The construction of the 30,000-seat domed stadium, which is set to open in 2028 and is estimated to cost over $1.2 billion, figures to end speculation about the Rays relocating to another city.
The Rays' current 30-year lease at the domed Tropicana Field ends in 2027, and the franchise had considered moving elsewhere, such as neighboring Tampa, amid consistently low attendance.
Rays owner Stuart Sternberg told the Tampa Bay Times earlier this month that the organization expected to "pay for half or more" of the cost for the stadium. The remainder of the cost will be contributed by the city of St. Petersburg and Pinellas County.
The new stadium will be part of a massive redevelopment of St. Petersburg's 86-acre Gas Plant District -- a project that also includes affordable housing, office space and retail in what was once a thriving Black neighborhood.
The team and the city initially unveiled outlines for the project in January, with Mayor Ken Welch calling the Rays "the best partner for this generational endeavor."
Information from The Associated Press was used in this report.