The Tampa Bay Rays have announced that they will build a new stadium on the same site as their current home, Tropicana Field.

The franchise had signed a historic agreement with the City of St. Petersburg and Pinellas County to move forward with the construction of the new playing venue worth $1.3 billion.

The two municipalities will contribute $300 million each, resulting in $600 million in taxpayer money to fund the new stadium.

Tampa Bay will be shouldering the rest of the figure, which is more than half at $700 million, and any cost overruns.

The new ballpark will have a capacity of about 30,000 people for baseball games and up to 35,000 for other events.

Construction is expected to start at the end of 2024, and the Rays will continue to play in Tropicana Field until 2027. The new ballpark is projected to be ready at the opening of the 2028 MLB season.

The public approval process will start during the next few months before the end of the year.

Ballpark will be part of bigger development

The new playing venue will be part of a much bigger development spanning 86 acres around the area worth $6.5 billion over the course of 20 years.

The project will see the rise of residential units, office and retail spaces, hotel rooms, a public open space, and many more, which would be the largest mixed-use development project in Tampa Bay history.