City of St. Petersburg staff, Hines and the Tampa Bay Rays presented the proposed Historic Gas Plant Development agreements to St. Petersburg City Council at a May 9 meeting.
“I am incredibly proud of the agreements we brought forward to Council, and the progress we have made toward creating a vibrant, prosperous and inclusive Historic Gas Plant Neighborhood,” said Mayor Kenneth T. Welch. “It addresses affordable and workforce housing, opportunities for existing minority-owned businesses and disadvantaged workers, an investment in developing future business-owners and a skilled workforce and activates an area with Major League Baseball and other events, open spaces, retail, office, and conference/convention spaces.
“This agreement will provide transformational economic and cultural benefits to St. Petersburg and restore a community that was once erased in the name of progress.
The agreements are for development of 67 acres of the Historic Gas Plant – the land other than the stadium – including target and minimum development requirements, community benefits, infrastructure, land disposition, affordable/workforce housing, and the proposed financing plan.
The plan includes:
- 5,400 residential units (600 senior living units included)
- 1,250 units of affordable/workforce housing
- 1,400,000 gross sq. ft. of Class A office / medical / medical office
- 750 hotel rooms
- 100,000 gross sq. ft. of Entertainment
- 90,000 gross sq. ft. of conference / ballroom space
- 14 acres of Open Space
A Community Benefits Agreement for the project requires:
- commitment to use Certified Businesses to provide materials or services in an amount equal to 10% of the Applicable Costs of Vertical Development
- $16.75 million investment job training, apprenticeship programs, entrepreneurship and other workforce development initiatives
- $15 million investment in education
- $10 million investment in a new Woodson African American Museum of Florida
- $7.5 million investment in affordable housing
- restoration of Booker Creek
Hines/Rays will pay $105 million for just under 36 developable acres over the term of the agreement. The City will contribute $142 million dollars for infrastructure costs related to the development. All other construction costs, including any overruns, will be the responsibility of Hines/Rays.
