Developers behind $6.8B St. Pete proposal seek investors — for as little as $500

A partnership hoping to redevelop Tropicana Field and the area around it launched two new real estate investment funds Monday — one for accredited investors and the other with minimums as low as $500.

It's a model that democratizes access to private real estate investing, a release states, "transforming individual investors from bystanders into true stakeholders " in one of the most highly anticipated redevelopment projects in the region.

The project is on the site of the Historic Gas Plant district. The developers includ Tampa real estate development firm Ellison Development and St. Petersburg-based investor Cathie Woods’ ARK Investment Management LLC. Along with with Tampa’s Horus Construction, the entities, in October, submitted a bid to the City of St. Petersburg on a $6.8 billion redevelopment plan for the 95.5-acre Gas Plant parcel that now houses the Tampa Bay Rays beleaguered home stadium.