Tampa, FL – The Tampa Bay Rays and local government officials announced a tentative agreement for a proposed $2.3 billion stadium and redevelopment project that could determine the franchise’s long term future in the Tampa Bay area.
The proposed project would place a new Major League Baseball stadium near Hillsborough Community College’s Dale Mabry campus in Tampa, close to Raymond James Stadium and George M. Steinbrenner Field.
Officials said the agreement currently exists as a nonbinding memorandum of understanding between the Rays, Hillsborough County and the City of Tampa.
According to details released Thursday, the Rays ownership group would contribute approximately $1.235 billion toward construction costs and would reportedly be responsible for covering any project cost overruns.
Local governments are expected to provide approximately $967 million through a combination of public funding, land contributions, infrastructure improvements and redevelopment support.
Plans for the proposed district include a new baseball stadium along with surrounding retail, residential, entertainment and public space developments.
Officials also discussed future redevelopment opportunities connected to nearby college property and surrounding areas.
The announcement follows ongoing uncertainty regarding the Rays’ future stadium plans after a previous redevelopment proposal in St. Petersburg failed to move forward.
Tropicana Field also sustained major hurricane related damage during Hurricane Milton in 2025, increasing pressure for a long term replacement facility.
Officials said the proposed agreement still requires approval from both the Tampa City Council and Hillsborough County Commission before construction can move forward.
If approved, project leaders hope to complete the stadium in time for the 2029 Major League Baseball season.