ST. PETERSBURG, Fla. — Mayor Rick Kriseman has selected Miami-based the Midtown Development group as the development team to create a new Tropicana Field site.

What You Need To Know

The long-awaited news of the team selected is the latest step in a years-long process of redeveloping the 86 acres of prime downtown real estate.

The decision comes after years of economic studies, public engagement and multiple proposals. 

"This has been a true community endeavor and if done right it will continue to be a community endeavor for many years," Kriseman said. "(It) will provide jobs, mixed income housing, entertainment, emphasis on the creek, environment and Pinellas Trail.

"Public space cannot be an afterthought."

Kriseman and city officials have long said the property should be redeveloped with or without room for a baseball stadium. 

City officials narrowed the choices down to two development teams earlier this year. Miami’s Midtown Development and Sugar Hill Community Partners, led by San Francisco’s JMA Ventures were the last two competing teams.

Alex Vadia of Midtown Development said: "We look forward to working with the community, the Rays, and anyone who wants to be part of this amazing process."

The plan would cost around $3 billion.

Kriseman will leave office in a month. Mayor-elect Ken Welch and three new city council members will be sworn into office next month.

The Rays, meanwhile, continue talks with the city of Tampa about an Ybor City stadium location while at the same time discussing a split-city plan with Montreal. The team is contractually tied to Tropicana Field through the 2027 season.

"Mayor Kriseman has worked hard to develop thoughtful and promising plans for the future of the Tropicana Field site," Welch said. "As mayor, I plan to put the same amount of effort in evaluating those plans as well as new ideas and moving forward with a version that capitalizes on St. Petersburg's incredible momentum and reconnects our community.'' 

Take a look at the plan: