A panel of St. Petersburg officials has recommended that four proposals be shortlisted for the redevelopment of the 86-acre Tropicana Field property.
Proposals submitted by Blake Investment Partners, Ark Ellison Horus, Foundation Vision Partners and the Pinellas County Housing Authority rank highest out of the eight proposals the city received in early February. A city spokesperson said staff evaluations are an initial review of the submissions and are not a final selection of shortlisted approvals. The evaluations will be sent to Mayor Ken Welch for his determination.
Evaluations were completed by Managing Director of City Development Beth Herendeen, Assistant City Administrator Tom Greene and Community and Neighborhood Affairs Administrator Amy Foster, with input from Mark Van Lue, housing development manager.
The evaluations found the proposals submitted by Blake Investment Partners and Ark Ellison Horus to be strong across all categories: public interest, alignment with the community redevelopment area plan, economic impact, housing and community benefits, urban design and compatibility, infrastructure and implementation and development team capacity and ability.
The evaluations found the proposals submitted by Blake Investment Partners and Ark Ellison Horus to be strong across all categories: public interest, alignment with the community redevelopment area plan, economic impact, housing and community benefits, urban design and compatibility, infrastructure and implementation and development team capacity and ability.
Here are the four proposals recommended for a short list with their strengths and weaknesses.
Ark Ellison Horus
The team comprised of investor Cathie Wood’s Ark Investment Management, Ellison Development and Horus Construction submitted their unsolicited proposal in October that kicked off the alternative proposal window.
Ark Ellison Horus is offering $202 million for the land, which it says will include $50 million in community benefits and the demolition of Tropicana Field. The plans include a new home for the Woodson African American Museum and 446 affordable units by 2028.
Evaluators noted the proposal is thorough and touches on several goals outlined for the redevelopment of the Historic Gas Plant, including affordable housing, office space and cultural space, as well as research and innovation uses and a business accelerator program. All three highlighted the more than 14,000 permanent jobs estimated.
Concerns include infrastructure financing. While the team has a track record for securing investments, will that translate to real estate, Greene asked. Herendeen questioned the group's experience with projects of this size. Evaluators also highlighted that the much-desired office space would deliver in later phases.
Blake Investment Partners
Blake Investment Partners is a private equity firm founded by Thompson Whitney Blake, a St. Pete native. The proposal is called “The Burg Bid” and is in partnership with Miami-based Related Group. It offered $275 million to buy 58 acres of the Historic Gas Plant land.
The plan centers around a 13-acre park and “museum row” that would be home to a new Woodson and a public art museum.
Blake’s proposal made the highest offer for the land, and the requested public investment is limited to $75 million from the community redevelopment area. The city evaluators noted a commitment to small businesses.
Weaknesses or concerns include fewer on-site affordable housing units than other proposals, as pointed out by Greene. Herendeen noted the group’s limited experience with projects of this scale.
Foundation Vision Partners
Will Conroy of Backstreets Capital partnered with former members of the Tampa Bay Rays and Hines development team to propose a different approach. Rather than a large-scale development plan, the group wants to master plan the site and perform all infrastructure work, like constructing roads, streets and sidewalks, to create development-ready parcels.
Their pitch would allow the city to retain control of the site and pay a projected $67 million for planning and infrastructure development.
The approach maximizes land value with limited city investment, maximizing return on investment potential for the city. Smaller parcels could allow local developer investment, too.
The planning-oriented proposal contains fewer details, and future market conditions could impact land sale values. Foster noted the process could be bogged down with ongoing public input.
Pinellas County Housing Authority
Pinellas County Housing Authority wants to redevelop one block of the Gas Plant into a seven-story, 80-unit affordable senior housing building. The city-owned lot at 1659 Third Ave. S is east of Lot 3 — a parking lot for Rays games.
Strengths of the proposal include providing affordable senior housing, a known need, on a shorter timeline. Concerns are minimal proposed parking and possibly removing a useful parcel in the larger redevelopment.
The mayor told the press after his February State of the City address that he expects to select a developer in the fall. City council voted 6-2, requesting Welch pause to plan, which he and his administration are accommodating, but in a way that does not bring the selection process to a halt.