Rays Release Development Agreement for $2.36B Tampa Ballpark Ahead of Key Votes

Stadium Development Rays Release Development Agreement for $2.36B Tampa Ballpark Ahead of Key Votes Site work could begin next month if local approvals are secured, with substantial completion targeted for March 2029 A development and funding agreement released to Tampa and Hillsborough County officials outlines how a new $2.36‑billion ballpark on a 21.5‑acre site would be financed, built and turned over for use, according to the document reviewed by ENR and a team statement confirming its release. The Rays delivered the 134‑page agreement on Aug. 21, ahead of votes scheduled for Tampa City Council on Thursday, Aug. 27, and the Hillsborough County Commission on Friday, Aug. 28. CEO Ken Babby said in a statement that the parties now have “definitive documents that will serve as the framework” for the ballpark, a redeveloped Hillsborough College campus and a privately financed surrounding district. Tampa Mayor Jane Castor called the agreement “a historic step forward for Tampa” and the region in a social media post. The document names the city, the county and StadCo—a subsidiary of Florida Baseball Partners LLC, which also owns Rays Baseball Club LLC, the team’s operating entity—as parties. It commits up to $876 million in combined public funding toward project costs, with StadCo responsible for the balance, an investment the team has estimated at about $1.37 billion, along with all cost overruns. The city's share is capped at $80 million, paid in four $20-million installments from January 2027 through October 2029. The county's $796-million share comes from several sources: $228 million in tourist development tax bonds plus a $40-million reserve payment; another $35 million in bonds planned for 2031; four annual $90-million community investment tax payments through 2029; a one‑time $103-million county fund payment; and $30 million in Community Development Block Grant–Disaster Recovery money earmarked for stormwater work. The agreement also references a $150-million minimum loan StadCo must draw from an MLB infrastructure financing facility, along with additional credit lines and an owner‑equity commitment. An exhibit identifies Patrick Zalupski as the HoldCo principal member expected to fund part of StadCo’s equity contribution. Zalupski, a Florida real estate developer, leads the ownership group that purchased the Rays from longtime principal owner Stuart Sternberg in late 2025. Babby has continued as CEO under the new ownership. The ballpark site sits within a roughly 115‑acre parcel owned by Hillsborough College, identified in the agreement as a Florida College System institution and known publicly as Hillsborough Community College’s Dale Mabry campus. Under a companion ground lease, the college would lease the land to StadCo until the county takes title through a separate conveyance. The agreement designates the college as the sole permitting authority for the project, a role typically handled by a municipal building department. The agreement also references two backing documents signed alongside it: a commitment from Florida Baseball Partners to cover StadCo’s obligations if it cannot, and a separate agreement requiring the team to play home games at the new venue. The Rays’ use agreement at Tropicana Field in St. Petersburg, their current home, expires after the 2028 season. The Rays’ statement accompanying the document release said site work is slated to begin next month, with substantial completion targeted for March 31, 2029. StadCo is responsible for design and construction, with AECOM Hunt and Turner Construction selected as the construction team. StadCo has 36 months to secure funding, or the deal automatically terminates. All project components—construction contracts, budget and financing—must be fully in place within 48 months, or the agreement ends at that point as well. Those timelines do not begin until Tampa City Council and the Hillsborough County Commission cast the votes scheduled for this week.