American professional baseball team the Tampa Bay Rays and the city of St Petersburg alongside its county of Pinellas in Florida, US, have reached an agreement with developer Hines for a ballpark and a mixed-use development.

The project will consist of approximately eight million square feet of mixed-use development space and a new neighbourhood ballpark.

Over the course of the next two decades, the development will invest more than $6.5bn in St Petersburg, making it the largest mixed-use development project in Tampa Bay.

The 86-acre development will include more than 4,800 residential units, 1,400,000ft² office and commercial spaces, a 750,000ft² retail area, as well as 14,000 parking spots.

Post-completion, the ballpark will have an estimated capacity of approximately 30,000 for baseball and up to 35,000 for other sporting events.

This agreement brings the partnership's total number of affordable, workforce-oriented housing units to 1,200.

The first of two stages of construction on the transformative complex is planned to commence later next year.

The baseball team will play in the existing ballpark on the property until its current contract with St Petersburg expires in 2027. The new ballpark and phase I of the construction process are expected to be completed by Opening Day 2028.

Both Pinellas and St Petersburg are anticipated to begin the public approval process for the development later this year.