Although the team is just over a decade old, in 2007, the Tampa Bay Rays announced plans for a new waterfront ballpark. Since their inception, the Rays have played at Tropicana Field, perhaps one of the best domed stadiums in Major League Baseball. Even though many fans prefer to watch baseball being played outside, Tropicana Field keeps the summertime heat and humidity out, keeping fans cool. Over the last couple of years, the Rays have invested money in making their stadium one of the best experience for their fans. However, because the team has been one of the worst in baseball and that Tropicana Field lacks some of the amenities of newer ballparks, the team has began exploring options of constructing a new ballpark.
 

In November 2007, the Rays announced plans to build a new ballpark in downtown St. Petersburg, on the location of their spring training home, Al Lang Field. At a cost of $450 million, the ballpark would seat 34,000 fans and be complete at the earliest by 2012. If constructed, the ballpark will be open to the elements, but will have a retractable roof that will open or close in eight minutes. The retractable roof will be one of the most unique in baseball as it will consist of a light weatherproof fabric that will be pulled over the playing field by a hoist tower in centerfield. It will have all the same modern and fan friendly amenities as every other ballpark built. It will have air conditioned concourses with views of the field and the smallest upper deck in baseball.

In May 2008 the Tampa Bay Rays announced their financing plan to construct the ballpark. Owner of the Rays, Stuart Sternberg, would contribute $150 million, $70 million or more would come from the sale of Tropicana Field, $100 million from a one-cent extension from Pinellas County tourist development tax that was used to construct Tropicana Field, $75 million from the City of St. Petersburg and $55 million from parking revenues. The Rays would pay for any cost overruns.

On June 25, 2008 the Rays announced they were abandoning their ambitious plans to build a $450 million stadium on the downtown waterfront by 2012. The stadium has been delayed indefinitely because St. Petersburg and Pinellas County officials complained that the city and county were being rushed to commit millions of public money for the project. In June 2010, the Rays announced that they would explore all options outside of the Tampa Bay area, including outside of St. Petersburg and Pinellas County. The Rays are committed to remaining in the State of Florida.