The Florida cabinet and Governor Ron DeSantis approved Tuesday a transfer of 22 acres of state-owned land in Tampa to Hillsborough College, clearing a critical hurdle for the Tampa Bay Rays' proposed new ballpark and mixed-use entertainment district.

The land sits adjacent to the New York Yankees' spring training facility and across a highway from Raymond James Stadium. Last month, Rays ownership signed a memorandum of understanding with the college to build the stadium on campus and renovate several existing college buildings.

The state retains the right to reclaim the land if the stadium's key components are not in place within five years of the transfer.

"This is undoubtedly a big moment for Tampa Bay, and the Rays are fully in this moment to bring this vision to life, and serve our region for generations to come," Rays CEO Ken Babby said in a statement.

The Rays have committed to funding a minimum of 50 percent of the new ballpark's cost. The remainder would need to come from the city of Tampa and Hillsborough County. DeSantis confirmed the state will not contribute direct funding. The club hopes to complete construction within three years.

The development follows the collapse of a $1.3 billion redevelopment plan near Tropicana Field last year, which had raised serious questions about the franchise's long-term future in the Tampa Bay area. The team was purchased last September by Patrick Zalupski's ownership group.

The Rays have played at Tropicana Field in St. Petersburg since 1998, with the exception of 2025 when hurricane damage forced the club to play home games at Steinbrenner Field. The team returns to the Trop this season under a lease running through at least 2028.