As reported earlier this month, the Tampa Bay Rays are looking to develop a new waterfront stadium at the current site of Al Lang Field in downtown St. Petersburg.
Today, the Rays have called a Weds. Nov 28th 3pm ET press conference to unveil the proposed design for the 35,000 seat, $450 million ballpark. As reported by Ticker:
According to various reports, the team is willing to contribute up to $150 million and is seeking at least $60 million in future sales tax revenues from the state of Florida.
The proposed stadium would not be completed until at least 2012.
The Rays will also announce plans for the redevelopment of Tropicana Field as part of the methodology for offsetting the costs on the new stadium. The redevelopment of Tropicana Field would attract a million square feet of new retail, office and residential development. That would generate more than $800 million in new property and sales tax revenue over the next 35 years, according to a report submitted by the City of St. Petersburg.
The lease on “The Trop” runs through to 2025, with the estimated value being reported at $100 million.
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