The Rays are expected to make an announcement Tuesday regarding the completion of a deal to build a new stadium in downtown St. Petersburg, according to the Tampa Bay Times

The new stadium would be built near the current Tropicana Field site and will cost over $1.2 billion based on preliminary information shared in January. Contributions are expected to come from from the team, the city of St. Petersburg and Pinellas County. The new stadium also is expected to have a fixed dome roof, an artificial field and will be able to seat roughly 30,000 fans.  

On Sept. 8, Rays principal owner Stuart Sternberg said the team expected to “pay for half or more” of the stadium and that the Rays were talking to investors to contribute to the other $600 million in exchange for shares in the team. 

The team’s 30-year lease at Tropicana Field is set to end in 2027, and the announcement of a new stadium should quell rumors that the team could relocate, per the report. The venue originally opened to the public in 1990 and cost $138 million. The Rays have called Tropicana Field home since their inaugural season in 1998.