Source: St. Pete Rising
February 3, 2026
Excerpt
A locally led team has submitted a proposal for the redevelopment of the 86-acre Historic Gas Plant District in downtown St. Petersburg, advocating for a fundamentally different strategy than the traditional single-master-developer model.
Foundation Vision Partners — led by Will Conroy of Backstreets Capital, Alex Schapira (formerly of Hines), and Anddrikk Frazier of Best Source Consulting — is partnering with global master planning firm Gensler and civil engineering firm Stantec to pitch an infrastructure-first, block-by-block approach. Under this model, the City of St. Petersburg would retain full ownership of the land, complete a community-driven master plan, build out public infrastructure, and then sell development-ready parcels to multiple developers over time rather than transferring the entire site to a single entity.
The submission was made in response to the City’s invitation for alternative redevelopment concepts, which followed an unsolicited proposal from ARK Ellison Horus in January 2026. The previous Rays/Hines redevelopment agreement for the site was formally terminated in 2025 after extended negotiations and shifting market conditions.
Proposal Overview
- The City would serve as long-term landowner, completing a community co-created master plan before any vertical development begins.
- Public “horizontal” infrastructure — roads, utilities, stormwater, parks, and environmental remediation — would be designed and built in phases.
- Development-ready blocks would then be offered to multiple developers through separate City-led solicitations.
Theoretical Full Buildout
- 4,700 residential units, including affordable housing
- 825,000+ SF of office and medical space
- 450,000 SF of retail and restaurant space
- 200,000 SF of civic and cultural space
- 150,000 SF of entertainment space
- 20+ acres of parks and open space
- 600 hotel rooms
- A district anchor such as a sports stadium or convention center
Infrastructure & Financials
- Total estimated public infrastructure cost: $239 million across four phases over a roughly 20-year horizon.
- Phase 1 is projected at $67 million, with subsequent phases estimated at $50M, $37M, and $85M.
- Early funding would come from a combination of CRA funds, municipal sources, and state/federal grants, with Stantec supporting grant identification and applications.
- The team estimates phased land sales could generate over $510 million in total value, compared to an estimated $299 million from a single upfront sale.
Compensation Structure
- Master plan and placemaking advisory: $150,000/month (ending at construction commencement per phase)
- Development management: 4% of construction costs
- Construction management: 3% of construction costs
- Additional third-party costs for civil engineering and master planning
Projected Timeline
- Master plan completion: 2026
- Horizontal infrastructure begins: mid-2027
- Shovel-ready blocks available for vertical developers: fall 2028
The Team
- Will Conroy, Backstreets Capital — local developer behind The Nolen, The Salvador, and The Cade in downtown St. Petersburg
- Alex Schapira — former Hines Development Partner and part of the previous Rays/Hines proposal team
- Anddrikk Frazier, Best Source Consulting — also part of the previous Rays/Hines proposal team
- Gensler — global master planning and design firm
- Stantec — civil engineering and infrastructure
Source: St. Pete Rising
Original reporting by Brian Zucker
February 3, 2026
