Writer: Joshua Andino
2 min read May 2023 — With millions of dollars going into redevelopment and new expansion plans across Tampa Bay’s sports facilities, Invest: takes a look at some of the region’s key projects and where they stand today.
Home to the Buccaneers, Rays and Lightning, Tampa Bay is one of the nation’s sports juggernauts when it comes to the offerings it provides fans. A 2022 analysis by the Florida Sports Foundation highlighted a $146.5 billion in sales across the state, and thanks to more recent historic runs by the Bucs and Lightning, in addition to hosting the Super Bowl, Tampa Bay saw a 59% increase in tourist tax receipts from 2021 to 2022, topping the year at $53 million and $900 million in hotel revenue during FY2022.
USF’s New Football Stadium
The most recent announcement regarding new investment into the region’s sports facilities comes from the University of South Florida. Earlier last week, USF’s proposed $340 million on-campus football stadium was approved by the university’s board of trustees’ finance committee. The plan entails borrowing $200 million to help finance the project, pending a full board approval on June 13. The plan includes stipulations for servicing the debt through new revenues produced by ticket sales, sponsorships, and parking, alongside contingencies if the Bulls fail to rise to a major conference such as the ACC and the compensation that invitation entails. Chief Financial Officer Richard Sobieray, upon the plan’s approval, told the Tampa Bay Times that, “It’s not a zero-risk project,” he said, adding, “But at the end of the thing, I think what we’ve done here is set ourselves up for success.”
Tropicana Field & Gas Plant District
In what was heralded as a major announcement from St. Petersburg Mayor Ken Welch in his state of the city address earlier this year, St. Pete has been hard at work to ensure the Tampa Bay Rays stay in the city as their lease at Tropicana Field is set to expire. The 33-year old stadium is showing its age, with the structure itself surrounded by parking – and not much else – in what was once a historically black neighborhood that was cleared out over the course of the last century. “As a child of a Historic Gas Plant District, I consider it to be sacred ground. It has a history that predates baseball. It was a community,” Mayor Welch told the crowd during his address.
The project itself is divided between two parts – the district that will be developed around the stadium, and the stadium facility itself. The stadium’s redevelopment into a modern facility is currently estimated at $1 billion, with the Rays, the City of St. Petersburg, Pinellas County, and investor-developer Hines all bearing a portion of the cost. While many of the specific financial considerations are still being deliberated, momentum is slowly building for the new stadium and the rejuvenation of a historic community. Welch, who served as county commissioner for two decades before becoming mayor, is confident in the Rays/Hines collaboration and the ability for all stakeholders to come together, saying in February, “They have never once not been honest and forthcoming in my work with them as a county commissioner on any issue,” adding, “I expect that to continue.”
The Waterset Sports Complex
Over at Apollo Beach in unincorporated Hillsborough County, the Waterset Sports Complex is under construction. While professional sports and collegiate athletics may often receive the lion’s share of the headlines, Hillsborough County aims to make the 84-acre, four-field complex a home to other organized sports, soliciting community input in March to see residents’ preferences on the matter. The project, part of the county’s capital improvement project budget, cost $11 million and is expected to open by the end of summer, and include parking, concessions, and a playground for children as well as some office and meeting space. While not everyone can play in Raymond James Stadium, residents of all ages and abilities will be able to benefit from the county’s newest complex.
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