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Gas Plant District Redevelopment

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Gas Plant District Redevelopment

The Gas Plant District redevelopment project aims to create a mixed-use district with:

  • 5,400 residential units (including 600 senior living units)
  • 1,250 affordable/workforce housing units (at least 600 on-site)
  • 750 hotel keys
  • 1.4 million sq ft of office/medical space
  • 750,000 sq ft of retail space (including 20,000 sq ft grocery store)
  • 100,000 sq ft of entertainment space
  • 50,000 sq ft of civic/museum space
  • 90,000 sq ft of conference/meeting space
  • Daycare facility
  • Library and/or incubator space
  • 14 acres of open space

The minimum required development by 2045 includes 3,800 residential units, 1,250 affordable/workforce units, 1 million sq ft of commercial/office space, 400 hotel keys, 50,000 sq ft of conference space, and 10 acres of open space.The 36-acre site will be developed in four phases, with phased land acquisition by the developer (Hines/Tampa Bay Rays) based on minimum parcel purchase price commitments totaling $105 million by 2036.

gas plant district site plan

Community Benefits

The proposal outlines substantial community benefits, including:

  • $50 million commitment to intentional equity programs
  • 10% participation goal for certified businesses
  • 15% participation goal for disadvantaged workers
  • $10 million for a new Woodson African American Museum
  • Sustainability initiatives like LEED certification, creek restoration, open space
  • Childcare facility and transportation improvements

Gas Plant District Redevelopment Infrastructure

The developer and city will share costs for eligible public infrastructure like roads, utilities, and parks based on a formula. The city’s share for Phase A is estimated at $56.4 million.1

gas plant district housing

Potential Issues

  • Ensuring the developer meets ambitious affordable housing, equity, and community participation goals
  • Managing infrastructure costs shared with the city
  • Potential for gentrification and displacement of local residents/businesses
  • Environmental impacts like increased traffic, loss of green space

Benefits

  • Transformative redevelopment of underutilized industrial area
  • Substantial affordable/workforce housing component
  • Economic growth from new residences, offices, retail, hotels
  • Community benefits focused on equity, jobs, small businesses
  • New museum, open spaces, childcare, and transportation improvements

Overall, the proposal aims to create an equitable, sustainable, mixed-use district while providing community benefits, but will require careful oversight of the developer’s commitments.1

Based on the information provided in the proposal, the Historic Gas Plant District redevelopment will occur in four phases over an extended timeline. Here are the key details on the phasing and timeline:

Gas Plant District Redevelopment Phasing

The 36-acre site will be developed in the following four phases:Phase A (13.81 net developable acres)

  • Minimum parcel purchase price commitment of $35 million by 2025

Phase B (5.48 net developable acres)

  • Minimum parcel purchase price commitment of $15 million (no timeline specified)

Phase C (9.54 net developable acres)

  • Minimum parcel purchase price commitment of $30.2 million (no timeline specified)

Phase D (7.16 net developable acres)

  • Minimum parcel purchase price commitment of $25,067,000 (no timeline specified)
gas plant district timeline.

Gas Plant District Redevelopment Timeline

The proposal outlines some key milestones and deadlines for the minimum development requirements:

  • By December 31, 2035:
    • 950 residential units
    • 333,000 sq ft commercial/office/retail space
    • 133 hotel keys
    • 16,000 sq ft conference/meeting space
    • Childcare facility
  • By December 31, 2045:
    • 2,280 residential units
    • 667,000 sq ft commercial/office/retail space
    • 267 hotel keys
    • 32,000 sq ft conference/meeting space

The overall minimum development requirements to be completed by the end of the 30-year term include:

  • 3,800 residential units
  • 1,250 affordable/workforce housing units
  • 1 million sq ft commercial/office/retail space
  • 400 hotel keys
  • 50,000 sq ft conference space
  • 10 acres of open space

