St. Petersburg Booms: New Stadium, Hot Developments, and Innovation Ahead

Downtown St. Petersburg is poised for significant growth, with real estate investment and development projects moving forward in 2024 and beyond.

The St. Petersburg development plans combine housing, creative workspaces, authentic diversity, and distinct entertainment offerings with multi-modal transportation.

Here are three St. Petersburg developments builders are excited about.

1. Tampa Bay Rays Stadium

The Tampa Bay Rays plan to begin construction on their new downtown St. Pete stadium, tentatively named the Pavilion, in early 2025, with an expected opening in 2028. The $1.3 billion ballpark will be part of the larger $6.5 billion Historic Gas Plant District redevelopment, including 5,400 residential units, 750 hotel rooms, 1.4 million square feet of office and medical space, and 750,000 square feet of retail. The mixed-use project aims to revitalize the area with a blend of residential, commercial, and recreational offerings.

The Pavilion will feature a unique fixed roof and a three-tiered seating design that steps down to create a more approachable street-level presence. The 365-day venue will host community events, concerts, and other activities when not used for baseball. The fan experience will be enhanced by distinct seating neighborhoods, a pedestrian plaza on 2nd Avenue South with food and beverage outlets, and a versatile main entry plaza for pre- and post-game activities.

2. Coquina Key Plaza Redevelopment

St. Pete-based developer Stoneweg is moving forward with its $124 million redevelopment of the former Coquina Key Plaza in South St. Peterburg, aiming to transform the 14.5-acre site at 4350 6th Street South into a thriving mixed-use community. The plan features nine garden-style buildings and surface parking.

The planned retail spaces include a local coffee shop, health clinic, bakery, pizza restaurant, and yoga studio. Stoneweg is still prioritizing the inclusion of a grocer and pharmacy. The construction design and phases are geared toward delivering units more quickly. The first construction phase is expected to begin this year, and completion is projected within 12-15 months.

3. ARK Innovation Center

The Pinellas County Commission recently celebrated the completion of the ARK Innovation Center, a 45,000-square-foot business incubator in St. Petersburg. Operated by the Tampa Bay Innovation Center (TBIC), the facility offers suites, conference rooms, 3D printing labs, and prototyping studios for engineers, data scientists, and entrepreneurs. ARK’s research team occupies over 10,000 square feet, providing a state-of-the-art space designed to support startups and tech companies in Tampa Bay.

In 2024, St. Petersburg ranked No. 1 in Florida for Best Places to Live, Work-Life Balance, Best-Run City, and Park Amenities. With the area poised for growth, now is the perfect time to invest in property and maximize future value.

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