New Trop site proposal submitted by some familiar faces

A new group featuring former members of the Tampa Rays and Hines development team has submitted a unique proposal that would allow St. Petersburg to retain ownership of the 86 acres surrounding Tropicana Field.

Foundation Vision Partners is led by Will Conroy, founder of St. Petersburg-based real estate investment firm Backstreets Capital; Alex Schapira, former regional partner for global developer Hines; and Anddrikk Frazier, CEO of Best Source Consulting. The group would take a master planning and infrastructure-first approach to transforming the stadium and its sea of surface parking lots into a vibrant, mixed-use community known as the Historic Gas Plant District.

Schapira and Frazier were key cogs in a Rays and Hines redevelopment proposal previously selected by Mayor Ken Welch. The team withdrew from long-negotiated agreements in March 2025.

Gensler and Stantec, renowned design and sustainable engineering firms, respectively, have also partnered with Foundation Vision Partners. The group shared its unique proposal Monday afternoon, a day before the city’s deadline.

If selected, Foundation Vision Partners would act as a master planner, advisor and manager, rather than a developer. The announcement states that the Gas Plant, “a site of profound cultural and historical significance,” remains undeveloped due to “all-or-nothing” models.

“For decades, single-developer models have stalled this generational opportunity in our city,” Conroy said in a prepared statement. “Now is the time for a smarter path.”

The 86-acre area is currently home to Tropicana Field, home of the Tampa Bay Rays until the end of 2028.

Foundation Vision Partners (FVP) noted that previous proposals integrated master planning, infrastructure design and construction, and vertical development into $6 billion, single-developer projects. That resulted in protracted negotiations and “lost momentum amid economic cycles.”

FVP pledged to co-create a master plan with the community before launching the massive project’s design, permitting and essential infrastructure phases. That will prepare the area for “shovel-ready vertical development parcels” that the city would then sell, “block-by-block,” to local, regional and national developers.

“Our master plan and infrastructure-first approach delivers six clear advantages: Putting the city in full control, boosting success through diversification, capturing over $510 million in value for public priorities, broadening local participation, accelerating progress and leveraging world-class expertise to build an inclusive district that truly serves St. Petersburg,” Conroy said.

The city would pay $239 million over four development phases, which, according to the proposal, would provide adaptability and flexibility. Construction would occur east to west, and only advance once previous developments open and begin generating new property taxes.

FVP states that St. Petersburg’s initial $67 million investment would, eventually, unlock $510 million in land sales and create a self-funding mechanism throughout the project’s lifespan.

“A generational project deserves to be responsive to multiple generations,” Frazier said. “Our success will be measured by how effectively this district creates opportunity for residents and local businesses, and reflects the full fabric of St. Petersburg.”

Conroy believes that entrusting one developer with “too much power” mitigates avenues for innovation and broad participation. A multi-developer approach “de-risks the process” and fosters a “truly responsible district shaped by many voices,” he said.

FVP will provide the following three core services:

• Master Plan Placemaking Services: Refining the city’s vision through urban design, infrastructure alignment and community integration to create a cohesive placemaking district.
• Development management: Overseeing planning, entitlements, budgeting, scheduling and developer procurement for infrastructure phases.
• Construction Management: Ensuring on-time, on-budget delivery of public works with quality and safety standards.

“This is not a traditional consulting practice, and it is not a developer chasing projects across multiple markets,” Schapira said. “Foundation Vision Partners was formed for one purpose – to help the city steward this once-in-a-generation redevelopment opportunity in a way that is intentional, actionable, disciplined and community-centered.”

Proposals are due at 10 a.m. Tuesday. Welch said Monday that selecting a proposal, which requires staff evaluations, a public forum and a community benefits process, would take months.

He also stressed the importance of fulfilling long-deferred promises to the African American community displaced from the area in the 1980s. “It’s time for action,” Welch said.

A rendering of sidewalks and public spaces in a reimagined Gas Plant District.