Hines Proposes Senior Living as Part of Pro Baseball Stadium Redevelopment

Senior living could be on deck as part of a planned redevelopment of the Tampa Bay Rays’ Tropicana Field stadium in St. Petersburg, Florida.

Global real estate firm Hines proposed a plan that would include not only $1 billion in stadium renovations, but add a surrounding development that would include more than 7,000 housing units, 600 of which would be for senior living residents.

The Hines proposal — one of four proposals for the site — calls for senior living units to be built in phases, with the first cluster of 200 units beginning construction in 2024; the second phase being in 2030; and the final phase starting construction in 2036.

In addition to senior living, Hines is proposing 5,700 multifamily units, 859 of which will be affordable and workforce housing units. The proposal also includes 700 hotel rooms and 1.7 million square feet for office and retail use.

The planned redevelopment is set to revamp the current Historic Gas Plan District of St. Petersburg, Florida, an area that has been home to the Tampa Bay Rays since the team’s entrance into professional baseball in 1998.

Hines faces competition for the redevelopment from Restoration Associates, 50 Plus 1 Sports and Sugar Hill Community Partners.

Once a proposal is chosen, phase 1 of the overall plan would include major renovations to the baseball stadium in addition to surrounding developments that would cost as high as $3 billion and begin in 2024.

For Houston-based Hines, the 20-year development project and stadium renovation is the latest in a series of ambitious projects related to senior living.

The company at the start of 2022 launched a new “flagship tactical fund” aiming for $1 billion in equity, with senior housing among the targeted product types..

Hines is working with REIT Welltower (NYSE: WELL) on a New York City senior living highrise project set to be operated by Sunrise Senior Living called The Apsley by Sunrise.

For the Rays, a new home will be a necessity as its lease with Tropicana Field is set to expire at the end of 2027.

The field is widely considered among the worst in baseball, and rumors have swirled that the team would relocate to a market outside the Tampa area after Major League Baseball squashed its plan to split its home games between St. Petersburg and Montreal.

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