A team led by Blake Investment Partners won a bid to redevelop St. Petersburg’s Historic Gas Plant District, home to Tropicana Field and one of the most sought-after development opportunities in the Southeastern United States.
St. Petersburg Mayor Ken Welch selected Blake Investment Partners, led by St. Petersburg native Thompson Blake, to redevelop the 86-acre site, the Tampa Bay Times reported. Blake’s team includes the Related Group and hedge fund Elliott Investment Management.
The firm beat out the competing finalist with “The Burg Bid,” a proposal to purchase 58 acres for $275 million and pour $8.1 billion into the project. It offered more affordable housing than its competitors, with plans to include 3,600 income-restricted housing units for sale and for rent.
Blake said the city can also expect jobs, parks, new museums and cultural anchors, including a new home for Woodson African American Museum of Florida, which would be the first building to be developed, the publication said. The Trop, home to the Tampa Bay Rays, would be demolished and replaced, even after the city spent $58 million repairing damages caused by Hurricane Milton in 2024.
Blake said the developers plan to establish a panel of 25 local organizations to provide input and guidance over the course of what he expects to be a two-decadeslong development.
The team is the third developer to be selected for redevelopment in the last six years, the Tampa Bay Times reported. Mayor Welch launched a redevelopment bid nearly four years ago, but those plans fell through when the Tampa Bay Rays withdrew their offer. The Rays are under contract to play at the Tropicana Field through 2028, though the mayor said they may need an extension while they try to broker a stadium and redevelopment deal in the city.
Welch also selected Pinellas County Housing Authority to build an affordable residential tower for senior residents.
The Burg Bid was one of nine proposals, according to the South Florida Business Journal. It, along with proposals from Ark Ellison Horus, Foundation Vision Partners and the Pinellas County Housing Authority, was shortlisted in March by city staff.
The project must receive approval from the city council when the board reviews binding contracts next summer.
—Grace McClung
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