Midtown Development Has Been Chosen By Kriseman To Add Businesses, Units At The Trop Site

ST. PETERSBURG, FL — Midtown Development has been chosen by Mayor Rick Kriseman to serve as the developer to the 86-acre Tropicana Field site, a news release said.

Another development near the downtown area could concern some St. Petersburg residents about local rent five years from now when they start building the project since it's no secret that prices have quickly increased recently. Rent in St. Pete for an average one-bedroom apartment went up 24.6 percent from a year ago to $1,620, Business Observer reported. St. Petersburg came in at No. 20 on the Zumper National Rent Report for 2021. In 2020, it was No. 46 on the nationwide list.

Rapid rent growth has been seen across the nation, and St. Petersburg is considered one of the 100 most populous cities in the country. St. Petersburg is among the seven cities nationwide that have seen rent rise the most in 2021, according to Zumper. Three other Florida cities are also among the seven with the most rent increase: Miami (1st), Tampa (5th) and Orlando (7th). St. Petersburg is third.

Affordable housing commitment is listed on the 21 guiding principles designed by the city for the developers to follow. Each candidate had to submit a Tropicana Field 21 Guiding Principles that met the city's expectations. Midtown's affordable housing proposal summary for its future housing units said:

The affordable units will be the greater of 1,000 units or 20 percent of the overall housing units. Of the first 1,000 units delivered, 100 units will be at or below 30 percent AMI, 700 units will be at or below 80 percent AMI, and 200 units at or below workforce housing level (120 percent AMI). This proportion of affordable and workforce units will be applied to any additional units over the first 1,000.

The AMI breakdown of affordable and workforce units shall be:
• 10 percent of units below 30 percent AMI
• 70 percent of units between 30 percent AMI and 80 percent AMI
• 20 percent of units between 80 percent AMI and 120 percent AMI

The total number of affordable and workforce units will be between 1,000 and approximately 1,900 depending on density of the development and the inclusion of a stadium on the site.

AMI stands for Area Median Income, according to Florida Housing. Households less than 80 percent of the AMI are considered low-income households; households earning less than 50 percent of the AMI are considered to be very low-income; and households earning less than 30 percent of AMI are considered to be extremely low-income households.

“We are honored that the City selected Midtown’s proposal for the future redevelopment of Tropicana Field,” Alex Vadia, principal of Midtown Development, said. “The 21 principles governing the RFP were an ambitious set of criteria, and the selection process deliberative. We’re excited to work with the new mayor, the city council, county commission, the Rays, the Pinellas County Urban League (PCUL), and a broad range of community groups and leaders to implement the 21 principles.”

Mayor Kriseman said he is confident that Vadia and Midtown Development, working in partnership with the city of St. Petersburg and stakeholders, will ensure the public is front and center as redevelopment moves forward.

The PCUL is Midtown Development’s strategic partner in the redevelopment of the Tropicana Field and will be the lead stakeholder for equity and inclusion for the project, according to the city. The PCUL will oversee and administer Creekside’s local hiring and training programs, equitable development modeling and initiatives, housing programs, and “Unlocking Opportunities,” a $10 million grant for minority and BIPOC-owned small businesses.

Nothing is official yet as what the Tampa Bay Rays plans are when their lease is up in 2027. There have been talks about a split season with Montreal. The most recent idea they have pondered is an Ybor City stadium, according to the Tampa Bay Times.

"Mayor Kriseman has worked hard to develop thoughtful and promising plans for the future of the Tropicana Field site," Mayor-elect Ken Welch said. "As mayor, I plan to put the same amount of effort in evaluating those plans as well as new ideas and moving forward with a version that capitalizes on St. Petersburg's incredible momentum and reconnects our community.''

Estimated Costs Of Midtown Development Starting In 2027 Following Rays Tropicana Field Contract Expiration, According To Summary:

• Midtown will spend approximately $168.8 million on infrastructure, horizontal development on the site.
• Anticipated infrastructures costs are:
• Site Demolition - $6,934,536
• Horizontal Infrastructure - $124,237,113
• Site Preparation - $38,211,605
• Site Utilities - $24,218,498
• Site Construction - $23,026,051
• Water Features/Other - $5,398,549
• Landscaping – $23,787,712
• Environmental Remediation - $9,594,699
• Soft costs - $37,646,263
• Total Costs - $168,817,912
• The City will contribute $75 million toward this infrastructure, horizontal development in Tax Increment Funds, which includes Pinellas County's contribution

The city of St. Pete told Patch the total construction cost of the project is estimated between $2.7-$3.7 billion, depending on density.

Development Program Proposal

The development is expected to generate between 16,000-20,000 permanent jobs, according to Midtown.

Proposal Summary

Land Use Mid-Density Program High-Density Program
Residential 6,220,068 sq. ft 8,509,534 sq. ft
Office 3,296,992 sq. ft 3,988,990 sq. ft
Retail 314,103 sq. ft 388,497 sq. ft
Hotel/Conference 443,034 sq. ft 920,248 sq. ft
Tech/Cultural/Other 237,510 sq. ft 383,277 sq. ft

Additionally, Midtown will commit to developing a minimum of 200,000 sq. ft of office and 100,000 sq. ft of retail on spec for Phase I.

The next step is to create a term sheet, essentially outlining the terms and conditions between the developer and the city, according to Benjamin Kirby, the city's spokesperson.

Related Patch Stories:

• B.J. Upton Suggests Petition To Keep Rays In Tampa Bay
• 'Big Mistake' To Announce Rays Move To Montreal During Playoffs
• Rays Playoffs Could Be Muddied By Split Season With Montreal
• Stuart Sternberg, Rays Owner, Sued By Shareholders: Report
• Final 2 Tropicana Field Developers To Be Chosen Soon By St. Pete
• City Requests Community Feedback For Trop Redevelopment Site