While specific timelines are not provided for Phases B-D, the cumulative minimum parcel purchase price commitments totaling $105 million must be met by 2036.1So in summary, Phase A kicks off the redevelopment in 2024-2025, with interim milestones in 2035 and 2045, aiming to complete the minimum requirements across all four phases within the 30-year development agreement term ending in the mid-2050s.1

gas plant district economics

Gas Plant District Redevelopment Financing and Costs

  • The total minimum parcel purchase price commitment from the developer (Hines/Tampa Bay Rays) is $105,268,000 to be paid over time as parcels are acquired.
  • For Phase A infrastructure (roads, utilities, parks), the estimated city share of eligible costs is $56,404,790.1
  • The developer and city will share infrastructure costs for each phase based on a formula outlined in the development agreement. The city’s share decreases in later phases.
  • The $105 million from the developer parcel purchases will help offset some of the city’s infrastructure costs.

Land Ownership and Disposition:

  • Pinellas County currently owns the 36-acre redevelopment site.1
  • The county will retain ownership until the developer or parcel developer is ready to acquire parcels for vertical construction.1
  • The city is not selling the land. The developer will purchase parcels from the county at the minimum committed prices as the project progresses through each phase.1
  • For example, in Phase A the developer must pay $35 million by 2025 to acquire those 13.81 acres from the county.1

So in summary, the Rays/Hines are committing over $105 million to purchase the land parcels from the county over time. The city’s main costs are for the shared public infrastructure, estimated at $56 million for Phase A, which will be partially offset by the developer’s land payments.1 The county owns the land currently but will transfer parcels to the developer as the project moves forward.

Citations:

[1] https://ppl-ai-file-upload.s3.amazonaws.com/web/direct-files/15242803/00e09c6d-a55b-4b8b-90d0-2696ace6db1e/2024-05-09 COW Agenda Packet.pdf

[2] https://ilovetheburg.com/trop-site-redevelopment-sugar-hill/

[3] https://stpeterising.com/home/2022/12/6/everything-you-need-to-know-about-the-rays-hines-proposal-for-the-86-acre-historic-gas-lamp-district

[4] https://www.stpete.org/residents/current_projects/tropicana_field_site.php

[5] https://www.stpete.org/news_detail_T30_R438.php

[6] https://www.tampabay.com/opinion/2022/12/29/some-vexing-questions-about-plans-redevelopment-tropicana-field-site-column/

[7] https://www.splcenter.org/news/2024/02/02/tropicana-field-gas-plant-district-redevelopment-residents

[8] https://www.fox13news.com/news/tropicana-field-redevelopment-whats-in-the-final-four-proposals-for-the-gas-plant-district

[9] https://www.mlb.com/rays/ballpark/historic-gas-plant

[10] https://www.wusf.org/politics-issues/2024-02-13/historic-gas-plant-district-development-group-raises-questions-st-petersburg

[11] https://www.hines.com/news/hines-and-the-tampa-bay-rays-announce-historic-development-and-partnership

[12] https://stpetecatalyst.com/is-the-gas-plant-redevelopments-benefits-package-enough/

[13] https://cms5.revize.com/revize/stpete/Residents/Current%20Projects/Gas%20Plant/Hines%20Rays%20Presentation%20Executive%20Summary.pdf

[14] https://cms5.revize.com/revize/stpete/Residents/Current%20Projects/docs/RFP%20HGP.pdf

[15] https://www.stpete.org/news_detail_T30_R840.php

[16] https://www.tampabay.com/news/st-petersburg/2024/04/25/rays-gas-plant-development-agreement-is-ready-heres-what-it-says/

[17] https://mktg.mlbstatic.com/rays/documents/y2024/

Hines_HGPDP_CBI_Report.pdf

[18] https://www.mlb.com/rays/ballpark/historic-gas-plant/community-benefits/overview

[19] https://www.wtsp.com/article/news/local/pinellascounty/tropicana-field-redevelopment-historic-gas-plant-district/67-c3ec4b00-a3ce-4c77-83ee-bba7139d9af4

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