ARK Invest and Ellison Development have announced plans to launch two investment funds that would raise money for a proposed $6.8 billion redevelopment of the Tropicana Field site in St. Petersburg, Florida.

The firms submitted an unsolicited bid in October to transform the 95-acre Gas Plant District site into a mixed-use development featuring housing, hotels, offices, green space and a museum.

One fund, the ARK Ellison Community Growth Fund, would allow non-accredited investors to participate with investments as low as $500 through app-based platforms. This fund would have a $75 million cap and focus exclusively on the Tropicana Field site.

A second fund, the ARK Ellison Urban Innovation Fund, would target accredited and institutional investors for a $9 billion pipeline of projects in federally designated opportunity zones across the Tampa Bay region.

“Everybody in this community is going to be a stakeholder in this project,” said Tom Staudt, president of ARK Invest. “We would like them to also be able to be a shareholder if they’d like.”

The proposal is not finalized. At least two other groups have submitted competing bids: the Pinellas County Housing Authority, which wants to build affordable housing on the site, and local investor Thompson Whitney Blake, who offered $260 million cash to purchase and subdivide the property.

The city of St. Petersburg announced it will open a 30-day window for new proposals in November. ARK and Ellison officials said they will proceed with their funds if selected and continue seeking Tampa Bay real estate opportunities regardless of the outcome.

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(Image credit: ARK ELLISON HORUS)

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