$6.8B Historic Gas Plant Development Proposed By ARK, Ellison Development

ST. PETERSBURG, FL — A locally led development team has proposed its $6.8 billion vision to purchase and redevelop St. Petersburg’s Historic Gas Plant District.

ARK Ellison Horus, LLC, formed by ARK Investment Management, Ellison Development, and Horus Construction, hopes to transform the district “as a world-class epicenter of innovation, culture, and community,” according to a news release from developers.

The Tampa Bay Rays were recently slated to redevelop 86 acres in the district, including the construction of a new stadium, but the $1.3-billion plan fell apart when the team abandoned it in March.

The unsolicited proposal from ARK Ellison Horus with Baker Barrios serving as the master planner architect was submitted to the city on Friday.

The pitched plan “blends restorative justice with transformative investment in housing, education, culture and long-term economic resilience,” the development team said.

It would redevelop 95.5 acres, including the Tropicana Field site, in four phases over the next 17 years.

ARK Ellison Horus proposes paying the city at least $202 million for 53.5 privately held acres.

The remainder of the district would consist of open spaces, public parks and cultural attractions, the developers said. Public infrastructure costs are expected to total $239 million and paid for through a variety of sources.

• See Also: Tampa Bay Rays Abandon $1.3B St. Pete Stadium Deal

The plan for the mixed-use district is also designed with flexibility to accommodate the Rays, which have new owners, if the team remains in St. Petersburg beyond 2028.

“St. Petersburg has a once-in-a-generation opportunity to build an economy powered by innovation,” Cathie Wood, founder, CEO and CIO of ARK Investment Management, said. “The Gas Plant District can become a magnet for venture capital, entrepreneurs, and research talent, seeding the next wave of world-changing companies right here. By embedding education, culture, and startup opportunities alongside housing and infrastructure, this vision can generate exponential long-term economic impact, create thousands of high-wage jobs, and ensure residents share directly in this prosperity.”

The planned district includes the construction of the Woodson African American Museum of Florida and a state-of-the-art performance theater, as well as a Booker Creek Cultural Corridor, a restored greenway linking Midtown, The Edge, and the Innovation District with public art, history installations, and year-round programming.

Entertainment venues will include a 4,000-seat indoor music hall and a 1,500-seat outdoor amphitheater, supported by 1,543 new hotel rooms to accommodate visitors. More than 30 percent of the site will be park or open space, including a 6.7-acre elevated park reconnecting Campbell Park to the Gas Plant neighborhood.

The project also focuses on education and workforce development including plans for the Superintendent School to train future construction leaders, and the HORUS Academy to introduce youth to trades and offer adults and small businesses advanced training.

“This project is about more than buildings; it is about people,” Jonathan Graham, president of Horus Construction, said. “By prioritizing education and workforce development, especially for minority and underrepresented communities, we are ensuring that the opportunities created here reflect the full diversity of St. Petersburg. Our goal is to open doors to meaningful careers, build generational wealth, and make sure this investment uplifts everyone.”

The district would also include 500,000 square feet of innovation hubs and labs, a 200,000-square-foot Innovation Hall for global conferences and showcases, and a dedicated Research Center creating up to 900 specialized jobs.

“St. Petersburg has a spirit and energy all its own, something we deeply value and aim to reflect in this project,” Casey Ellison, CEO of Ellison Development, said. “Our team lives here, works here, and has already invested here. The Gas Plant District will be designed, built, and programmed with the community, not just for it, ensuring every brick laid is a step toward prosperity, and lasting pride for generations to come.”

An independent analysis of the proposal projects that it would generate $1.2 million in annual economic impact and $28 billion over 30 years, developers said. It would also create nearly 20,000 new jobs and add 1,900 affordable, workforce, and senior housing units (863 affordable, 618 senior affordable and 444 workforce) to the area.