Rays’ $1.3B stadium venture timeline in jeopardy, say group presidents

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After hurricane winds shredded the roof of Tropicana Field final month, development of the Tampa Bay Rays’ $1.3 billion new dwelling stadium has turn into a query mark.

Crew presidents Brian Auld and Matt Silverman mentioned the group couldn’t transfer ahead on the venture with the present deal after the Pinellas County Board of Commissioners twice delayed approval of bonds that would offer public funding of the venture.

Auld and Silverman claimed in a letter secured by the Tampa Bay Occasions that they’d met the necessities for bond approval — together with spending $50 million thus far — and although they knew after Hurricane Milton broken the Trop they’d have to determine a brand new venue for his or her dwelling video games, they believed the brand new park can be prepared in 2028.

“We knowledgeable our many architects, builders and consultants that our settlement had not been honored by the county,” the letter mentioned. “We suspended work on the complete venture—the ballpark and the Historic Fuel Plant District growth.”

The deliberate stadium in St. Petersburg, Florida, was to function the centerpiece of the upcoming $6.5 billion Historic Fuel Plant Growth District. In July, Skanska announced it had won the contract to function the proprietor’s consultant on the Fuel Plant growth in addition to for design and development of the stadium. 

Skanska declined to touch upon the group’s letter.

Under the initial agreement, the town of St. Petersburg agreed to spend $417.5 million on the district, together with $287.5 million for the stadium, and the county dedicated $312.5 million in tourism income to the ballpark. The Rays would pay for over half of the stadium’s prices in addition to any overruns.

In July, Pinellas commissioners authorised public financing for the stadium. However then in October, county commissioners voted to delay the approval of bonds, claiming uncertainty after Milton tore off the Trop’s roof, the Tampa Bay Occasions reported.

Within the letter despatched to the board Tuesday, Auld and Silverman mentioned that they’d no indication the board wouldn’t give the go forward for the bonds in October, calling it a “formality” after the July approval, and saying it meant the group couldn’t meet the ballpark’s 2028 timeline.

The commissioners will reassess the bond problem Dec. 17, per the Tampa Bay Occasions.

A report back to the town of St. Petersburg obtained by AP Information indicated that repairing the roof of the Trop earlier than the beginning of the 2026 season would value $55.7 million. Town owns the ballpark, however insurance coverage on the damages features a $22 million deductible, so it will solely cowl a part of the general restore prices, per AP Information.

Within the meantime, the Rays presidents mentioned the group will play its 2025 season at George M. Steinbrenner Subject in Tampa, the spring coaching dwelling of the New York Yankees.