Blake Presents $260M Cash Offer for Tropicana Field

Blake Investment Partners, partnering with an unnamed NY investment firm, presented a $260M cash offer to purchase the hurricane-damaged Tropicana Field in St. Petersburg, per The Real Deal.

Current Value, Challenges

This offer, about $70M less than the city’s $331M valuation of the 86-acre site, includes an initial $60M payment to cover repairs from Hurricane Milton’s damage and a second payment after the Tampa Bay Rays’ lease expires in 2028.

The city of St. Petersburg previously valued Tropicana Field at $331M, or $3.8M per acre. However, Blake Investment Partners argues the value has fallen due to hurricane damage, rising interest rates, and development constraints.

Redevelopment Plans

Blake’s offer sets the stage for a potential major redevelopment of the stadium site. The developer suggests it may take up to a decade to fully realize the site’s potential, but has committed to having at least $500M in vertical construction permitted and ready to start by the time the Rays’ lease expires. 

The plans include parceling out the land to various developers to build out a varied mixed-use district with high-end hotels, restaurants, and other developments.

In addition to these developments, Blake is working with the city to preserve 15 acres for a park around Booker Creek and 2 acres for an African American museum. The plan also envisions Pinellas County funding a future convention center using tourist tax dollars.

Potential Bidding War

The $260M offer is expected to prompt an open bidding process, inviting other potential buyers or redevelopment proposals. Any final agreement will require approval from the St. Petersburg City Council.

Meanwhile, the Rays are playing their home games this season at Steinbrenner Field, the New York Yankees’ spring training stadium.