Fulfilling long-deferred promises of economic revitalization for thousands of Black families who once called the roughly 86-acre community home remains a priority for Mayor Ken Welch. Two redevelopment groups<\/a> have pledged to aid those efforts.\u00a0<\/p>\n Local historian Gwendolyn Reese, who also grew up in the Gas Plant, partnered with the Tampa Bay Rays prior to their redevelopment<\/a> proposal in December 2022. The team invited several descendants<\/a> to dinner before announcing their now-withdrawn plans.\u00a0<\/p>\n A new group led by ARK Investment has since stepped up to the plate. The latest proposal<\/a>, unveiled Oct. 3, similarly expressed a commitment to \u201crepair past harm and reinvest in the community that was displaced.\u201d<\/p>\n \u201cWhile we review this proposal, our primary focus will remain on pursuing impactful outcomes that reflect the needs and aspirations of our residents, and on honoring the promises of inclusive economic opportunity made to the Historic Gas Plant community,\u201d Welch said in a prepared statement.\u00a0<\/p>\n Housing and timelines<\/p>\n Ark Ellison Horus outlined a \u201crestorative justice and reconciliation\u201d plan with \u201ccommunity-first phasing.\u201d If approved, the group will break ground on a new Woodson African American Museum of Florida, provide 446 affordable housing units with street-level retail space, enhance the 16th Street South corridor, launch a minority-focused business accelerator and help reconnect neighborhoods within the first 1,000 days.\u00a0<\/p>\n In May 2024, the Rays agreed to build 300 affordable units by 2030. However, the team and development firm Hines planned to enhance 16th Street and break ground on the museum that same year.\u00a0<\/p>\n The latest proposal includes a total of 3,701 new homes, with 863 designated for people who earn between 30% and 80% of the area median income. Ark Ellison Horus will also build 618 affordable units for seniors.<\/p>\n The developers proposed 444 workforce housing units capped at 120% of the AMI. Another 1,776 \u2013 48% of the total number of homes \u2013 would have market-rate rents.\u00a0<\/p>\n St. Petersburg would have received a total of 5,400 new homes under the previous proposal, including 600 for seniors. About 67% would have had market-rate rents.\u00a0<\/p>\n The city required the Rays and Hines to build at least 600 of the 1,250 total affordable (80% AMI) and workforce housing units (120% AMI) on-site. However, loopholes would have allowed the development team to build fewer income-restricted apartments.\u00a0<\/p>\n The Rays and Hines could have satisfied those requirements by paying the city $25,000 per unit, which is exponentially less than the construction cost. The city would have also eliminated one required market-rate home for every additional hotel room or 850 square feet of office space.\u00a0<\/p>\n The latest proposal\u2019s vision for 16th Street and Dr. Martin Luther King Jr. Street South.<\/p>\n Righting past wrongs<\/p>\n Ark Ellison Horus set a small, local and minority-owned business participation goal of 40%. The developers expect the 20-year, $6.8 billion project to create 14,296 \u201chigher wage\u201d jobs and 5,442 temporary positions.\u00a0<\/p>\n The Rays said their 20-year, $6.5 billion project would create roughly 30,000 jobs, with 15% dedicated to disadvantaged workers. They set a 30% small and minority-owned business participation goal and a 20% \u201ctarget threshold.\u201d\u00a0<\/p>\n Both development teams included $50 million in community benefits in their sales offer. Each proposal included space for a new Woodson African American Museum of Florida, although the Rays offered $10 million for construction.\u00a0<\/p>\n A report released in November 2024 and obtained by the Catalyst in April identified 10 possible graves<\/a> \u2013 some just three feet below ground \u2013 underneath Tropicana Field\u2019s parking lots. Ark Ellison Horus pledged to create a \u201cthoughtful memorial\u201d to ensure those buried at the site are \u201cacknowledged with dignity and respect, creating a lasting place of remembrance within the District.\u201d<\/p>\n Return on investment<\/p>\n An independent study<\/a> found that the Rays and Hines proposal, without the stadium, would generate $1.46 billion in property taxes for local governments and the school district over 30 years. The City of St. Petersburg would have received $475 million for its $142 million investment.\u00a0<\/p>\n Victus Advisors also found that the project, including a new ballpark, would have generated an $11.9 billion \u201ctotal economic output\u201d over 30 years. The latest proposal projects that the Gas Plant, \u201canchored not in a single-use stadium but in a diverse, innovation-driven ecosystem,\u201d would generate $1.2 billion in annual economic output and $28 million over three decades.\u00a0<\/p>\n Ark Ellison Horus also noted that the project would create $1.9 billion in new property tax revenue<\/a> over 30 years. The developers requested a \u201cmodest\u201d $120 million public investment.<\/p>\n Development teams<\/p>\n St. Petersburg-based ARK and its CEO, Cathie Wood, are two of the most recognizable names within the global investment community. The two rose to prominence during the pandemic by focusing on disruptive innovations, including genomics, remote work and digital payments, which aligned with new trends.\u00a0<\/p>\n Tampa-based Ellison Development is a rising firm that recently made headlines after announcing The Central, a mixed-use project in St. Petersburg\u2019s EDGE District, would feature a 76-million-year-old Gorgoasaurus skeleton<\/a>. CEO Casey Ellison told the Catalyst that \u201cit\u2019s very likely\u201d the firm\u2019s subsequent projects would feature prehistoric bones.\u00a0<\/p>\n The skeleton is part of co-founder Sidd Pagidipati\u2019s personal collection. He is among the local \u201climited partners\u201d who have joined the Rays\u2019 new ownership group, and the latest proposal includes a stadium option<\/a>.\u00a0<\/p>\n![\"\"](\"https:\/\/www.newsbeep.com\/us-fl\/wp-content\/uploads\/2025\/10\/1000003061-1024x436.jpg\")
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