Pinellas real estate in review: All eyes are on the Tropicana Field site
By Breanne Williams
Tampa Bay Business Journal
Published: Jan 6, 2023

Cultural assets loom large in St. Petersburg development for '23

The Center for the Arts in downtown St. Pete will remain a heavily talked about item next year.

One crucial asset of the area is moving forward with an expansion.

St. Pete residents voted to allow the Salvador Dali Museum to use a strip of city-owned property to expand its facilities. Plans for the project show a permanent extension of the current building, which is expected to cost $55 million.

The expansion will have areas for “education, conferences, events, galleries and a restaurant and terrace overlooking the downtown yacht basin,” according to city documents. The Dali Museum is part of the Center for the Arts, which spans from First Avenue South to Fifth Avenue South (Dali Boulevard).

The museum will have requirements to ensure its development project does not impact any stakeholders — like the Mahaffey Theater and the Firestone Grand Prix. Members of the city council, as well as residents and leaders at the theater, expressed concerns that construction could lead to power outages at the theater and could restrict access to the venue.

The construction also cannot impact the Firestone Grand Prix, as some of the property the Dali Museum leases is used yearly for the race.

When discussed in April, members of the Public Service and Infrastructure Committee were told that the transformation of the Center for the Arts would anticipate renovations and expansions of both the Dali Museum and the Mahaffey Theater. Before a master plan could be created, several studies would need to be completed.

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Tampa Bay Rays unveil vision for Tropicana Field redevelopment

The Tampa Bay Rays announced in December they had partnered with global real estate firm Hines in a bid to redevelop the 86-acre Historic Gas Plant District. The move had been closely watched for months after Mayor Ken Welch required a ballpark be part of the proposals in his reissuing of an RFP for the site. Their plans include creating a neighborhood surrounding a new state-of-the-art ballpark for the team.

Snell Isle home sells in record transaction

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Tierra Verde mansion sells for $9.95M

A waterfront home in Tierra Verde sold in May for $9.95 million. The seven-bedroom, eight-and-a-half-bath home sits on 0.75 acres. This was one of a series of large residential waterfront transactions in Pinellas County that occurred in May.

St. Pete considering transforming the Center for the Arts

In April members of the Public Service and Infrastructure Committee discussed creating a master plan for St. Petersburg’s Center for the Arts. The downtown waterfront property is home to the Mahaffey Theater and the Salvador Dali Museum. Early conceptual plans show major changes to the property including creating open green space, relocating the parking garage and creating a connection between Beach Drive and the downtown core.

Two major St. Pete downtown waterfront properties on the cusp of a new future

The city was considering a new future for the Center for the Arts and the Albert Whitted Airport this spring. As the city discussed starting a master plan for the Center for the Arts, Mayor Ken Welch announced at the start of his term he was having the airport studied so the city could “better identify the best use for the site.”

What I’m watching in 2023: How will the fate of the Tropicana Field redevelopment go?

The Historic Gas Plant District is on the cusp of a new future.

Mayor Ken Welch is expected to select a developer for the 86-acre property in downtown St. Petersburg in January. This choice will impact development in the city for generations and will be one of the largest development projects in St. Pete’s history.

Welch reissued the RFP for the Trop site in August. Four respondents threw their hats into the ring: The Tampa Bay Rays and Hines, Sugar Hill Community Partners (one of the two finalists from the former RFP), 50 Plus 1 Sports and Restoration Associates.

Once Welch selects his preferred developer the city has an aggressive timeline to get the project off the ground. According to the city’s website, a term sheet will be completed with the preferred developer by May 2023 and a development agreement will be presented to the city council for approval by September or October 2023.