The Tampa Bay Rays have reached a deal with the city of St. Petersburg and Pinellas County to build a $1.3 billion stadium in St. Pete’s Historic Gas Plant District, which is currently home to Tropicana Field. The team, along with Houston-based development firm Hines, joined city and county officials earlier this week to announce that they have agreed upon a term sheet for the development of the 86-acre property.

Hines Chairman and Co-CEO Jeffrey Hines said the project is the largest his company has underway. The Rays-Hines vision for the 86 acres includes a seven million-square-foot redevelopment plan that will include 5,700 multifamily units, 1.4 million square feet of office space, 300,000 feet of retail and 700 hotel rooms.

The entire investment in the redevelopment of Tropicana Field is expected to exceed $6 billion. The first development phase would begin in the first quarter of 2025, and both the ballpark and first phase will be complete in the fourth quarter of 2027. Opening day 2028 will be played in the new stadium.