Welch announced the selection July 2, 2026. The decision concerns one of the largest and most consequential redevelopment areas in St. Petersburg, centered on the former Historic Gas Plant District and Tropicana Field.

Blake Investment Partners is now positioned to negotiate with the city over a possible redevelopment plan. The selection is an important step, but it does not represent final development approval or a completed construction deal.

A new start after the Rays agreement

The city’s latest move follows the collapse of a previous stadium and mixed-use agreement with the Rays. That proposal was valued at approximately $1.3 billion and had tied the future of Tropicana Field to a broader redevelopment plan.

The failed agreement left St. Petersburg facing continued uncertainty over the ballpark site, the city’s redevelopment agenda and its relationship with the Rays. Selecting a preferred developer allows the city to restart negotiations around the property rather than leaving the 86-acre site without a new development partner.

The Tropicana Field question has also remained important in city politics. The property is central to St. Petersburg’s plans for future growth and has been linked to discussions involving housing, public infrastructure and the future use of the stadium site.

What the selection does — and does not — decide

The selection does not settle the project’s final cost, financing structure or public subsidy. It also does not establish a construction schedule, final affordable-housing commitments or a new stadium arrangement with the Rays.

Those details will need to be addressed through additional negotiations and city review. The city has not yet completed the steps needed to turn Blake Investment Partners’ preferred-developer status into a final development agreement.

That distinction matters for residents, businesses and neighborhoods affected by the site. The property’s future could shape how St. Petersburg handles housing, infrastructure and redevelopment in a central part of the city, but the practical scope of those changes remains unsettled.

What comes next

The next phase is expected to focus on negotiations between Blake Investment Partners and the city. Those discussions will determine whether the parties can agree on the project’s design, financing, public responsibilities, housing components and treatment of the Tropicana Field property.

Further city action will also be required before the selection becomes a final redevelopment deal. Until then, Blake Investment Partners is the city’s preferred developer, not the final approved developer.

For St. Petersburg, the July 2 announcement marks a restart of a major city-backed redevelopment process. It creates a new negotiating framework for the Tropicana Field and Historic Gas Plant District site, while leaving the project’s final terms and timeline still to be decided.

The decision restarts the city’s redevelopment process for a major tract of city-controlled property. Blake Investment Partners now has the lead position for a proposed mixed-use project, but the selection is not final. St. Petersburg City Council must still approve the next step.

City Council’s consideration will determine whether the city authorizes that next stage. Later decisions would also be needed to clarify the project’s cost, financing, ownership structure, housing unit count and final development mix.

The confirmed change is the mayor’s selection of Blake Investment Partners. The proposal remains a plan rather than a completed redevelopment, and it should not be described as an approved stadium replacement or a project under construction.