The Tampa Bay Rays have received final approval for the financing plan of their new $2.3 billion ballpark project, which will replace the aging Tropicana Field. The Hillsborough County Commission voted 5-2 on Friday to approve its $796 million share of the mixed-use entertainment district. This follows a 4-3 vote by the Tampa City Council on Thursday to approve $80 million.
The new 31,000-seat stadium is expected to open in 2029 and will be located near Raymond James Stadium, home of the NFL's Tampa Bay Buccaneers. Rays CEO Ken Babby stated that the project secures the team's long-term presence in Tampa Bay, calling it the "Forever Home."
The Rays' ownership has committed to contributing at least $1.3 billion towards the project, covering potential cost overruns. An additional $30 million will be provided through federal disaster recovery funds.
Earlier this year, the Rays' ownership reached an agreement with Hillsborough College to construct the stadium and entertainment district on college property. This site is situated adjacent to the New York Yankees' spring training facility and across a highway from the Buccaneers' stadium.
Since their inception in 1998, the Rays have played at Tropicana Field in St. Petersburg. However, due to hurricane damage at Tropicana Field, the team has had to move some home games, including plans to play at the Yankees' George M. Steinbrenner Field in 2025. The Rays' current lease at Tropicana Field extends through at least the 2028 season.
A previous proposal for a $1.3 billion redevelopment deal near Tropicana Field fell through last year, prompting renewed questions about the team's future. The Rays were acquired by Patrick Zalupski's ownership group last September.
"Today’s vote represents an extraordinary milestone, not simply for the Rays or for a ballpark, but for the future of Tampa and the entire Tampa Bay region," Zalupski said Friday, acknowledging the challenging process behind the project.