Foundation Vision Partners doubles down on phased Gas Plant vision

Foundation Vision Partners doubled down Thursday on its bid for the coveted Historic Gas Plant District redevelopment contract, pitching a city-led, phased approach that sharply contrasts with the three other finalist proposals centered around more traditional redevelopment structures.

The team hosted a public information session at the Sunshine Senior Center in downtown St. Petersburg, where members argued their proposal would give the city greater long-term control over the 86-acre site while reducing the financial risks tied to relying on a single developer.

The four shortlisted finalists competing for the Gas Plant redevelopment are ARK Ellison Horus, LLC, Foundation Vision Partners, Pinellas County Housing Authority and The Burg Bid, LLC, led by Blake Investment Partners.

Foundation Vision Partners repeatedly emphasized what it views as a key distinction of its proposal compared to the other finalists.

FVP’s proposal centers around a phased development structure in which the city retains ownership of the land while infrastructure is built out first, allowing individual parcels to be sold or developed incrementally over time instead of turning over the entire district to one master developer upfront.

The team argued that approach would create more flexibility to adapt the project over decades, reduce delays tied to one large financing structure and open participation to smaller and local developers who might otherwise be shut out of a project this large.

As corroboration for their thesis, FVP pointed toward three previously failed redevelopment efforts tied to single developer structures, a subtle but unmistakable reference to past Gas Plant redevelopment attempts, including the collapsed Rays and Hines deal.

“There are 8-year-olds on the playgrounds of Campbell Park who will participate in the later phases of this development — and that is exactly how it should be,” said Will Conroy, founder of Backstreets Capital, part of the Foundation Vision Partners team.

Notably, FVP itself would primarily participate in the project’s early phases, focusing first on master planning and infrastructure before future parcels are developed separately.

The proposal contends that preparing infrastructure before parcel sales could significantly increase the long-term value of the land, with the team estimating more than $510 million in eventual land value under the phased structure.

Team members also repeatedly framed the model as a way to create broader access for local businesses and developers who have expressed concern that large-scale redevelopment projects often favor out-of-state capital and national firms.

That concern surfaced again during today’s meeting, with an attendee asking whether shared parking structures controlled by the city could help smaller businesses participate in future development phases.

“As long as that is feedback we get from the community — we anticipate that it will be,” Conroy responded. “I think that shared parking is not just for small storefronts. I think the shared parking conversation also applies to office uses.”

Conroy added that centralized parking could also make the district more attractive to businesses considering relocation into the area.

Questions also emerged around how the city’s Community Benefits Council requirements would interact with FVP’s phased land-sale model.

Anddrikk Frazier, founder of Best Source Consulting and part of the Foundation Vision Partners team, explained that the proposal draws a distinction between land sold at full market value and land transferred below market value for public purposes.

According to Frazier, parcels sold at market rate would function more like standard real estate transactions, while projects involving discounted land or public incentives could trigger additional community benefit negotiations.

He pointed toward civic uses like museums as one example where the city could intentionally structure deals differently in exchange for public benefits.

Architecture and design standards also became a topic of discussion during the presentation. Sarah Joubert of Gensler said the proposal would establish baseline standards for resiliency, quality and equitable development while still relying heavily on community input throughout the process.

“When parcels are sold to a developer, it will be ensured they follow those guidelines for the ultimate feel of the place,” Joubert said.

Today’s presentation comes as Mayor Ken Welch imminently prepares to select a redevelopment partner for one of the city’s most politically and economically consequential projects. The Historic Gas Plant District has remained one of the defining political issues in St. Petersburg since the collapse of the original Rays and Hines redevelopment agreement last year.