Tampa Bay Rays, City of St. Pete sign deal to build new ballpark, keeping team in town for 30 years

ST. PETERSBURG, Fla. - The Tampa Bay Rays have won – not necessarily the World Series, at least not yet, but the team will finally have a new ballpark in downtown St. Petersburg.

Pinellas County Commissioners approved their plan for a new ballpark, and the papers were signed Wednesday afternoon.

"Just walking in the building this morning, there's a sense of relief, but more so euphoria," said Rays president Matt Silverman.

Reality set in at Tropicana Field on Tuesday night, as Pinellas Commissioners agreed to send $312.5 million tourist tax dollars to the Rays, and thus set in motion the Trop's final three years of existence.

READ: Pinellas County gives final approval on Rays new stadium in 5-2 vote

The new ballpark will have 30,000 seats, intimate stands, large windows for natural light, and, critically to city officials, be the anchor of new stores, restaurants, offices, hotels and a museum of Black history.

"We will not only live in a field of dreams," said City Council Chair Deborah Figgs-Sanders, "but we are grateful that those dreams are closer to a reality."

The Rays/Hines development group promised Wednesday morning to follow through on pledges to create 1,250 units of affordable housing, 30,000 construction jobs and 7,000 permanent jobs, with some reserved for local and historically disadvantaged residents.

"If we have not closed a generational wealth gap, if we have not made the quality of life better for the citizens of South St. Pete, St. Petersburg, Pinellas County and Tampa Bay, we have failed on this project and we take that commitment seriously," said Anddrikk Frazier, the CEO of Best Source Consulting.

The debates about whether it's appropriate to spend a combined $600 million in city bonds and county tourist taxes on a private business, or whether the land was being sold to them too cheaply, are over.

The mayor says what comes next will be watched closely by staffers who will be dedicated to seeing that a second round of promises made to the Gas Plant won't be broken.

SIGN UP: Click here to sign up for the FOX 13 daily newsletter

"Look at the track record of the Rays and Hines," said Mayor Ken Welch, "and I'm positive that it'll be quality. It'll be beyond what we expect."

Groundbreaking will be in January.

The last game for the Trop will be in 2027, with opening day at the new ballpark slated for April 2028.

WATCH FOX 13 NEWS: