Investors and developers move forward with project near Tropicana Field — with or without Rays

Two developers 'all in' on St. Pete

As the Tampa Bay Rays’ future in St. Petersburg remains uncertain, some investors and developers said they aren’t waiting for an answer. FOX 13's Genevieve Curtis reports.

ST. PETERSBURG, Fla. - As the Tampa Bay Rays’ future in St. Petersburg remains uncertain, some investors and developers said they aren’t waiting for an answer.

Out-of-town developers and real estate firms are continuing to pour money into St. Pete, betting on the city’s growth regardless of whether the Rays stay or go.

READ: Tropicana Field’s roof repair completed ahead of schedule

"The deal does not depend on that," said Diego Bonet, the managing partner at Miami-based development firm LD&D. "That would be the cherry on top."

What they're saying:

Bonet’s firm is moving forward with plans to build a mixed-use, luxury multifamily development called "Gallery Haus" on 17th Street South — directly across from Tropicana Field.

"It's a 254-unit multifamily high-rise development that's also going to have some ground floor commercial component, about 7,000 square feet of ground floor retail," said Bonet.

MORE: Deadline extended for Historic Gas Plant District proposals

While a new stadium deal for the Rays could have boosted momentum, Bonet said LD&D never tied its investment to the team’s future. Developers point to St. Pete’s growing job market, local flair, expanding arts scene and younger population as key reasons they’re investing now — even as questions about the city’s sports future remain unresolved.

"You get a lot of these really cool breweries, the very cool galleries, you know, art shops. And we think that's a neighborhood that is very much gonna take off in the medium to long run," Bonet said.

The development will primarily feature luxury units, though Bonet said the firm has not ruled out including some affordable housing components — something they have done in the past. He said that increasing overall housing supply, regardless of price point, can help ease market pressures.

"Ultimately, what higher rent prices signal is a shortage of housing in the market," Bonet said. "So if you deliver, whether it’s luxury housing or affordable housing, that helps alleviate the crisis a little bit."

READ: Potential Rays owner considering HCC as stadium site

Dig deeper:

Dallas-based real estate investment firm 90TEN recently acquired three properties along Central Avenue, citing the corridor’s unique character and long-term potential.

"I think there’s only a few streets in America that feel like Central Avenue," said Tripp Russ, the managing partner at 90TEN. "It has that charming walkability factor that creates really special dynamics within the retail markets that we focus on."

Russ said the firm isn’t coming in to make drastic changes to the area. 

"Every neighborhood that we go into, it’s really important to us that we do right on behalf of that neighborhood," Russ said. "Within this asset that we bought, there are a lot of great local operators in here. I hope they stay with us forever."

Like many residents and business owners, Russ said his firm has closely followed the ongoing stadium negotiations and the back-and-forth over the Rays’ future. Still, he said Central Avenue’s success does not hinge on the team.

PREVIOUS: St. Pete city leaders return to square one as they vote unanimously to move on from Rays deal

"Do we love the Tampa Bay Rays being here? Of course," Russ said. "Do I think the success of Central Avenue depends on that? I don’t."

What's next:

While 90TEN said it hopes to invest in additional St. Petersburg properties in the near future, Gallery Haus is expected to open to tenants in summer 2028.