Key Takeaways
- • ARK Investment Management and Ellison Development launched two private real estate investment vehicles anchored by a $6.8 billion redevelopment of the 95.5-acre Historic Gas Plant District surrounding Tropicana Field in St. Petersburg, Florida.
- • The ARK Ellison Innovation Fund targets institutional and accredited investors, while the ARK Ellison Community Growth Fund opens participation to retail investors nationwide without accreditation requirements, with entry points as low as $500.
- • The $9 billion pipeline of mixed-use properties will be structured in part as a Qualified Opportunity Zone Fund, leveraging tax incentives for designated opportunity zones to enhance investor returns.
- • ARK Investment Management will serve as the registered investment advisor and fund manager, with Ellison Development overseeing the development and execution of the Tampa Bay-focused real estate portfolio.
- • Cathie Wood positioned the initiative as a model to "redefine how cities grow, how wealth is built and who gets to participate in that growth," representing a democratization strategy for access to large-scale urban redevelopment equity.
Summary
ARK Investment Management and Ellison Development announced the formation of two complementary private real estate investment vehicles on November 3, 2025, marking a significant expansion of retail and institutional participation in large-scale urban redevelopment. The funds are anchored by a $6.8 billion proposal to reimagine 95.5 acres of prime real estate in St. Petersburg, Florida, currently occupied by Tropicana Field and the surrounding Historic Gas Plant District. The announcement follows an unsolicited proposal submitted October 3 to the city by the ARK-Ellison partnership in collaboration with Horus Construction.
The dual-fund structure addresses distinct investor segments. The ARK Ellison Innovation Fund is designed for institutional investors and accredited individuals, while the ARK Ellison Community Growth Fund extends access to retail investors nationwide without accreditation requirements. This approach reflects a stated commitment to democratizing wealth creation; retail participants can enter the Community Growth Fund with investments as low as $500. ARK Investment Management, a registered SEC agent, will manage both vehicles and oversee fund operations. Ellison Development will retain operational control of development execution and the broader Tampa Bay real estate portfolio.
The investment vehicles are anchored within a broader $9 billion pipeline of mixed-use properties and will be structured in part as a Qualified Opportunity Zone Fund. This tax-advantaged framework qualifies projects located within designated Opportunity Zones—including the Historic Gas Plant District redevelopment—for preferential federal tax treatment, potentially enhancing risk-adjusted returns for investors. The structure reflects a sophisticated approach to blending impact-oriented development with traditional real estate investment economics.
Cathie Wood, founder and CEO of ARK Invest, framed the initiative in transformational terms, stating: "This is more than a development – it's a movement. We believe this model will redefine how cities grow, how wealth is built and who gets to participate in that growth." Wood relocated ARK Investment Management from New York to St. Petersburg in November 2021, positioning the firm as a committed local stakeholder. The initiative represents a notable extension of ARK's traditional equity research and ETF management into direct real estate development, signaling a strategic diversification into alternative asset classes with community-oriented messaging.
The dual-fund structure addresses distinct investor segments. The ARK Ellison Innovation Fund is designed for institutional investors and accredited individuals, while the ARK Ellison Community Growth Fund extends access to retail investors nationwide without accreditation requirements. This approach reflects a stated commitment to democratizing wealth creation; retail participants can enter the Community Growth Fund with investments as low as $500. ARK Investment Management, a registered SEC agent, will manage both vehicles and oversee fund operations. Ellison Development will retain operational control of development execution and the broader Tampa Bay real estate portfolio.
The investment vehicles are anchored within a broader $9 billion pipeline of mixed-use properties and will be structured in part as a Qualified Opportunity Zone Fund. This tax-advantaged framework qualifies projects located within designated Opportunity Zones—including the Historic Gas Plant District redevelopment—for preferential federal tax treatment, potentially enhancing risk-adjusted returns for investors. The structure reflects a sophisticated approach to blending impact-oriented development with traditional real estate investment economics.
Cathie Wood, founder and CEO of ARK Invest, framed the initiative in transformational terms, stating: "This is more than a development – it's a movement. We believe this model will redefine how cities grow, how wealth is built and who gets to participate in that growth." Wood relocated ARK Investment Management from New York to St. Petersburg in November 2021, positioning the firm as a committed local stakeholder. The initiative represents a notable extension of ARK's traditional equity research and ETF management into direct real estate development, signaling a strategic diversification into alternative asset classes with community-oriented messaging.
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