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Lots Of Possibilities Even In Down Market

KATHY MOORE / Tribune

The Tropicana Field site in St. Petersburg could be used to build an “urban village” including housing and entertainment. A similar project is under construction at a former Navy training site in Orlando.

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By DAVE SIMANOFF, The Tampa Tribune

Published: November 15, 2007

TAMPA - At this point, it's starting to sound like a golden opportunity for the Tampa Bay area - or, if the economy doesn't improve, a white elephant in the making.

If the Tampa Bay Rays proceed with plans for a new stadium on the waterfront in St. Petersburg, their current home, Tropicana Field, may be torn down, creating 60 acres for new homes, stores, restaurants, offices and parks.

It's an intriguing concept - and one that poses a number of questions. The Tampa Tribune interviewed several development experts on the potential for a new use for the property and the hurdles any new development might encounter.

What Could Be Done With The Trop Property?

William Hudnut, a senior fellow with the Urban Land Institute in Washington, said the site could be redeveloped into an urban village with housing, entertainment and performing arts facilities.

Hudnut, the former mayor of Indianapolis, said those kinds of mixed-use developments have successfully replaced outdated facilities, such as vacant shopping centers, in other parts of the country.

"It is perfectly possible to take an area like that and turn it from a sow's ear into a silk purse," he said.

Examples of redevelopment initiatives can be found across the United States. In Denver, the former Stapleton airport is being replaced with urban neighborhoods, businesses, stores and restaurants. Closer to the Tampa Bay area, the former Orlando Naval Training Center, decommissioned in 1999, is being transformed into a neighborhood and retail center called Baldwin Park near downtown Orlando.

Craig Sher, CEO of St. Petersburg-based Sembler Co., agrees that a mixed-use development incorporating homes, stores and entertainment might work. He said the retail component should be designed to be "one of the definitive shopping areas for all of St. Petersburg," and the homes should be priced so that middle-class working families can afford them.

"It's an extremely valuable piece of land," Sher said.

Who Would Want To Develop It?

Right now, it might be incredibly hard to attract a developer to the Trop site. The housing market is anemic. Lenders aren't lending as much money as they used to. Developers and investors may not be willing to stake their fortunes on a large, complicated project.

"It's not a no-brainer," said Bob Abberger, the Florida managing director for Trammell Crow Co., a commercial real estate company.

But conditions may be different several years from now, if the Rays' proposal moves forward and the time comes to tear down the Trop.

"The best thing about this opportunity is that it's at least five years out, and the best thing about real estate is that time heals all wounds," Abberger said.

Abberger said "meaningful incentives," might help lure developers to the Trop site. When the housing market and economy rebound, developers will show a greater interest in the property, he said.

Sher said he is confident that the real estate market will recover, and when the time is right, there will be a developer and investor for the Trop site.

"We're just at a moment in time - we've seen a number of cycles through my career," he said. "For the right kind of project, there's plenty of money out there."

Why Redevelop It?

The Rays haven't divulged all the details about their plans to build a stadium on the waterfront in St. Petersburg, including all the particulars about how they're planning to finance the new building.

However, it's clear that the team is expecting to pay for part of the new ballpark with revenue it obtains from the redevelopment of the Trop site.

It's not known how the Rays would recognize the revenue from redevelopment. Both the stadium and the property belong to the government. Team officials have promised to outline their plans for the new stadium, including their financing proposal, sometime next month.

Reporter Dave Simanoff can be reached at dsimanoff@tampatrib.com or (813) 259-7762.

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