T
ampa Bay investors have launched two new real‑estate funds to fund a $6.8 billion redevelopment of the historic Gas Plant site, home to Tropicana Field. One fund targets accredited and institutional investors, while the other allows U.S. investors to buy in with as little as $500, making private real‑estate investment more accessible.

    The partnership, formed by Ellison Development and ARK Investment Management, proposes a 95.5‑acre, four‑phase project that will turn the stadium area into an innovation district featuring mixed‑income housing, parks, event venues and research labs. The plan, submitted in October, will be completed over 17 years and is slated to replace the Rays’ lease, which ends in 2028.

    ARK Ellison Real Estate GP LLC announced the funds on Monday. ARK Investment Management will manage the investments; Ellison Development will oversee construction. The Urban Innovation Fund is a Qualified Opportunity Zone vehicle that will invest in a $9 billion pipeline of mixed‑use projects across Tampa Bay, offering long‑term exposure with periodic liquidity. The Community Growth Fund focuses solely on the Gas Plant district and will be offered through app‑based, tokenized platforms, enabling nationwide participation.

    The redevelopment is expected to create nearly 20,000 jobs and generate $1.2 billion in annual economic impact, growing to $28 billion over 30 years if the city selects the proposal. St. Petersburg will issue a request for proposals later this month, giving developers 30 days to submit alternatives.

    Cathie Wood, CEO of ARK Invest, said the initiative “extends our mission to democratize wealth creation to the cities themselves.” She emphasized that the model could reshape how communities grow and who benefits from that growth.