We have a tentative deal on a new Rays ballpark funding plan, as Hillsborough County and Tampa elected bodies are expected to vote this week on public support for the $2.3 billion project.
After months of negotiations, the team and the two government bodies reached a tentative agreement for Hillsborough County to pay nearly $800 million toward the ballpark development, and the city of Tampa to pay $80 million toward the project. The Tampa City Council is scheduled to vote on the plan Thursday, while Hillsborough County is expected to vote on the proposed agreement Friday.
The agreement places the stadium budget at $2,360,930,000. The total includes $2.0017 billion for construction, $74.3 million for design and professional services, $55.3 million for permits, testing, fees, and insurance, $15 million for project administration, and $214.63 million in contingency. Design costs are to be paid through the private contribution.
The Rays’ stated private commitment has increased by $100 million from the May framework to approximately $1.37 billion, with the team also responsible for all cost overruns. The definitive documents identify $876 million in public contributions, including $796 million from Hillsborough County and $80 million from the City of Tampa. The May framework had called for approximately $1.27 billion from the Rays and up to $976 million in public contributions.
Hillsborough County’s $796 million contribution includes $303 million in Tourist Development Taxes, comprising $228 million in initial bonds, a $40 million reserve, and a $35 million second tranche. Another $360 million would come from the county’s share of the Community Investment Tax, with $103 million from other county funds and $30 million from a federal disaster recovery fund.
Under the new terms, the Rays will pay $1.37 billion toward the new ballpark, or 60 percent of the construction cost, plus overruns. This is $100 million more than originally proposed by the team.
Time is of the essence here: The Rays are shooting for a March 2029 opening, which means site demolition must begin in December and construction of the foundation and bowl in March 2027.
We’re also seeing announcements about the creative team assembled by the Rays to build the ballpark. Populous has been working on the actual ballpark design, in a relationship that’s been maintained for years, while Gensler will oversee development of the new mixed-use district surrounding the ballpark and redevelopment of the Hillsborough College campus. Another existing relationship came into play with the announcement from the Rays that AECOM Hunt and Turner Construction had been selected as construction managers for the project. The team had worked with AECOM Hunt on the restoration of Tropicana Field following extensive hurricane damage, which forced the team to play the 2025 season at Steinbrenner Field. AECOM has also separately been retained by Hillsborough College to oversee their side of the campus redevelopment.
The new ballpark will feature approximately 30,000 fixed seats and a larger capacity when SRO areas are taken into account, but the Rays foresee usage past the expected 81 regular-season games in an MLB season: seating can expand for special events, ensuring flexibility for concerts, conventions, and other major gatherings.
The Rays hailed the tentative funding agreement on social media:
“Together with Hillsborough County and the City of Tampa, we’ve taken some big steps this year to make a Forever Home for the Rays in our region a reality – but none bigger than the one we are taking today. Today, due to the remarkable determination of many throughout this process, we have definitive documents that will serve as the framework to deliver a new ballpark, a reimagined Hillsborough College campus, and a privately financed neighborhood where we can all work, live, learn, and play.
“These terms – if approved – will deliver exceptional benefits and protections to the community well above and beyond the initial memorandum of understanding, thanks to the officials and staffs at Hillsborough County and the City of Tampa. The Rays are grateful for their diligence over the past nine months, and especially thankful for their ideas and feedback. It’s the kind of community leadership we should all applaud and appreciate.”
"Today, due to the remarkable determination of many throughout this process, we have definitive documents that will serve as the framework to deliver a new ballpark, a reimagined Hillsborough College campus, and a privately financed neighborhood where we can all work, live,… pic.twitter.com/LkZMosfDqL
— Tampa Bay Rays (@RaysBaseball) August 21, 2026
The new Rays ballpark will anchor a new entertainment complex at Hillsborough College, which would also see a redeveloped campus as part of the overall plan. An entertainment complex could have an economic impact beyond Rays game: the 113-acre Dale Mabry Campus of Hillsborough Community College is located south of Steinbrenner Field (spring-training home of the New York Yankees) and west of Raymond James Stadium (home of the NFL’s Tampa Bay Buccaneers), and the assumption that an entertainment district would draw fans for both Yankees spring training and Bucs games.
The plan divides the site into four quarters: A Champions Quarter containing the $2.3 billion ballpark at the corner of Dale Mabry and West Tampa Bay Boulevard; an Invention Edge housing the rebuilt Hillsborough College campus; The Row, a street running through the development; and The Canopy, open parkland marked by shade and greenery. The goal to create an environment that brings fan in early and keeps them after a game, while also attracting interest from Yankees and Buccaneers fans. If the plan seems familiar, it should be: this is the same exact blueprint the Atlanta Braves used to create Truist Park and The Battery mixed-use district in Cobb County.
The Rays would sign a 35-year lease with three five-year options at the end and include a nonrelocation clause. The team would manage the ballpark operations and cover repairs and insurance. The goal is a March 1, 2029 opening; the Rays’ Tropicana Field lease ends after the 2028 season.
Renderings courtesy Tampa Bay Rays.
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