St. Petersburg, FL – A major redevelopment plan for St. Petersburg’s Tropicana Field site is moving forward as ARK Invest and Ellison Development unveil plans to launch two real estate investment funds that could raise billions across Tampa Bay.
The funds are designed to give both local residents and institutional investors the chance to participate in the proposed $6.8 billion transformation of the 95-acre Gas Plant District.
The ARK Ellison Community Growth Fund will focus solely on the Tropicana Field site, allowing anyone, including non-accredited investors, to invest with minimum contributions starting at $500.
The fund, which is limited to $75 million, will be offered through a tokenized, app-based investment platform aimed at expanding public access to real estate opportunities.
A second fund, the ARK Ellison Urban Innovation Fund, will target accredited and institutional investors, with plans to invest in opportunity zone projects across the region.
Those areas qualify for federal tax incentives aimed at encouraging private investment in economically distressed communities.
ARK Invest President Tom Staudt said the initiative is intended to give local residents the ability to benefit from the growth of their city, while Ellison Development officials noted that both funds could support other major projects in Tampa Bay.
The proposal is one of several currently being reviewed by the City of St. Petersburg.
If selected, ARK and Ellison plan to move forward immediately with launching the funds and beginning redevelopment work.