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Blake Investment Partners Proposes $260M Cash Deal for Tropicana Field Land, Stadium Repairs
Blake Investment Partners Proposes $260M Cash Deal for Tropicana Field Land, Stadium Repairs
A local private equity firm has submitted a $260 million cash offer to the City of St. Petersburg for the 86-acre site of Tropicana Field, following the Tampa Bay Rays’ withdrawal from a prior redevelopment agreement.
Blake Investment Partners presented the unsolicited bid on Thursday, with Founder and CEO Thompson Whitney Blake emphasizing a fresh, forward-looking approach. “It’s time for positivity,” Blake stated, referencing the prolonged negotiations with the Rays. Regardless of the team’s future at the site, commercial real estate experts consider the land among the most valuable in the Southeastern U.S.
A Real Estate-Driven Vision
"My firm doesn’t want to buy the team," Blake wrote in the proposal. "We want to do what we’ve consistently done in this city—develop exceptional real estate projects for the community. Our investors are professional, institutional backers who support our vision of separating the land deal from the MLB team."
Blake Investment Partners also committed to fully funding the estimated $60 million in repairs needed for Tropicana Field due to hurricane damage. The city would receive these funds upfront, allowing the Rays to return as soon as possible.
Once the team’s lease at Tropicana Field expires, the firm would pay the remaining $200 million to the city. It also pledged to have $500 million in vertical construction fully permitted and ready to break ground on the same day the lease ends. If the Rays return to Tropicana Field in 2026, their lease would run through the 2028 season.
Strategic Development Plans
Blake envisions a dynamic, mixed-use development, potentially selling off portions of the land to various companies. The firm is actively seeking a partnership with a five-star hotel and plans to attract corporate relocations, technology firms, and research institutions.
"I'm going to travel the world bringing in major corporate relocations," Blake said in an interview. "Tech, research—I’m going after it. And because I’m not an elected official, I can make deals happen quickly. I want the best restaurateurs, the best hoteliers, the best developers, and varied architecture. I don’t want to dominate the entire project—I want a mix of excellence."
Blake also pushed back on the city’s previously reported $331 million valuation of the land, citing changing market conditions, higher interest rates, and hurricane-related disruptions. He noted that maximizing the land’s value could take a decade since residential development would need to be phased in over time.
A Community-Focused Approach
Under the now-canceled deal with the Rays, the team would have paid just $105 million over 30 years for the developable land. Blake’s proposal offers significantly more immediate financial benefits to the city.
He also expressed willingness for the city to retain up to 15 acres around Booker Creek for a public park and allocate up to 2 acres for an African American museum. Additionally, Pinellas County could potentially contribute tourism tax dollars to support a convention center within the development.
Next Steps for the City
Blake has partnered with a major New York-based investment firm to finance the deal, though he declined to disclose its name.
St. Petersburg Mayor Ken Welch stated at a Thursday press conference that he had not yet reviewed Blake’s proposal. If the city considers the offer, it would trigger an open bidding process, allowing other developers to compete for the land. Any sale or redevelopment plan would ultimately require approval from the city council.
Across Major League Baseball, other cities are undergoing similar transitions. In Oakland, the Athletics’ departure to Las Vegas prompted the city to sell its share of the Coliseum site to the African American Sports & Entertainment Group for $125 million, paving the way for an entertainment and sports complex—though negotiations there have stalled.
