Midtown Development announced details of its augmented offer within its “Creekside” proposal for the redevelopment of the Tropicana Field Site, adding more than $15 million of additional community benefits. Among those benefits is a $500,000 Highway Task Force to kick-start connectivity of the Tropicana Site to South St. Petersburg, and a $10,000,000 Retail Storefront Program to promote new and expanding local businesses.
The team just launched a new Instagram page so residents can follow along with their progress.
ADVERTISEMENT
Midtown Development adds connectivity to South St. Pete
“We have heard from the community that one of the most pressing matters is the connectivity to South St. Pete, which is why Midtown will be funding the task force regarding the future of I-175, and we have committed $500,000 towards this initiative,” said Alex Vadia, Principal of Midtown Development. “It is not Midtown’s goal or intention to control this process; rather, we see ourselves as facilitators, and we are here to move the process forward.”
Accordingly, Midtown has engaged Clary Consulting, the foremost experts in Florida Department of Transportation matters, to create a task force of City staffers, the Chamber of Commerce and Economic Development Corporation groups, leaders in business and the community, hospitals, FDOT District 7, and Forward Pinellas—who are currently in the process of a Downtown Mobility Study—to name a few. Lowell Clary and his team will help the task force engage the greater community toward making decisions considerate of all voices.
$10,000,000 investment in growing small business opportunities
“St. Petersburg’s vibrant and eclectic, locally owned businesses form the fabric of the community.” said Vadia. “We have listened to the needs, wants, and desires of the members of the community through the public outreach efforts organized by the City of St. Petersburg and our Creekside team, and a result of these discussions is our creation of a $10 million program for the creation and growth of local business.”
The funds in the Retail Storefront Program would be used for retail and storefront buildout, making spaces ready for independent local businesses to move in. In addition to the storefront buildouts, eligible businesses can apply for grant funding for a variety of uses and incentives. Program participation requirements would mirror St. Petersburg’s existing Storefront Conservation Corridor Plan, with adjustments for the Creekside neighborhood, targeting new and existing local businesses.
“This increased commitment to public benefits is a direct result of our continued engagement with residents of St. Petersburg,” stated Vadia.
Midtown Development is one of two finalists shortlisted for the redevelopment of the Tropicana Field Site. Since the beginning of the RFP process, Midtown has been the only developer making a financial commitment to the City of St. Petersburg, which started off as $190 million and with the program augmentation is at $238 million.
Creekside Highlights by the Numbers
Midtown Development’s $238 Million Financial Commitment, formerly a $190 Million, includes:
- $60 Million fee-simple purchase for the land, under contract with a signed Development Agreement with the City of St. Petersburg
- $10 Million as an upfront payment to the City of St. Petersburg
- $94 Million towards public infrastructure/improvements
- $5 Million as an upfront investment towards Unlocking Opportunities
- $1 Million towards For All From All Program
- $30 Million small box retail and creative office Proof of Concept Investment (100,000 square feet)
Recently Announced Program Additions:
- $12,500,000 added commitment of post-COVID indoor/outdoor office space (an additional 100,000 square feet of office space)
- $10,000,000 Local Retail Storefront Program
- $500,000 I-175 Task Force
- $1,000,000 Community Benefits Foundation
Midtown’s requirement still remains, as it was since the beginning of the proposal, no more than $75 million in already allocated tax-increment financing from the city for infrastructure.
“This process has only steeled our conviction of what Midtown Development wants to accomplish. We want to be part of St. Petersburg’s future, we want to be part of the solution to the challenges faced by its community, and want to create an inclusive, livable, and vibrant neighborhood,” concluded Vadia.
ADVERTISEMENT
