Rays/Hines development expected to include 1,200 affordable housing units
By Breanne Williams
Tampa Bay Business Journal
Published: Nov 3, 2023

The Tampa Bay Rays and Houston-based development firm Hines met with city council members and city staff on Oct. 26 to discuss their plans to redevelop 86 acres in downtown St. Petersburg.

The Rays will build a new stadium on approximately 20 acres of the property. During the presentation, the city said negotiations included ranges for both a target development and a minimum development requirement for the remaining roughly 66 acres.

The proposal is still being finalized, and city council is expected to vote on the development agreement in March 2024.

As proposed, there is one consistent number required for the development regardless of what else is built. The agreement has the team developing 1,200 affordable and workforce housing units — 600 on-site and 600 off-site. The breakdown shows that 500 units will be reserved for those making 120% of the area median income, 100 units will be for those making 100% AMI, 300 units will be for those making 80% AMI and 300 units will be for those making 60% AMI.

For the on-site units, the city is requiring the Rays/Hines team to have a minimum of 100 units at 80% AMI and a minimum of 100 units at 60% AMI. They’re also requiring 100 units on the property that will be age-restricted (55 years and older) independent units that will be built by 2030.

Target development

4,800 market-rate residential units

1,200 affordable/workforce housing units (600 on-site/600 off-site)

600 market-rate senior living units

750 hotel keys

1.4 million square feet of Class A/Medical/Medical Office

750,000 square feet of retail space

100,000 square feet of entertainment space

50,000 square feet of civic uses

90,000 square feet of conference, ballroom and meeting space

14 acres of open space

Minimum development

3,800 market-rate residential units

1,200 affordable/workforce housing units (600 on-site/600 off-site)

400 hotel keys or two hotel pads

1M square feet of commercial and office (500,000 Class A office/medical/medical office)

50,000 square feet of conference, ballroom and meeting space

10 acres of open space