Tampa Bay Rays Secure New Stadium as County Approves Bonds

The Tampa Bay Rays secured their future in west-central Florida as county officials approved a crucial bond sale for the team’s proposed new stadium.

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The Pinellas County Board of Commissioners voted Tuesday to green light more than $300 million of bonds, a key part of the $1.37 billion project in St. Petersburg’s Historic Gas Plant District. The Major League Baseball team, led by financier Stu Sternberg, has agreed to contribute $700 million for the stadium and will be on the hook for all cost overruns.

“All eyes will now be watching to assure that the Rays uphold their part of the deal,” said Rene Flowers, one of the commissioners.

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The 5-2 vote caps Sternberg’s long quest to establish a permanent home for the Rays on Florida’s Gulf Coast. The stadium will anchor a mixed-use area that includes affordable housing, retail, and green spaces. St. Petersburg also plans to sell approximately 65 acres (26 hectares) of public land at below-market value to facilitate the development, which is part of a broader strategy to boost economic growth in the region.

While county commissioners agreed in July to commit funding for the project, they faced mounting pressure in recent months to finalize the deal. Several delays, including setbacks related to damage caused by Hurricane Milton in October, had raised worries about the timeline and the cost of the project.

Those concerns fanned speculation — including within the Rays organization — that the project would fizzle. But two commissioners flipped their votes late Tuesday after having opposed the deal in July.

Milton ripped the roof off the Rays’ current stadium, St. Petersburg’s Tropicana Field, rendering it unplayable for the 2025 season. The team announced it will play next year at Steinbrenner Field in Tampa, the spring-training home of the division rival New York Yankees.

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The Rays’ lease at Tropicana Field ends following the 2027 season. While the St. Petersburg city council recently voted to approve funds to begin the process of fixing the venue, it’s unclear whether it will be ready in time for the 2026 season. The new stadium is projected to debut in 2028.

Photo: Christopher Morel of the Tampa Bay Rays at bat against the Boston Red Sox at Fenway Park on Sept. 28, 2024. (Photographer: Maddie Meyer/Getty Images)

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