Foundation Vision Partners drops latest Gas Plant redevelopment pitch

With just hours left on the clock, Foundation Vision Partners (FVP) has submitted a proposal to redevelop the Historic Gas Plant District, currently occupied by Tropicana Field and its sea of parking.

FVP is locally-rooted, led by Will Conroy of Backstreets Capital, former Hines regional Partner Alex Schapira and Anddrikk Frazier of Best Source Consulting.

FVP is partnering with master planning and design firm Gensler and sustainable engineering and infrastructure firm Stantec.

The group has submitted a master plan and a phased public infrastructure project, with the overall plan ensuring the city’s ownership and control of the 86-acre site.

The FVP’s plan does not include specific design features, and that’s intentional. The plan envisions a “resilient mixed-use neighborhood shaped by the community — block by block, over time,” a strategy meant to ensure plans do not “lock the City into a Development Agreement now that may not meet community and market demands decades from now.”

But a “theoretical full build out,” the group’s pitch says, could include upward of 4,700 residential units; more than 825,000 square feet of office and medical space; more than 450,000 square feet of retail and restaurant space; 200,000 square feet of civic and cultural amenities; 150,000 square feet of entertainment space; more than 20 acres of park and other open space; 600 hotel rooms; and a district anchor such as a sports facility, convention space or other flexible uses that could meet evolving community needs.

FVP lists six advantages to its process, including full city ownership over control and adaptability; an adaptive, multi-developer approach that maximizes the probability of success by eliminating single developer vulnerabilities and diversifying funding sources; full city capture of retail land value; diversified participation that utilizes smaller parcels with a lower barrier to entry; and speed-to-market that eliminates the need for multiyear negotiations.

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

Under the plan, FVP would act as the city’s adviser and manager, with three core services. That includes master plan placemaking advisory, development management and construction management.

“This is not a traditional consulting practice, and it is not a developer chasing projects across multiple markets,” added Schapira. “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.”

FVP announced it had submitted its proposal to the city shortly after business hours on Monday, as the deadline for submissions loomed at 10 a.m. Tuesday.

Its submission adds to two already in play, from Blake Investment Partners and ARK Ellison Horus. And it comes after the St. Petersburg Housing Authority has signaled its interest in participating in the redevelopment process. Shortly after the group announced a letter of intent last week backing Blake Investment Partners’ proposal for the site, citing a “strong emphasis on affordable housing, workforce housing, and long-term community benefit,” it revised its support with signed nonexclusive letters of interest with both Blake and Ark Ellison Horus.

While no submissions will be accepted after Tuesday under the city’s current redevelopment process, City Council will take up a possible resolution from City Council member Brandi Gabbard on Thursday opposing any developer selection until after a comprehensive site study is complete.

Mayor Ken Welch, whom Gabbard has said she intends to challenge for re-election this year, has signaled he has no intention of hitting the pause button.