes after the Major League Baseball team exited a previous $1.3 billion redevelopment deal with Hines. The offer includes a $60 million upfront payment for urgent stadium repairs from damage caused by Hurricane Milton and a second installment following the expiration of the Rays’ lease in 2028.

The city previously valued the 86-acre site at $331 million ($3.8 million per acre), but Blake argued that hurricanes, rising interest rates and development constraints have lowered its market potential, estimating it could take a decade to maximize its value.

Blake has also committed to having at least $500 million in vertical construction permitted and ready to start by the time the lease concludes.

The developer would parcel out the land and sell it to various developers, targeting high-end hotels, restaurants and architects to shape a “varied” mixed-use district, Blake said.

The offer is likely to trigger an open bid process, inviting competing proposals, with any final agreement requiring approval from the St. Petersburg City Council.

Blake is also working with the city on preserving up to 15 acres for a park around Booker Creek and another 2 acres for an African American museum. He suggested Pinellas County could use tourist tax dollars to fund a future convention center.

Meanwhile, the Rays are playing this season’s home games at Steinbrenner Field, the New York Yankees’ spring training stadium.

— Judah Duke