Tampa Bay Rays Strike Deal Framework for $2.3B Stadium and Mixed-Use Megaproject

• The Tampa Bay Rays and local officials agreed on a framework for a new $2.3 billion stadium development in Tampa.
• The Rays would contribute roughly $1.7 billion toward the ballpark project and cover all construction overruns.
• The proposal includes a major mixed-use district with residential, retail, hotel, and entertainment space near Raymond James Stadium.

What the Rays Are Planning in Tampa

The Tampa Bay Rays have reached a preliminary agreement with local officials on a plan to build a new $2.3 billion stadium and mixed-use development in Tampa. The proposed project would rise on the Hillsborough College campus near Raymond James Stadium, positioning the team closer to the region’s population center after decades of attendance struggles in St. Petersburg. The agreement was reached between the Rays, Hillsborough County, the City of Tampa, the Tampa Sports Authority, and the Tampa Community Redevelopment Agency. While still nonbinding, the memorandum of understanding lays out the framework for a final legally binding agreement expected to be negotiated in the coming months. Under the proposal, the Rays would contribute approximately $1.27 billion toward the construction of the new 31,000-seat stadium while also covering all future cost overruns. Hillsborough County would contribute roughly $796 million, while the City of Tampa and the CRA would provide approximately $80 million and $100 million, respectively.

What the Mixed-Use Development Includes

Beyond the stadium itself, the Rays are planning a large-scale mixed-use district surrounding the site. Plans call for new multifamily housing, retail space, hotels, restaurants, and entertainment uses designed to create a year-round destination around the stadium campus. Importantly for local officials, the mixed-use portion of the project would be fully privately financed. The proposal also keeps Hillsborough College on-site, though on a smaller footprint, allowing the school to remain integrated into the redevelopment. The 113-acre property sits directly across from Raymond James Stadium near Interstate 275, giving the project major visibility and strong regional access.

What the Deal Signals for Tampa Real Estate

The agreement represents one of the largest mixed-use and sports-driven redevelopment projects currently proposed in Florida. Sports-anchored districts have become increasingly attractive to developers and municipalities as cities look to create live-work-play environments capable of generating year-round economic activity instead of seasonal event traffic. The proposal also reflects Tampa’s continued emergence as one of the country’s fastest-growing Sun Belt markets, where population growth, corporate migration, and infrastructure investment continue fueling large-scale development. For the Rays, the deal could finally secure the long-term stadium solution the franchise has pursued for more than two decades while opening the door to billions in surrounding real estate value creation.