One of the global investment community’s most recognizable names has enlisted a prominent local development firm and commercial contractor to transform the area surrounding Tropicana Field into a “world-class epicenter of innovation, culture and community.”
St. Petersburg-based ARK Investment Management and Tampa’s Ellison Development and Horus Construction unveiled a $6.8 billion proposal Friday to reimagine the Historic Gas Plant District. The development team believes their ambitious plan “blends restorative justice with transformative investment in housing, education, culture and long-term economic resilience.”
The massive redevelopment would encompass 95.5 acres, including the Trop. ARK Ellison Horus, LLC, ensured project flexibility to accommodate the Tampa Bay Rays. City Council Chair Copley Gerdes told the Catalyst that the team’s new ownership group, if they choose to stay beyond 2028, will have significant space to build a new stadium.
If approved, the project would generate an annual $1.2 billion economic impact and $28 billion over 30 years, according to an independent analysis. Cathie Wood, founder and CEO of ARK, believes St. Petersburg can capitalize on a “once-in-a-generation opportunity to build an economy powered by innovation.”
“The Gas Plant District can become a magnet for venture capital, entrepreneurs and research talent, seeding the next wave of world-changing companies right here,” Wood said in a prepared statement.
“By embedding education, culture and startup opportunities alongside housing and infrastructure, this vision can generate exponential long-term economic impact, create thousands of high-wage jobs and ensure residents share directly in this prosperity.”
In the late 1970s, city officials began displacing thousands of Black families, businesses and churches from the former Gas Plant District in the name of urban renewal. They received the Trop and its sprawling promises.
Fulfilling long-deferred promises of economic revitalization at the site is a priority for Mayor Ken Welch, a self-described “child of the Gas Plant.” The latest potential redevelopment team said their plan will honor that history, uplift residents and build a future “defined by opportunity and growth.”
They expect the project to create nearly 20,000 new jobs, including 14,296 ongoing roles. The new district will also boast 1,900 affordable, workforce and senior housing units, another city priority.
“While we review this proposal, our primary focus will remain on pursuing impactful outcomes that reflect the needs and aspirations of our residents, and on honoring the promises of inclusive economic opportunity made to the Historic Gas Plant community,” Welch said. “St. Petersburg is a city of opportunity, and we continue to gain positive momentum for progress.”
ALSO READ: Trop repairs have a target date: Rays home opener is scheduled for April 6
According to the announcement, ARK Ellison Horus will pay the city “at least” $202 million to privately control 53.5 acres. The remaining 46 acres will feature public parks, open spaces and cultural attractions.
The project will include a long-awaited permanent home for the Woodson African American Museum of Florida, and a new state-of-the-art performance theater. A restored greenway connecting the Midtown, EDGE and Innovation Districts – the Booker Creek Cultural Corridor – will feature public art, history installations and year-round programming.
The proposal also includes a 4,000-seat indoor music hall, a 1,500-seat outdoor amphitheater and 1,543 new hotel rooms to accommodate visitors. A 6.7-acre “elevated park” will reconnect Campbell Park with the Gas Plant.
“St. Petersburg has a spirit and energy all its own, something we deeply value and aim to reflect in this project,” said Casey Ellison, CEO of Ellison Development. “Our team lives here, works here and has already invested here. The Gas Plant District will be designed, built and programmed with the community – not just for it, ensuring every brick laid is a step toward prosperity, and lasting pride for generations to come.”
ARK Horus Ellison will partner with the school district to provide a generation of students with technical and management construction skills. The Horus Academy will introduce area youth to trade careers and provide adults and small businesses with advanced training.
The company’s Future Forward program will offer “re-entry pathways and workforce readiness” training. A scholarship program has already helped provide $140 million in student aid.
Jonathan Graham, president of Black-owned Horus Construction, said that “prioritizing education and workforce development, especially for minority and underrepresented communities,” would ensure project opportunities reflect St. Petersburg’s diversity. “Our goal is to open doors to meaningful careers, build generational wealth and make sure this investment uplifts everyone.”
Wood, who supported the Rays and development firm Hines’ previous redevelopment proposal, began expressing her desire to host a local version of Austin’s South by Southwest (SXSW) festival soon after relocating ARK Invest to St. Petersburg in November 2021.
The redevelopment team plans to build 500,000 square feet of innovation hubs and labs, a 200,000-square-foot Innovation Hall for global conferences and “showcases,” and a Research Center expected to create up to 900 specialized jobs. “Unlike developments that rely on a single anchor tenant, this plan builds an economy of many anchors,” Wood said.
“With its capacity to host global events, from innovation summits to cultural festivals, the district will place St. Petersburg on the world stage as a destination for ideas, capital and creativity.”
This content provided in partnership with StPeteCatalyst.com
