The Tampa Bay Rays’ plans to build a stadium and mixed-use entertainment district in downtown St. Petersburg are dead. Connect CRE ran this story in September 2023, depicting how Hines was chosen to develop the $1.3 billion ballpark.

The Tampa Business Journal reports the team faced a deadline of March 31 to decide whether to proceed with a stadium and redevelopment deal that took nearly 20 years to reach.

The St. Pete City Council approved several agreements that provided a framework for the redevelopment of the acreage surrounding the new stadium. But since Hurricane Milton ripped the roof off of Tropicana Field in October 2024 and county officials delayed a vote on issuing the bonds that will finance the stadium construction, the Rays have contended that the deal is no longer financially viable.

Tropicana Field’s 86 acres are widely regarded as some of the best urban real estate in the Southeastern U.S.