Miami Developer Selected to Redevelop 84-Acre Site Of Tropicana Field In St. Petersburg
The developers of the $2B, 56-acre mixed-use Midtown Miami project have been chosen by the city of St. Petersburg, Florida, to execute a similar $3B project there on 84 acres that now includes the Tropicana Field baseball stadium. Build-out is expected to take 20 to 30 years.
After a six-year process and a mandate to follow 21 guiding principles, St. Petersburg Mayor Rick Kriseman has selected a proposal by Midtown Development. The firm, led by Alex Vadia, beat out six others that had responded to a request for proposals.
However, it isn't yet a done deal. The firm must first reach a development agreement with the city council, which is in flux: A new mayor and city council are poised to assume office in the coming months, according to the Tampa Bay Times.
Midtown Development, which was founded in 2009, led the transformation of run-down blocks into a walkable neighborhood called Midtown Miami, with condos, apartments and a mix of big-box and independent retailers, including restaurants and bars. The firm developed some of the project components itself and pulled in partners for others, while other components are still in the works. Midtown and Chicago-based AMLI Residential in November announced plans for a new 300-unit apartment building.
Midtown Development has launched a similar project on 22 acres in downtown Orlando.
In St. Pete, the firm is tasked with creating a community that connects multiple neighborhoods, including historically Black areas like Campbell Park, which was cut off by past urban renewal efforts such as the construction of the interstate and later the stadium. The Pinellas County Urban League will serve as Midtown Development’s strategic partner in the redevelopment, focusing on equity and inclusion.
At the St. Pete site, Midtown has proposed a development called Creekside that will eventually include 8,000 residential units — including 1,000 for low- and moderate-income households — as well as a 510-key hotel with a conference center, nearly 4M SF of office space and nearly 400K SF of retail. About 25 acres will be green space.
It isn't yet clear whether the Tampa Bay Rays Major League Baseball team will stay at the site after its lease expires in 2027. Midtown has floated plans for the site both with and without the stadium.
The estimated cost of Midtown Development’s plan is $2.7B to $3.8B, according to news site 83 Degrees.
The Tampa Bay Times reported that the developer would purchase the property for $60M and spend at least $94M on 36 acres of public space.
Midtown’s plan asks for $75M in tax increment financing for infrastructure, less than what was sought by competing developers, according to ABC Action News.
The developers suggested they will opt for a different style on Florida's west coast than in South Florida.
“Our objective is not to ‘Miami your St. Pete,’” the firm posted on Instagram.