Thompson Whitney Blake is preparing a new offer to purchase the Historic Gas Plant District, currently home to Tropicana Field. He also released a video that takes thinly veiled shots at the competition.
Blake, founder of St. Petersburg-based Blake Investment Partners, dubbed the Gas Plant’s redevelopment “St. Petersburg 3.0” in an open letter dated Dec. 9. The accompanying video, titled “You Just Can’t Make This Stuff Up,” debuted Monday.
The letter begins by noting that the firm will submit its second bid in January. While the local development team will “spend the holidays with family and friends,” they will also be “burning the midnight oil, preparing for this very special opportunity to present to the city a pragmatic, executable proposal.”
“Today, we stand at a crossroads,” Blake wrote. “The city holds a once-in-a-lifetime opportunity to redevelop 86 acres of publicly-owned land and redefine what St. Petersburg can be. Few cities ever get a second, much less a third chance like this.”
Blake mentions the Gas Plant’s history early and often in his letter. He reminds readers that the area was once home to a vibrant African American community with “dreams built over generations.”
Highways bifurcated neighborhoods, and the city displaced hundreds of families and businesses to build Tropicana Field and its sprawling surface parking lots. Blake noted that former residents also lost their legacy.
He called St. Petersburg 3.0 a city that “honors its past while building toward a future filled with hope, joy and possibility.” The letter states that the project “isn’t just about buildings, it’s about people” from “every walk of life.”
“If you love this city, you belong here,” Blake added. “What we propose is not a monument to the past, it’s a connection to the future.”
The national investment firm with roots that “run deep in St. Pete through generations” has enlisted “world-class partners, builders and visionaries who have crafted some of Florida’s most beautiful landmarks.” Blake will introduce the development team over the next eight weeks.
His video features prominent St. Petersburg stakeholders, who alternate asking if other developers were “born here,” if they “live here,” or if they “have the capital committed to complete this project.”
The 43-second video states that other bidders may have pictures, promises and “guesses about the future.” However, while “anybody can put a proposal down on paper, only a few can execute.”
Blake Investment Partners (BIP) submitted a $260 million all-cash offer for the prime real estate in March, just hours after former Tampa Bay Rays owner Stuart Sternberg announced he was exiting a long-negotiated $6.7 billion redevelopment deal. The firm would have provided $60 million to repair a storm-damaged Trop.
At the time, Blake said he could not fault Sternberg for making wise business decisions based on financial returns in the aftermath of two hurricanes. “My firm would like them to stay in our town.”
While his initial bid failed to gain any traction, the city began advancing a $6.8 billion proposal from ARK Investment Management, Ellison Development and Horus Construction in October. Mayor Ken Welch decided to postpone the state-mandated 30-day window for alternative submissions in early November.
The latest proposal included myriad project renderings. ARK Ellison Horus offered to purchase the initial 86-acre Gas Plant site and an additional 9.5 acres for $202 million.
Cathie Wood, founder of ARK, called the project a “once-in-a-generation opportunity to build an economy powered by innovation.” In his Dec. 9 letter, Blake pledged that his proposal would forgo smoke and mirrors and provide “real tangible value” for the city.
All bidders should play “by the same rules” and comply with current downtown zoning, Blake wrote. “We are prepared to put our exact investment in front of the mayor and city council. Transparent. Straightforward.”
The letter offered a “sneak peek:” Blake’s plans include a “show-stopping city park” that would host families, friends, music, markets and concerts. He also believes that “affordable and workforce housing must not rest on this property alone.”
“That’s why, as part of this transaction, BIP will agree to the largest affordable/workforce housing commitment in the history of the city,” Blake continued. “Over the next decade, we will build thousands more units than any other bidder.”
He said some of those units would provide homeownership opportunities. Blake also pledged that data transparency would prove that “all races and genders are being treated fairly, and everyone has a seat in this kayak as we collectively paddle it forward.”
The development team believes their direct community ties will promote accountability. They also welcome residents to submit feedback by emailing SP30@BlakeIP.com.
“When people look back in 100 years, we want them to see a mark of hope,” Blake wrote. “A city that learned from its mistakes. A city that embraced diversity, equity, inclusion and growth. A city vibrant, happy and full of life.”
This content provided in partnership with StPeteCatalyst.com
